Singapore ex-central banker aims to spearhead global fintech growth with new non-profit

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By Xinghui Kok

SINGAPORE – Singapore’s longest serving central banker, Ravi Menon, will head a new non-profit to drive fintech innovation and growth globally, the Monetary Authority of Singapore (MAS) said on Wednesday.

Menon, who led the central bank for 12 years until 2023 and is a strong proponent of financial technology, will chair the Global Finance and Technology Network, the MAS said.

He sees the non-profit – with around 40 staff currently – as a way to drive innovation for the common good “to create economic value, to expand economic opportunities for people, to create more resilient and robust financial systems”, Menon said.

A key role of the network will be advisory services provided to governments and organisations, building on Singapore’s reputation as a financial hub.

The network could help governments adapt their fintech needs to local conditions and connect governments and regulators to multilateral agencies such as the International Monetary Fund, the World Bank, the United Nations Development Program and partners in the private sector, he said.

The network will also raise private capital to invest in fintech and climate technology start ups with growth prospects and social impact, and continue to run global fintech forums.

Menon said fintech has seen a lot of growth in the last decade with digital payments, tokenisation and digital identities and the expansion of financial inclusion.

What he wants to focus on now is bringing the same technology and growth to economies like Africa and Latin America, and solving issues such as improving systems for payment flows, invoicing and e-commerce and facilitating cross border interoperability.

“There’s still a lot more to be done in the next 10 years,” he said.

(Reporting by Xinghui Kok; Editing by Sonali Paul)