SINGAPORE — In a significant move for the fintech landscape, Ravi Menon, recently retired Managing Director of the Monetary Authority of Singapore (MAS), has been appointed to lead the newly established Global Finance and Technology Network (GFTN). This initiative, announced by MAS on 30 October 2024, aims to foster global partnerships and innovation in technology-driven finance.
A Vision for Fintech Innovation
Menon, who has been a strong advocate for financial technology during his twelve years at MAS, sees GFTN as a way to leverage Singapore’s reputation as a global financial hub. “We hope to create economic value and expand opportunities for people while strengthening financial systems worldwide,” he stated.
Key Objectives of GFTN
- Offer advisory services to governments and organisations tailored to local fintech needs.
- Facilitate connections between regulatory authorities and multilateral organisations like the IMF and World Bank.
- Invest in fintech and climate technology start-ups with significant growth potential.
- Run global fintech forums to share knowledge and innovations.
Expanding Global Reach
GFTN will replace the Elevandi non-profit and will expand its activities globally. According to Menon, this move can enhance Singapore’s connections with emerging markets in regions such as Africa and Latin America, which are increasingly becoming hotspots for innovation.
He pointed out, “If we do not address gaps in talent and infrastructure in these regions, we risk leaving behind entire populations.” Menon emphasised the potential of cities like Nairobi and Jakarta, where there’s a burgeoning demand for fintech solutions.
Funding and Structure
GFTN will maintain a not-for-profit structure, aiming to be financially self-sufficient within three to five years. The MAS will provide some initial grant funding to launch GFTN’s operations.
Through its initiatives, GFTN seeks not only to elevate Singapore’s status as a key player in the global fintech space but also to foster economic growth and job creation locally.