Compass Investments

– In the first phase, Singapore has experimented with new technologies and promoted a number of initiatives aimed at fostering fintech innovation:

These include developing a regulatory sandbox framework, establishing cross-border payment channels, piloting digital assets and tokenization, and promoting the adoption of artificial intelligence as part of MAS’ goal to develop Singapore as a smart financial center.

the MAS statement, the GFTN will aim to build on existing progress by facilitating “industry-policy dialogue on payments, asset tokenization, artificial intelligence and quantum technologies.

The GFTN initiative will be led by two current MAS representatives: Ravi Menon, Singapore’s Ambassador for Climate Change, Senior Advisor to the National Climate Change Secretariat and former MAS Executive Director, and Sopnendhu Mohanty, MAS Chief Fintech Officer.

According to MAS Managing Director Chia Der Jun, Messrs. Menon and Mohanty “have been instrumental in developing Singapore’s fintech ecosystem.

On October 29, MAS granted cryptocurrency exchange Gemini preliminary approval for a major clearing house license.

The final approval will allow Gemini to offer digital payment tokens and cross-border money transfer services in Singapore.

Saad Ahmed, Gemini’s head of Asia Pacific, said: While the U.S. remains our largest market and global headquarters, Asia, and Singapore in particular, plays an important role in our global strategy.