Singapore bolsters fintech hub with Global Finance Technology Network
The Monetary Authority of Singapore (MAS) has launched the Global Finance and Technology Network (GFTN) as part of its initiative to enhance Singapore’s position as a global fintech hub. This move, announced on September 30, 2024, marks the second phase of Singapore's fintech growth efforts. The GFTN replaces Elevandi, a nonprofit created by MAS to foster connections within the fintech community. During the initial phase, MAS focused on innovative technologies through various initiatives, including regulatory sandboxes and digital asset tokenization. The GFTN aims to further advance industry discussions on payments, asset tokenization, and advancements in artificial intelligence and quantum computing. The initiative will be led by Ravi Menon and Sopnendu Mohanty, both of whom have significantly contributed to Singapore’s fintech ecosystem. In related news, Gemini is expanding its operations in Singapore and aims to hire more talent, reinforcing Singapore's importance in its global strategy.
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