Our Terms & Conditions | Our Privacy Policy
Following an announcement by the Monetary Authority of Singapore (MAS) a week prior, Ravi Menon took to the stage at the annual Singapore Fintech Festival today (November 6) to share more about the new Global Finance & Technology Network (GFTN) initiative.
GFTN aims to enhance Singapore’s position as a global fintech hub by fostering international collaboration and driving innovation in financial services. It will replace the not-for-profit Elevandi initiative, which organised and globalised the Singapore Fintech Festival (SFF).
The former managing director of MAS started his speech by stating that GFTN not only represents the
next phase of Singapore’s Fintech journey but also a milestone in the global Fintech movement.
Many details were shared during the keynote, so here’s a breakdown.
Why introduce GFTN?
According to Menon, GFTN’s focus on building connections and collaborations within the global fintech space derrives from three reasons, with the first being the need for more coherent policies and practices for new technologies to harness their benefits and manage costs.
These new technologies include asset tokenisation, climate tech, artificial intelligence and quantum computing, which are advancing rapidly and integrating into financial services.
“We need closer and more meaningful engagement between countries, between public and private sectors, and between finance and technology, to ensure that policies, regulations, and industry practices are coherent,” stated Menon.
Secondly, he explained that global platforms and “safe spaces” are needed to fuel more innovations amid a challenging geopolitical climate, and expressed GFTN’s commitment to become such a platform as a non-state, not-for-profit organisation.
As for the third and final reason, Menon pointed out that despite the increased amount of innovations in the Global South, gaps still remain in talent, infrastructure, capital, and policy—all of which needs to be addressed in a “concerted way.”
As such, GFTN will operate through four key pillars:
Graphic Credit: Vulcan Post
Concluding his speech, Menon expresses the organisation’s commitment to work closely with MAS, Singapore’s fintech community and global partners and authorities to achieve its purpose.
GFTN is here to serve a greater purpose, to harness the power of technology for a more efficient and resilient financial system; more inclusive financial services; expanded economic opportunities; and a sustainable planet.
We invite you to join us in our journey. Together, let us build a future where technology serves humanity, where innovation drives progress, and where finance is a force for good.
Ravi Menon, Chairman of the Global Finance & Technology Network (GFTN)
- Read Ravi Menon’s speech here.
- Read other articles we’ve written on Singapore’s government technology here.
Featured Image Credit: Singapore Fintech Festival
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.