Against the backdrop of one of the tightest US Presidential elections in history, the ninth edition of the Singapore Fintech Festival (SFF) kicked off on Nov 5. This year, former managing director of the Monetary Authority of Singapore (MAS) Ravi Menon opened the conference with a keynote address on the Global Finance & Technology Network (GFTN), a new entity set up to further grow the SFF beyond a global forum.
GFTN is set to replace Elevandi, which was set up in 2021 to “expand and organise” the SFF. Menon was announced as the GFTN’s chairman just a week ago, and MAS’s current chief fintech officer Sopnendu Mohanty will join as the group’s CEO. The deputy managing director of MAS, Leong Sing Chiong; and non-executive chairman of Tikehau Capital, Neil Parekh, have been appointed as deputy chairmen of GFTN.
Menon says there are three key reasons for the formation of GFTN.
First is the emergence of new technologies such as asset tokenisation, climate tech, artificial intelligence (AI) and quantum computing, which are progressing rapidly and proliferating in the financial services industry. This leads to the need for more coherent policies and practices to better harness their benefits and manage their risks, he adds.
There is also a need for global platforms and safe spaces to promote collaboration and achieve common goals, amid current geopolitical challenges. As a non-state, not-for-profit organisation, GFTN aims to be such a platform, says Menon.
Lastly, despite the buzz of innovation in the global south, there are critical gaps in talent, infrastructure, capital and policy that need to be addressed in a concerted way.
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To this end, the GFTN will have four key strategic businesses — forums, advisory, platforms and capital.
For the first line of business, GFTN is seeking to develop a globally distributed, partnership-driven network of fintech forms. This will be done by sharpening the focus of Elevandi’s five existing forums — the Japan Fintech Festival in Tokyo, Point Zero Forum in Zurich, Inclusive Fintech Forum in Kigali, the 3i Africa Summit and SFF.
Additionally, GFTN will expand into new geographies to double its global footprint over the next five years, says Menon. The firm will integrate these various forums into a single network, building momentum through the year to culminate in the SFF.
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In 2025, GFTN will be launching its first thematic forum dedicated to fostering innovation and investment in climate tech as well as innovative sustainability solutions for the financial sector. This is on the back of growing interest in financing climate tech solutions for both carbon mitigation and climate resilience, Menon explains.
Aside from this, the GFTN forums will also have a growing emphasis on AI and quantum computing, as the coupling of both could unlock huge opportunities as well as present unprecedented security challenges, he points out.
For its advisory business, GFTN will provide practitioner-led consultancy and capacity building services in innovation and fintech-related issues. On top of providing authorities in developing countries with advisory services to develop digital infrastructures, formulate policies and create innovation ecosystems, GFTN will also offer private entities with market insights to support innovation programmes.
GFTN has already signed a memorandum of understanding with two central banks on fintech advisory services. The first is to support the efforts of the Bank of Namibia to build up its fintech ecosystem and digital public infrastructure, while the second is to support plans by the National Bank of Georgia to grow the country’s fintech industry.
For its third business line — platforms, GFTN offers platform services to help enhance market access, provide analytics and information services as well as support sustainability reporting. This will involve the integration of three platforms that were incubated by the MAS into its network, namely Apix, Proxtera and Gprnt.
Apix, a cross-border open architecture platform, was co-founded by the MAS, Asean Bankers Association and the International Finance Corporation in 2018. The Apix network now spans over 110 financial institutions and 2000 fintech firms from 90 countries, says Menon.
Proxtera provides a digital platform for small and medium enterprises to generate trusted digital credentials and gain access to cross border trade and financing. It was launched by the MAS and the Infocomm Media Development Authority in 2018, helping to bridge global trade for enterprises in Rwanda, Ghana, Chongqing and Cambodia.
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The third platform, Gprnt, is a digital platform for verifiable environmental, social and governance (ESG) data and reporting launched by MAS in 2023. Gprnt is now focusing on piloting the use of its tools with financial institutions, corporations, trade associations and government agencies — about 20 public and private sector organisations in Singapore have expressed and registered their interest, Menon adds.
GFTN’s last strategic business is capital, where it aims to catalyse equity investments into early and growth stage enterprises with the potential to succeed commercially as well as making positive social impact.
“We will provide these enterprises with patient capital to give them the time and space to build up the capabilities to succeed. We are already seeing promising investment ideas emanate from our existing GFTN ecosystem, which we aim to translate into high-quality deals with our fund investors. We will partner with world class venture funds and asset managers to check on their investment expertise and investment infrastructure,” says Menon.
To note, the fund has yet to apply for a licence with the MAS. The central bank will also not be contributing to the fund.
Moving forward, Menon says GFTN will continue to work closely with its partners and the MAS to enhance the connectivity of the Singapore fintech ecosystem with both regional and global markets.
“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 for broader segments of societies and a sustainable planet,” he concludes.
