The MAS has unveiled its latest strategic development in FinTech, the Global Finance & Technology Network (GFTN).
This initiative is set to propel Singapore’s reputation as a premier global FinTech hub into its next phase, focusing on enhancing global connectivity and fostering impactful innovations in financial services.
GFTN emerges as a catalyst to extend the growth of the Singapore FinTech ecosystem and forge stronger networks within the global FinTech community. The network will support MAS in pushing forward industry and policy dialogues across critical areas such as payments, asset tokenisation, and AI/quantum technologies. Furthermore, GFTN aims to expand the Singapore FinTech Festival (SFF), reinforcing its status as the leading global FinTech event.
In a significant leadership appointment, Mr Ravi Menon, a prominent figure in climate action and a senior advisor at the National Climate Change Secretariat, will chair the GFTN Board of Directors. Mr Menon, who previously served as the Managing Director of MAS from 2011 to 2023, will guide the strategic direction of this new endeavour.
Accompanying this transition, Mr Sopnendu Mohanty, who has significantly influenced the FinTech landscape since 2015 as MAS’ Chief FinTech Officer, will take on the role of Group Chief Executive Officer of GFTN starting from February 1, 2025. Mr Kenneth Gay will succeed him as MAS’ Chief FinTech Officer, having been designated to assume this position from February 2025 following a transitional period starting November 2024.
Mr Chia Der Jiun, Managing Director of MAS, highlighted the instrumental roles both Ravi and Sopnendu have played in nurturing Singapore’s FinTech environment. He expressed gratitude towards Mr Mohanty for his leadership and looked forward to Mr Gay’s future contributions towards advancing MAS’ FinTech initiatives in payments innovation, asset tokenisation, AI, and quantum applications.
These strategic moves mark a pivotal moment for Singapore in scaling up and enhancing the impact of its FinTech strategies, aiming to set new benchmarks in the integration of technology and finance on a global scale.
“MAS is grateful to Sopnendu for leading the FinTech & Innovation Group since its formation in 2015. Ravi and Sopnendu have been instrumental in the growth of Singapore’s FinTech ecosystem. I wish Sopnendu every success in his new role and look forward to Kenneth driving MAS’ FinTech initiatives in payments innovation, asset tokenisation, AI and quantum applications,” MAS managing director Chia Der Jiun said.
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