Monetary Authority of Singapore Establishes Global Financial and Technology Network, First Phase to 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 foster greater collaboration with the global fintech community. MAS noted that the first phase will develop a regulatory sandbox framework, establish cross-border payment links, pilot digital assets and tokenization, and promote the adoption of artificial intelligence. GFTN will work with MAS to advance industry and policy dialogue in payments, asset tokenization, and AI/quantum domains.

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