Singapore and Ghana will probably be working collectively to strengthen their cooperation as they collaborate on the Ghana Integrated Financial Ecosystem (GIFE) Project through the partnership of the Monetary Authority of Singapore (MAS), the Bank of Ghana (BoG), Development Bank Ghana (DBG), GCB Bank (GCB) and Consolidated Bank Ghana (CBG).
This was made recognized after a gathering in Singapore between the Managing Director of MAS, Mr Ravi Menon; Chief Executive Officer of DBG, Mr Okay Duker; Managing Directors of GCB, Mr Kofi Adomakoh, and CBG, Mr Daniel Wilson Addo, Chief Executive Officer of Proxtera, MrSaurav Bhattacharya and Head of Fintech and Innovation of the BoG, Mr Kwame Oppong.
The assembly was held on the sidelines of the Singapore Fintech Festival and it supplied an excellent alternative for the group to maintain talks on the GIFE undertaking.
The GIFE undertaking seeks to enhance monetary capabilities and entry for micro, small and medium enterprises (MSMEs) in Ghana and to churn out higher alternatives for commerce and monetary companies cooperation between the 2 international locations with the expectation that the built-in monetary ecosystem would serve the Asia-Africa SME commerce hall.
Structurally, GIFE will provide an open digital infrastructure for MSMEs which can assist them in a number of methods.
These embrace, constructing foundational digital monetary literacy expertise and a greater appreciation of cross-border monetary companies and alternatives to develop their enterprise connections throughout Africa and Asia through a community of business-to-business e-commerce platforms.
It will even provide a digital platform through which DBG and its associate monetary establishments will present digital commerce finance ensures for eligible MSMEs and the joint improvement of economic belief frameworks by MAS, BoG, DBG and different monetary establishments to assess credit score worthiness for financing through using different information units.
In his remarks, Mr Menonin an announcement issued after assembly indicated that though Singapore had not accomplished a lot prior to now with Africa as a complete, he’s hopeful that, this collaboration will open avenues for extra alternatives in different African international locations.
He was of the view that the SMEs in Singapore and Ghana have comparatively the identical behavioral sample and is of the view that the Financial Trust Corridor – FTC will convey confidence in buying and selling between the 2 international locations.
He pledged his help for the GIFE undertaking and identified that GIFE needs to be prolonged to the Association of South East Asian Nations (ASEAN) and past.
On his half, Mr Okay Duker indicated DBG’s dedication to transfer the undertaking ahead to obtain financial development thereby creating jobs and constructing capability.
He expressed DBG’s pleasure in having the chance to work with a reliable and like-minded staff to construct Ghana and Singapore SMEs through monetary empowerment and verified credentials so as to improve provide of funds.
He described it as a “laudable venture” and added that “DBG recognizes the need to widely support SME growth through its objective of providing funding solutions and de-risking services, underpinned by technology”.
Discussions in the course of the assembly centered on the immense alternatives the GIFE platform is predicted to create for Ghanaian and Singaporean SMEs.
The group was offered with the preliminary work the staff had accomplished in guaranteeing the SFE-Pillar 1 of the GIFE undertaking was successful.
BY KINGSLEY ASARE