As a seasoned crypto investor with a keen eye for global fintech developments, I find the recent announcement by the Monetary Authority of Singapore (MAS) to be nothing short of exciting. Having navigated through the volatile and rapidly evolving crypto market, I have learned that countries taking proactive steps towards embracing digital assets and fostering fintech innovation are the ones that reap the greatest rewards in the long run.
The Monetary Authority of Singapore, or MAS, has launched the Global Finance and Technology Network (GFTN), which is an extension of their continuous mission to establish Singapore as a leading global center for financial technology innovation.
On September 30th, Singapore’s central bank and financial regulatory body, MAS, unveiled the commencement of the second phase of their fintech expansion plan, known as GFTN. This new initiative will take over from Elevandi, a non-profit organization established by the MAS to foster connections between individuals, businesses, and ideas in the global fintech sector, particularly within Singapore.
Singapore continues to build on existing innovations
In the initial stage, Singapore tested out novel technologies and supported various projects aimed at boosting financial technology advancements.
“These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenization, and promoting artificial intelligence adoption as part of MAS’ goal to develop Singapore as a Smart Financial Centre.”
As per MAS, the Global Financial Technology Network (GFTN) is expected to further strengthen its efforts by fostering discussions related to payment systems, asset tokenization, artificial intelligence, and quantum technology.
MAS representatives to lead GFTN
Under the GFTN initiative, leadership duties will be assumed by two current delegations from the Monetary Authority of Singapore (MAS). These include Ravi Menon, who serves as Singapore’s representative for climate action and advisor at the National Climate Change Secretariat, and Sopnendu Mohanty, who holds the position of MAS’ chief officer for fintech.
As reported by Chia Der Jiun, the managing director of MAS, Menon and Mohanty have played a significant role in fostering the development of Singapore’s financial technology (fintech) community.
On October 29th, the Monetary Authority of Singapore (MAS) gave preliminary approval to the cryptocurrency exchange Gemini for a Major Payment Institution license.
The final approval will allow Gemini to provide digital payment tokens and cross-border money transfer services in Singapore.
Saad Ahmed, the head of Gemini’s Asia-Pacific arm, said:
“While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role in our global strategy.”
Ahmed further disclosed that Gemini is planning to expand their workforce in Singapore. He mentioned that they are currently in the process of moving to a bigger office, which demonstrates their ongoing dedication to Singapore as they grow their local team.
Gemini crypto exchange receives preliminary approval in Singapore
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2024-10-31 11:03