"Elevandi on Steroids" - MAS Launches GFTN to Advance Pilots in Digital Assets, Tokenisation

The Monetary Authority of Singapore (MAS) has launched the Global Finance & Technology Network (GFTN), replacing its non-profit body, Elevandi.

Former MAS Managing Director Ravi Menon, who described GFTN as "Elevandi on steroids" at a press briefing on Wednesday, will serve as GFTN's chairman.

Leong Sing Chiong and Neil Parekh have been appointed as deputy chairmen while Sopnendu Mohanty, currently MAS’s chief fintech officer, will become Group CEO starting February 2025.

GFTN plans to build on MAS's success with Elevandi and the Singapore FinTech Festival (SFF), which will include four main arms:

1. GFTN Forums: A global network of FinTech forums for cross-border collaboration, expanding Elevandi’s existing five forums.
2. GFTN Advisory: A consultancy offering policy guidance and capacity-building for financial innovation in developing countries, and insights for private companies aiming for social impact.
3. GFTN Platforms: Digital services supporting SMEs and FinTech start-ups with market access, analytics, and sustainability reporting.
4. GFTN Capital: An investment fund for FinTech and ClimateTech start-ups, offering capital and a global network for partnerships.

The GFTN board of directors will be advised by an international advisory board, with further details to be announced at SFF on November 6, 2024.

Digital assets and tokenisation, as well as artificial intelligence (AI) are areas that GFTN intends to further build upon.

MAS Seeks Feedback on New Crypto Licensing Regime

The new framework aims to strengthen Singapore’s existing crypto regulatory landscape and ensure the safety and security of digital token activities within the country.

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"The first phase of FinTech growth in Singapore was driven by experimentation, as well as promotion of key initiatives to harness technology and innovation in the financial sector," MAS said in a statement.

"These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenisation, and promoting Artificial Intelligence (AI) adoption as part of MAS’ goal to develop Singapore as a Smart Financial Centre."

"GFTN will work with MAS to advance industry and policy dialogues in payments, asset tokenisation, and AI/quantum."

“Cryptocurrencies Have Failed”: More SFF, More MAS

Blockhead returns to SFF for more MAS announcements, including a shocker from Ravi Menon. Also, Hex wins a license in Dubai, Bordier & Cie partners Sygnum, Paxos wins provisional approval for USD stablecoin in SG, and StraitsX receives IPA.

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Menon reiterated the importance of tokenisation market during the press briefing. "After years of experimentation, the tokenisation of financial assets has reached a tipping point," Menon said.

"Billions of dollars of financial assets today are on-chain but the promise of a tokenised financial system has not materialized yet. This is still a work in progress and experimentation."

Singapore Fintech Festival (Singapore 6-8 November 2024)

As 2025 approaches, financial leaders face the challenge of navigating a landscape transformed by AI, data, and digital platforms that are rewriting the rules of global trade, commerce and financial services.

At the Singapore FinTech Festival 2024, hear from global leaders at Microsoft, Goldman Sachs, PayPal, and Tencent, and more, as they share the strategies shaping the future of finance.With 66,000+ participants from 150 countries and 10,000+ organisations, everyone who's anyone is here.

Click to see who’s attending and who you can network with at #SFF2024! Blockhead is proud to offer a 20% discount on tickets via this link.