Why this not-for-profit entity wants to help discover the next insurtech unicorn
The Global Finance & Technology Network (GFTN) aims to develop talent and help build fintech hubs through collaborations
Over the next five years, 7,000 students will be trained in financial and insurance technology as part of an initiative to grow a fintech hub and discover the next insurance technology unicorn.
In August 2025, Singapore’s Global Finance & Technology Network (GFTN) teamed up with the Odisha government in India to launch the BharatNetra initiative in the eastern city of Bhubaneswar.
GFTN is a not-for-profit entity established by the Monetary Authority of Singapore (MAS) in 2024. It aims to leverage technology and innovation to create more efficient, resilient and inclusive financial systems through global collaboration.
GFTN organises the annual Singapore FinTech Festival (SFF) alongside MAS and exhibition organiser Constellar, in collaboration with The Association of Banks in Singapore. This year’s edition will take place at the Singapore Expo on Nov 12-14.
The BharatNetra initiative will train youth, support start-ups, foster cross-border partnerships and host international forums such as the Black Swan Summit India in February 2026, to position Odisha as an integrated global fintech capability hub, GFTN said.
For example, Odisha’s government, GFTN and the Asian Institute of Digital Finance at the National University of Singapore jointly developed a five-month programme for participants to earn a certificate in fintech and insurance technology.
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The first batch of 375 students began the course in September. The goal is to train 7,000 students over five years.
“At the same time, we will inject capital into assets created in India which can serve the global market,” said GFTN group chief executive officer Sopnendu Mohanty.
Building an ecosystem
The initiative is part of GFTN’s broader aim to create more efficient, resilient and inclusive financial systems through technology, innovation and global collaboration.
Beyond the Odisha project, GFTN’s advisory arm helps other public and private sector members, especially in low- and middle-income markets, craft policies and frameworks, and upskill their citizens to use and be a part of new financial systems.
“This ensures that everybody is moving at the same pace in terms of policies, and that different countries can collaborate and have a better, stronger synergistic relationship with one another,” explained Sopnendu.
Its work is bolstered by its members’ expertise, large network and deep access to markets. Sopnendu most recently served as MAS’ first chief fintech officer for nearly a decade, relinquishing the role in February 2025.
Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health, chairs its International Advisory Board (IAB).
The IAB includes Agustín Carstens, former general manager of the Bank for International Settlements, and Sanjiv Bajaj, chairman and managing director of India-based non-bank lender Bajaj Finserv.
Besides SFF, GFTN convenes gatherings in countries like Switzerland, Japan, Rwanda, Australia and Thailand throughout the year, and will set up an investment arm to invest in promising late-stage fintech companies globally.
“We connect people, align stakeholders, encourage the use of digital platforms and improve their access to capital,” said Sopnendu.
“We connect people, align stakeholders, encourage the use of digital platforms and improve their access to capital.”
Sopnendu Mohanty, group chief executive officer of the Global Finance & Technology Network (GFTN), on GFTN’s role in the fintech ecosystem
At a glance
Headquartered in Singapore, the Global Finance & Technology Network (GFTN) also has offices in Tokyo, Japan and Berlin, Germany. Its four key business lines are:
1. Connect stakeholders across the financial ecosystem through international forums to advance innovation, promote cross-border collaboration and regulatory alignment, and address systemic challenges.
Its flagship event is the Singapore FinTech Festival, which brought together 65,000 participants from over 130 countries and regions in 2024.
2. Strengthen financial systems and build local talent through policy advisory and impact-led projects, with the goal of accelerating inclusive innovation.
In February 2025, the Bank of Ghana and the National Bank of Rwanda signed a memorandum of understanding for Africa’s first license passporting framework.
The framework, established with the support of GFTN, enables fintech firms licensed in one country to operate in the other, and paves the way for payments between the two countries to happen instantly, securely and at low cost.
3. Advance digital innovation through strategic partnerships with solution providers, providing platforms that drive inclusive and sustainable finance.
GFTN supported the launch of Gprnt (pronounced greenprint), for example. Gprnt is GFTN’s digital ESG platform set up by the Monetary Authority of Singapore, supported by Ant International and MUFG Bank.
It helps companies, especially small and medium-sized enterprises, automatically generate sustainability metrics, meet reporting requirements and access green finance.
4. Scale impact through its investment arm, which will be set up to invest in promising late-stage fintech companies globally.
Staying ahead
Over the past decade, SFF has also tracked the sector’s shifts closely, focusing on cloud services, digital public infrastructure and application programming interface (API) architecture. API refers to a set of rules or protocols that allow software programs to talk to one another.
These technologies now anchor the fintech industry, noted Sopnendu.
For the next decade, GFTN has its eye on developments in quantum computing, tokenisation and artificial intelligence (AI), he added.
Quantum computing, which uses the rules of quantum physics, could solve problems and perform calculations that today’s traditional computers cannot. Tokenisation is the process of converting real-world assets into digital tokens on a blockchain.
One example is stablecoins, a type of digital currency designed to maintain a stable value by being pegged to an external asset such as the US dollar.
Sopnendu noted that GFTN’s forums are trusted and attended by policymakers, companies and other important stakeholders, making them ideal for in-depth and fruitful conversations.
The SFF, in particular, with its year-end timing, has made it a natural venue for many to discuss the year’s developments and look ahead to the next.
Sopnendu sees knowledge curation as the key differentiator for countries competing in fintech. “Attracting global talent is not the privilege of any one country anymore, and every country today could create unicorns,” he noted.
The real question is where the most trusted knowledge base exists, he said.
“GFTN’s worldwide forums bring together stakeholders like regulators, founders, technologists, financial industry leaders, and investors to advance the Singapore model of aligning innovation and regulation,” said Sopnendu, “to shape a more trusted, efficient, inclusive, and sustainable financial future.”
This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.
For more stories, go to https://bt.sg/sff2025
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