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As Deep Learning algorithms continue to evolve and become more sophisticated, they require massive datasets for model training and efficacy of models. Some of those data requirements can be met with the help of existing datasets within the organizations. Current Machine Learning practices can be leveraged to generate synthetic data from an existing dataset. Further, it is well established that diversity in generated synthetic data relies on (and is perhaps limited by) statistical properties of available dataset within a single organization or entity. The more diverse an existing dataset is, the more expressive and generic synthetic data can be. However, given the scarcity of underlying data, it is challenging to collate big data in one organization. The diverse, non-overlapping dataset across distinct organizations provides an opportunity for them to contribute their limited distinct data to a larger pool that can be leveraged to further synthesize. Unfortunately, this raises data privacy concerns that some institutions may not be comfortable with. This paper proposes a novel approach to generate synthetic data - FedSyn. FedSyn is a collaborative, privacy preserving approach to generate synthetic data among multiple participants in a federated and collaborative network. FedSyn creates a synthetic data generation model, which can generate synthetic data consisting of statistical distribution of almost all the participants in the network. FedSyn does not require access to the data of an individual participant, hence protecting the privacy of participant's data. The proposed technique in this paper leverages federated machine learning and generative adversarial network (GAN) as neural network architecture for synthetic data generation. The proposed method can be extended to many machine learning problem classes in finance, health, governance, technology and many more.