MAS sets up new not-for-profit firm as it seeks to extend reach to global fintech sector

SINGAPORE – The Monetary Authority of Singapore (MAS) has set up a new not-for-profit firm focusing on fintech as it moves to expand its network globally.

The new company, called the Global Finance & Technology Network (GFTN), has four business lines – to organise fintech conferences, provide advisory and research services, provide digital platform services to small and medium-sized enterprises, and grow an investment fund for technology start-ups.

MAS’ not-for-profit entity Elevandi, which was set up in 2021 to advance fintech in the global digital economy, will be folded into the new firm.

GFTN chairman Ravi Menon, who is the former chief of MAS, described the new not-for-profit firm as “Elevandi on steroids”.

“Elevandi just used to do the forums business. Now we have four distinct businesses that we want to grow. We want to expand, multiply our global footprint,” he said.

The new firm is looking to become a massive hub for providing technology and finance innovation solutions to other parts of the world.

“Through the connectivity to Singapore because we are Singapore-based... all our connections will come to Singapore. That benefits the Singapore fintech ecosystem,” said Mr Menon, who is now Singapore’s Ambassador for Climate Action and senior adviser to the National Climate Change Secretariat in the Prime Minister’s Office.

He said that GFTN will strive to be self-sustaining, like Elevandi was, adding that he expects GFTN to break even in three to five years’ time. But before GFTN can sustain itself, MAS will provide seed funding of an undisclosed amount.

The first order of business for the team is for the board to spend the next few months refining strategies and setting goals for each year in the next five years.

As for its investment fund business, it will be a subsidiary of the new company.

The funds will come from limited partners or third-party sources that GFTN attracts around the world. This subsidiary will apply for a licence from MAS.

GFTN’s advisory business will focus on emerging markets from Africa to South-east Asia.

Mr Menon said he is chairing GFTN because his “interest in technology continues”.

“It’s simply because of what I used to do in MAS and the connections I had there and so on,” he said.

“Both (sustainability and innovation) are actually issues that are very close to my heart... the planet and people,” he added.

And as a retiree, he has “a little bit of bandwidth, so I can also do this”.

Both MAS deputy managing director Leong Sing Chiong and Nominated MP Neil Parekh, who is also non-executive chairman of Tikehau Capital, have been appointed GFTN’s deputy chairmen. 

GFTN’s group chief executive will be MAS’ current chief fintech officer Sopnendu Mohanty, who will relinquish his MAS role from Feb 1, 2025.

He will continue to advise on fintech matters at MAS.

Mr Kenneth Gay, currently an executive director heading MAS’ enterprise knowledge department, will take over as the new head of fintech at the authority on Feb 1.