Singapore Fintech Network: India Collaboration & Investments

Singapore, Oct 30 (PTI) Singapore's central bank MAS on Wednesday launched a not-for-profit Global Finance & Technology Network (GFTN), which will collaborate with partners in India on fintech and seek investment opportunities.

Sopnendu Mohanty, the designated CEO of GFTN Group, underlined the importance of India as a destination of the wide range of investment opportunities and a world-wide accepted hub of technologists as well as talent pool.

GFTN is to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems, he pointed out.

Mohanty, currently the Chief FinTech Officer at the MAS, will takes charge a GFTN CEO on February 1, 2025 when he relinquishes his role in the Monetary Authority of Singapore.

"The global financial technology (fintech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development. This expansion has established a robust foundation for a reimagined global platform," said Mohanty.

"GFTN is aimed at addressing the evolving requirements of the global fintech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital," Mohanty told PTI at the launch.

Ravi Menon, a former Managing Director of MAS, has been appointed Chairman of the Board of Directors of GFTN. Menon is also Singapore's Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister's Office.

MAS Deputy Managing Director Leong Sing Chiong, and Neil Parekh, nominated member of parliament, Singapore and non-executive chairman at Tikehau Capital, have been appointed as deputy chairmen of the group which has planned out a strong support role for the global fintech community.

GFTN Capital, as part of the newly formed Singapore-headquartered company, will have an investment fund for technology startups having the potential for sustained growth and positive social impact.

The group's GFTN Platforms will also be a digital platform service provider for businesses, especially small and medium enterprises, and GFTN Advisory will be a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.