A fintech rainmaker, born in S'pore, reaching out to the world

Singapore's central bank has created an institution that can transform fintech across emerging economies.

- Vikram Khanna

Just before Singapore FinTech Festival (SFF) got under way last week, a new Singaporean financial institution - the Global Finance & Technology Network (GFTN) - was officially announced, and it wants to change the world of fintech.

Introducing GFTN to more than 5,000 participants on the first day of the festival on Nov 6, its chairman Ravi Menon - the former managing director of the Monetary Authority of Singapore (MAS) - described it as "a milestone in the global fintech movement", a catalyst for the expansion of fintech across borders, spanning both the public and private sectors.

A not-for-profit organisation although it will have a "for-profit" arm - GFTN is a by-product of a series of entrepreneurial ventures by MAS, which - unknown to many - has, for several years, been doing more than managing the Singapore dollar, controlling inflation and regulating the financial sector.

In 2016, MAS launched the SFF to bring together the global fintech community, foster innovation and promote Singapore as a fintech hub. The SFF, which is held at the Singapore Expo, has since grown bigger every year, with the latest edition drawing some 65,000 participants from around the world, including policymakers, big tech companies, start-ups and investors.

"We thought it was getting a bit too big for MAS to handle, but that we shouldn't be hindering its growth," said Mr Menon in an interview with The Straits Times.

"We were getting corporate sponsorships, signing MOUs (memorandums of understanding) and commercial contracts with multiple parties, so we felt it was not appropriate for MAS to front it. We thought it needed a dedicated organisation."