MAS granted Gemini, a cryptocurrency exchange, an initial approval to operate as a major payment institution in Singapore.
The Monetary Authority of Singapore (MAS) founded the Global Finance and Technology Network (GFTN) as part of its ongoing efforts to establish Singapore as a global hub for financial technology innovation.
Singapore Launch Global Financial Technology Network
On October 30, MAS, Singapore’s central bank and financial regulatory authority, announced the launch of the Global Financial Technology Network (GFTN) as part of its fintech growth strategy’s second phase.
MAS established Elevandi as a nonprofit organization with the purpose of connecting individuals and businesses, as well as ideas and insights in the financial technology sector in Singapore and around the world.
The GFTN will take the role of Elevandi. The first part of the project consisted of Singapore experimenting with new technologies and promoting many efforts to strengthen innovation in the financial technology sector.
“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.”
Based on the information provided by MAS, the Global Financial Transactions Network (GFTN) will be tasked with the responsibility of furthering “industry and policy dialogues in payments, asset tokenization, and artificial intelligence or quantum.”
Sopnendu Mohanty, the top fintech officer at MAS, and Ravi Menon, Singapore’s ambassador for climate change and senior adviser at the National Climate Change Secretariat, will lead the team responsible for the Global Financial Technology Network (GFTN) program.
Menon and Mohanty “have been instrumental in the growth of Singapore’s fintech ecosystem,” as articulated by Chia Der Jiun, the managing director of the Malaysian Securities Authority (MAS).
On the 29th of October, the MAS gave its permission in principle to the cryptocurrency exchange Gemini for a license to operate as a major payment institution.Tokens for digital payments and services for transferring money across international borders will be made available to Gemini in Singapore once the final approval is granted.
The CEO also disclosed Gemini’s intention to increase the number of employees it employs in Singapore, according to Saad Ahmed, who is the head of Gemini’s Asia-Pacific arm.
“While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role in our global strategy.”
“As a further demonstration of our dedication to Singapore over the long term, we are currently in the process of relocating to a more spacious office space in order to accommodate Gemini’s expanding local team,” Ahmed continued.
