MAS sets up not-for-profit firm to extend global fintech reach

Firm looking to become a massive hub for providing tech, finance innovation solutions

- Claire Huang

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 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 startups.

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.