AraratBank and Singapore GFTN Sign Memorandum of Understanding for Digital Transformation

ARARATBANK OJSC and Global Finance & Technology Network (GFTN) of Singapore have signed a Memorandum of Understanding to enhance the Bank's digital capabilities and fintech infrastructure.

The collaboration aims to transform AraratBank into a digitally progressive financial institution, focusing on fintech innovation, improved transparency, and enhanced local and cross-border connectivity. The partnership will also emphasize responsible lending practices aligned with ESG standards, supporting the global transition toward a net-zero future.

GFTN, established by the Monetary Authority of Singapore, will provide advisory services and access to its global network to support AraratBank’s digital transformation journey.

As part of the collaboration launch, Deputy CEO of AraratBank Mher Grigoryan participated in a roundtable discussion on "Investing in the Future of Digital Inclusion for Developing Countries" at the Insights Forum in Singapore. The event was jointly organized by the International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS).

An AraratBank delegation comprising Board of Directors, Executive Board members, and heads of key subdivisions attended the Insights Forum on November 4-5 as well as the Fintech Festival on November 6-8 in Singapore. The invite-only forum brought together over 2,300 policymakers, regulators, investors, and industry leaders across 40 roundtable discussions, while the Fintech Festival gathered 65,000 participants from 134 countries and regions. The forum discussions covered the future of financial infrastructure and paths to global net-zero goals.