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."
Denne historien er fra November 12, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 12, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Japan mayor regrets South Korea's absence from war memorial event
A Japanese mayor said it is \"extremely regrettable\" that South Korea pulled out of a memorial ceremony on Nov 24 to honour wartime forced labour victims, local media reported.
China's local govts step up public safety measures after attacks
The local authorities in China are stepping up safety management and police patrols following several high-profile mass killings, as the central government calls for enhanced public security, media reports said on Nov 24.
Evacuation orders set off new wave of displacement in Gaza City
Israeli military's move blamed on militants firing rockets from heavily built-up suburb
S. Korea seeks better work-life balance to ease falling birth rate
Tax incentives and subsidies for SMEs and doubling of paternal leave among measures
Manila to investigate V-P's alleged assassination threat against Marcos
The Philippines' security council will verify an alleged assassination threat by Vice-President Sara Duterte against President Ferdinand Marcos Jr., a top official said on Nov 24, describing it as a \"matter of national security\".
Three days of sectarian clashes leave 82 dead in Pakistan
Three days of bitter sectarian gunfights in north-western Pakistan have killed at least 82 people and wounded 156 more, a local official said on Nov 24.
Johor aims to ride medical tourism wave
It hopes to capitalise on location, build up facilities to compete with Melaka, Penang
Fire rips through Manila slum area housing thousands
Raging orange flames and thick black smoke billowed into the sky on Nov 24 as a huge fire ripped through hundreds of houses in a closely built slum area of the Philippine capital Manila.
More Indian states and firms offer menstrual leave
Issue gains traction amid efforts to woo female voters and get more women to join workforce
SM Lee in China to mark 30 years of Suzhou Industrial Park
Senior Minister Lee Hsien Loong is visiting China from Nov 24 to 29 and he will commemorate the 30th anniversary of the Suzhou Industrial Park (SIP), a project he helped to steer at its beginning.
