Singapore launches fintech center to push AI, tokenization [Video]

Singapore has launched a new fintech center to boost its digital payments, tokenization, digital assets, and artificial intelligence (AI) efforts.

Known as the Global Finance & Technology Network (GFTN), it will incubate startups and catalyze the growth of the country’s fintech sector. It replaces Elevandi, a non-profit set up by the Monetary Authority of Singapore (MAS) to promote the growth of fintech in the Southeast Asian nation. Elevandi was the organizer of the popular Singapore Fintech Festival.

Despite being one of the smaller nations in Asia, Singapore’s fintech sector has been thriving for decades. In 2023, the sector was estimated at $35.2 billion and is projected to hit $63 billion by 2029. According to data…