Disclosed are catalyst solutions for the hydroformylation of formaldehyde comprising one or more fluorophosphite compounds, rhodium and a hydroformylation solvent comprising at least one N,N-disubstituted amide, N-substituted cyclic amide, or a mixture thereof. Also disclosed are hydroformylation processes wherein formaldehyde is contacted with carbon monoxide, hydrogen one or more fluorophosphite compounds, rhodium and a hydroformylation solvent to produce glycolaldehyde. The fluorophosphite-based catalysts provide good reaction rates and high selectivity to glycolaldehyde.