Even though it’s held in one of the smallest countries in the world, the ambitions of the Singapore Fintech Festival (SFF) has always been global. This year, marking the ninth edition of the SFF, will see over 66,000 participants from 150 countries and regions across five days content-packed activities.
Not only that, more than 500 central banks, regulatory and Government organisations will be in attendance at SFF 2024. Close to 1,000 speakers and over 700 exhibitors will add diverse perspectives and solutions to the mix.
Right at the start of SFF 2024, though, Ravi Menon former Managing Director of MAS and Chairman of Global Finance & Technology Network (GFTN), introduced GFTN to the FinTech Community.
Signalling a strategic shift in Singapore’s FinTech ambitions, GFTN isn’t just a successor to Elevandi, the organising body behind the Singapore FinTech Festivals, but an evolutionary jump into its ambitions to become a global powerhouse of innovation in finance.
Read Also: 4 Trends We Learned At The Singapore FinTech Festival (SFF) 2024
A New Chapter in Singapore’s FinTech Evolution
Singapore’s plunge into FinTech may be attributed to a $225 million investment pot launched in 2015, with concurrent plans to launch new initiatives such as developing the electronics payment ecosystem. Nine years on, many may see Singapore’s digital payment adoption and SFF 2024, amongst other Fintech revolutions across the island, as “job done”.
But, of course, the job is never finished.
In a bold step toward creating a globally connected FinTech ecosystem, Ravi Menon described GFTN’s mission to be at the forefront of FinTech. Rooted in cross-border collaboration, achieving this goal will be both a complex and rewarding evolution in finance.
At the start of SFF 2024, Ravi Menon outlined four pillars of growth to achieve this.
GFTN’s 4 Strategic Pillars: A Blueprint For Growth
These four strategic pillars will serve as the backbone for Singapore’s FinTech influence.
Source: GFTN
#1 GFTN Forums
Expanding on Elevandi’s existing portfolio of global events, including the Singapore FinTech Festival, GFTN will double its footprint over the next five years with new forums on emerging technologies like AI and quantum computing, as well as a dedicated focus on ClimateTech.
Each forum will serve to catalyse international cooperation, gathering insights from one event and carrying them forward to the next, culminating in the Singapore FinTech Festival.
#2 GFTN Advisory
Acting as a knowledge hub offering guidance on FinTech and digital policy, GFTN advisory aims to help authorities in developing countries build foundational digital infrastructure and create innovation-friendly regulatory environments that promote cross-border interoperability.
Through partnerships with private entities, GFTN also provides market insights that drive positive social impact through innovation.
GFTN has already signed MOUs with two central banks on FinTech advisory services. It will support the Bank of Namibia to build up its FinTech ecosystem and digital public infrastructure, and the National Bank of Georgia to grow the country’s FinTech industry.
It is also currently working with partners in Rwanda and Ghana on a pilot project aimed at promoting cross-border payment connectivity in Africa.
#3 GFTN Platforms
GFTN will support SME businesses and FinTech start-ups with market access, analytics and sustainability reporting by integrating three digital platforms incubated in MAS, APIX, Proxtera, and Gprnt.
In particular, Ravi Menon announced the release of Gprnt’s inaugural sustainability disclosure and marketplace offerings.
Gprnt Disclosure is an automated, Gen AI-powered tool to help business measure their Scope 1 and 2 emissions. It will leverage on integrations with data platforms like Singpass, Myinfo Business, Xero, and ESPpedia to seamless compute basic emissions data for businesses in Singapore.
Gprnt Marketplace will help SMEs link to a range of sustainability solutions. Guided by the principle of interoperability, Gprnt Marketplace will synchronise its listings with other key portals, such as the Singapore Business Federation’s Net Zero Hub.
These new solutions will facilitate cross-border trade, and offer a clear path for firms to integrate into the global fintech landscape.
#4 GFTN Capital
The investment arm of GFTN will back early-stage FinTech and ClimateTech start-ups that have the potential for sustained growth and positive social impact.
With patient capital, GFTN aims to give these companies the resources and time they need to scale.
While there are already promising investment ideas within the existing GFTN ecosystem, GFTN Capital will put Singapore in a position to tap into a pool of high-growth start-ups with the potential to redefine financial services globally.
GFTN’s Investee companies will be able to leverage its exposure in global forums across Asia, Europe, and Africa, for market insights, entry opportunities
Leadership With The Vision And Capability To Impact The Global FinTech Arena
GFTN’s leadership reflects the weight of Singapore’s FinTech ambitions – and will be the key to success.
The Elevandi team will move over to GFTN. This will include Sopnendu Mohanty, who has been pivotal in catalysing Singapore’s FinTech ecosystem, will step into the role of Group CEO in February 2025.
They will be supported by experienced directors and an International Advisory Board. Ravi Menon himself will chair the GFTN Board of Directors, supported by two Deputy Chairs:
– Leong Sing Chiong, Deputy Managing Director, Monetary Authority of Singapore
– Neil Parekh, Nominated Member of Parliament, Singapore; Non-Executive Chairman, Tikehau Capital.
Other members of the Board include:
– Iqbal Jumabhoy, Chief Executive Officer, ProsperCap Corporation Limited
– Professor Lam Khin Yong, Vice President (Industry), Nanyang Technological University Singapore; Senior Advisor to Hungarian Minister of Culture and Innovation
– Andrew Lim, Partner, Allen & Gledhill
– Jessica Tan, Group Executive Vice President and President, Sunlife Canada
– Sopnendu Mohanty, Group Chief Executive Officer – Designate, GFTN; Chief FinTech Officer, Monetary Authority of Singapore
They will be guided by an International Advisory Board comprising public and private sector leaders:
– Dominic Barton, Chairman, LeapFrog Investments; Chairman, Rio Tinto; former Global Managing Partner, McKinsey & Company
– Hon. Paula Ingabire, Minister of ICT and Innovation, Republic of Rwanda
– Eric Jing, Chairman and Chief Executive Officer, Ant Group; Chairman, Ant International
– Dr Patrick Njoroge, former Governor, Central Bank of Kenya
– Dr Veerathai Santiprabhob, former Governor, Bank of Thailand
– Dr Axel Weber, Advisor, Raisin; former Chairman of the Board, UBS Group AG; former President, Deutsche Bundesbank
Bolstering Singapore’s Standing As A FinTech Player On The Global Stage
Through GFTN’s focus on collaboration and development, Singapore aims to establish itself as an indispensable node in the global FinTech network.
Singapore’s influence and brand will be extended beyond our borders – developing FinTech nodes globally as well as uniting financial hubs around the world – ensuring innovation continues to drive human progress.
Ultimately, the formation of GFTN leads Singapore’s FinTech vision and ambitions – enabling economic opportunity, social inclusion and environmental sustainability.
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