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."
Diese Geschichte stammt aus der November 12, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 12, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
PROMENADE OF POSSIBILITIES
For a window into the soul of a city, take a stroll along the waterfront.
Digibank GXS is well on its feet. What's next?
Its group CEO expects bank to turn a profit and start looking for more capital in 2027
Parenting without screens: My struggles, triumphs, and eventual acceptance
It's hard to follow to the letter the guidelines on screen times for children. But they do set a good direction for parents.
Slot Contrite After Everton Row; To Face FA Charge
Liverpool manager Arne Slot has been charged with being abusive to match officials during his team's stormy Merseyside derby at rivals Everton on Feb 12.
Thompson 'sticks to process' to grab one-shot Genesis lead
Davis Thompson is not a well-known name in golf, but he is the one that the big stars have to chase at the Genesis Invitational this weekend.
Japan Looks To Amend Election Law For Social Media Age
This comes after fringe parties used rogue tactics to wreak havoc on polls in 2024
Nationwide phishing test to be part of Exercise SG Ready for first time
It aims to help firms assess their cyber resilience in the face of such attacks
Maresca Wants Chelsea 'To Do Better' After 'Worst' Display
LONDON - Enzo Maresca admitted Chelsea's dismal 3-0 defeat by Brighton & Hove Albion on Feb 14 was the \"worst performance\" of his reign, as Kaoru Mitoma produced a contender for the English Premier League goal of the season.
Calm Liverpool still hold the aces despite recent blips
When all seemed serene, Liverpool suddenly hit the bumps in the road. Making 10 changes at Plymouth led to an embarrassing FA Cup loss to the team rock-bottom of the Championship.
Valentino, gym and sharp objects: What's in store for Year of the Snake
Horoscopes can amuse, assure and inform. But maybe it's best not to take them literally.
