Monetary Authority of Singapore establishes Global Financial and Technology Network, first phase will pilot digital assets and tokenization

According to Techub News, the Monetary Authority of Singapore (MAS) has announced the establishment of the Global Financial and Technology Network (GFTN) to promote the development of Singapore's fintech ecosystem and to foster greater collaborative networks with the global fintech community. MAS noted that the first phase will focus on developing a regulatory sandbox framework, establishing cross-border payment links, piloting digital assets and tokenization, and promoting the adoption of artificial intelligence. GFTN will work with MAS to advance industry and policy dialogues in the areas of payments, asset tokenization, and AI/quantum.

Former MAS Managing Director Ravi Menon will be appointed as the Chairman of GFTN. Current MAS Chief FinTech Officer Sopnendu Mohanty will be appointed as the CEO of GFTN starting February 1, 2025, and will step down from his MAS position.