The Monetary Authority of Singapore (MAS) has launched the Global Finance & Technology Network (GFTN), aimed at strengthening Singapore's position as a global fintech leader. According to the announcement, in the first stage of fintech development, Singapore focused on testing new ideas and launching foundational projects to leverage technology in finance.

These initiatives included creating a regulatory sandbox for innovation, establishing cross-border payment systems, exploring digital assets and tokenisation, and encouraging the use of AI. These efforts have been instrumental in advancing MAS's vision of a "Smart Financial Centre" and have led to the Singapore FinTech Festival (SFF) becoming a leading platform for global collaboration in fintech. Purpose of the Global Finance & Technology Network The GFTN will drive collaboration and connectivity within Singapore’s fintech ecosystem, fostering synergy with the global fintech community.

Working alongside MAS, GFTN will focus on advancing discussions on payments, asset tokenisation, and AI/quantum technologies. This initiative will also contribute to MAS’s goal of cultivating a robust FinTech ecosystem and expanding the SFF as a premier international FinTech event. Other recent news from MAS In September 2024, MAS announced the creation of a Cyber and Technology Resilience Experts (CTREX) Panel to advise on emerging technologies risks in the financials sector.

Replacing the Cyber Security Advisory Panel, the CTREX Panel was set to advise MAS on key emerging technology risks and threats in the financial ecosystem, as well as to recommend strategies and procedures to augment the technology and cyber resilience of Singapore. Comprising 13 global industry participants, experts, and practitioners in both cybersecurity and technology leaders, the panel will see them convene for the inaugural meeting in mid-2025. Source: Link .