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Authorities in Singapore have revealed the initiation of the Global Finance & Technology Network (GFTN) as part of a new stage in the evolution of the local FinTech sector.
The Monetary Authority of Singapore (MAS) has declared the establishment of the Global Finance & Technology Network, which seeks to enhance the nation’s position as a global FinTech center and improve international connectivity for innovations in financial services. The GFTN will take the place of Elevandi, a non-profit entity created by the MAS to link individuals and organizations within the FinTech landscape in Singapore and beyond.
The announcement indicates that the launch of the GFTN signifies a new chapter in the advancement of the FinTech industry in Singapore. The preceding phase concentrated on testing and advocating several key initiatives aimed at leveraging technology and innovation within the sector. These initiatives included:
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- creating a regulatory sandbox;
- establishing cross-border payment connections;
- testing digital assets and tokenization.
Another vital goal was to encourage the adoption of AI as part of the MAS’s strategy to position Singapore as an intelligent financial hub. A significant highlight of the initial phase was the expansion of the Singapore FinTech Festival, which emerged as one of the largest industry gatherings and offered a venue for the global FinTech community to engage.
The Global Finance & Technology Network intends to build upon previous achievements through “industry and policy dialogues,” concentrating on payments, asset tokenization, AI, and quantum technologies.
The Monetary Authority of Singapore is actively advancing various FinTech solutions. This year, the Digital Economy Semi-Fungible Token (DESFT) pilot project was successfully concluded, aiming to facilitate trade among SMEs utilizing central bank digital currency (CBDC) and stablecoins.
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