Rwanda’s ICT Minister Appointed to International Advisory Board of Global Fintech Body

The Minister of ICT and Innovation, Paula Ingabire, has been appointed to the International Advisory Board of the Global Finance and Technology Network (GFTN), a Singapore-based non-profit dedicated to advancing fintech.

The appointment was made on Wednesday, November 6, in Singapore where Ingabire is leading Rwanda’s delegation at the ninth Singapore Fintech Forum.

The Minister of ICT and Innovation, Ms. @MusoniPaula, has been appointed a member of the International Advisory Board of the Global Finance and Technology Network (GFTN), a not-for-profit firm established by @MAS_sg, Singapore’s Central Bank, to harness technology and foster… pic.twitter.com/BL0YC1ZdOI– Rwanda High Commission in Singapore (@RwandaSingapore) November 7, 2024

Prominent figures from the public and private sectors including Dominic Barton, the Chairman of LeadFrog Investment and Rio Tinto; Patrick Njoroge, the former Governor of the Central Bank of Kenya; and Dr. Verathai Santiprabhob, the former Governor of the Bank of Thailand, are joining Ingabire on the board. GFTN aims to leverage technology and foster innovation through global partnerships to create more efficient, resilient, and inclusive financial ecosystems.

The organization also seeks to strengthen collaboration within the global finance and technology communities, driving innovations that yield economic and social impact.

GFTN was launched in 2023 by the Monetary Authority of Singapore (MAS), the country’s central bank, as the successor to Elevandi, a firm established by MAS four years ago to convene global finance and technology conferences.

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Among these conferences is the Inclusive FinTech Forum (IFF), which held its inaugural session in Kigali last year. The IFF promotes strategies for the inclusive and sustainable growth of fintech, with Rwanda and Singapore set to co-host the IFF 2025 in Kigali from February 24 to 26.

Ravi Menon, the Chair of the GFTN Board of Directors, noted that the organization will offer advisory services to authorities in developing countries to help build digital infrastructures, formulate technology-driven policies, and foster robust innovation ecosystems.

Currently, GFTN is partnering with Rwanda and Ghana on a pilot project to improve cross-border payment connectivity in Africa. The organization also plans to expand its network by integrating three digital platforms initially incubated by MAS.

One of these platforms, Proxtera, offers a digital space for small and medium-sized enterprises (SMEs) to secure digital credentials and access cross-border trade and financing.

“Proxtera has helped bridge global trade for micro, small, and medium enterprises in Rwanda, Ghana, Chongqing in China, and most recently, Cambodia, through the financial transparency corridor,” Menon said at the opening of the Singapore Fintech Forum 2024.

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