"MAS, BoG and DBG to develop an integrated financial ecosystem to support growth of Asia-Africa SME trade corridor"

" MAS, BoG and DBG to develop an integrated financial ecosystem to support growth of Asia-Africa SME trade corridor \r\n\r\nThe Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) today signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE).\r\n\r\nThe GIFE aims to enhance financial capabilities and access for micro, small and medium enterprises (MSMEs) in Ghana and generate greater opportunities for trade and financial services cooperation between Singapore and Ghana.\r\n\r\nOver time, it is envisaged that the integrated financial ecosystem model can serve the Asia-Africa SME trade corridor more broadly.\r\n\r\nThe GIFE will offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas:\r\n\r\nThe SME Financial Empowerment Programme will help MSMEs build foundational digital financial literacy skills and gain a good understanding of cross-border financial services.\r\n\r\nMSMEs in Ghana and Singapore can expand their international business connections in Asia and Africa, through a network of business-to-business ecommerce platforms .\r\n\r\nDBG and partner financial institutions will provide digital trade finance and guarantees for eligible MSMEs through a digital platform.\r\n\r\nMAS, BOG, DBG and financial institutions will jointly develop financial trust frameworks [2] to assess credit worthiness for financing by enabling financial institutions to use alternative data sets, such as the track record of successful payments to suppliers and tax payments to relevant authorities.\r\n\r\nThe GIFE is a collaborative effort across public entities, financial institutions, FinTechs and tech solution providers in Ghana and Singapore. These include Proxtera, \u00a0Consolidated Bank of Ghana, ANEXT Bank, Enterprise Singapore, and the Global FinTech Institute.\r\n\r\nMr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, \u201cMAS has worked closely with Bank of Ghana since the announcement of the Financial Trust Corridor in 2020. The GIFE is an important step to foster closer collaboration between the two central banks and important emerging markets.\u00a0 The GIFE is a rethink to potentially leapfrog traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap on based on their needs.\u201d \r\n\r\nDr Ernest K.Y. Addison, Governor of Bank of Ghana, said \u201cThis memorandum further demonstrates BoG\u2019s commitment as a central bank, to working with key stakeholders to explore innovative financing models. It also further demonstrates our commitment to the Business Sans Borders initiative which we partnered with the Monetary Authority of Singapore to enhance MSME contribution to economic growth and in line with Government\u2019s broader economic transformation goals. \r\n\r\nMr K Duker, Chief Executive Officer, DBG, said, \u201cWe believe that this partnership with the Monetary Authority of Singapore and the GIFE programme mark a pivotal moment in DBG\u2019s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth. DBG recognises the crucial role of SMEs in our country\u2019s economy and the GIFE programme will further strengthen DBG\u2019s ability to catalyse SME growth by ensuring that they get the financial solutions they need to achieve their full potential. SMEs are a key pillar of Ghana's economic resilience, prosperity, and international competition, so I'm optimistic that our journey to unlock their potential will yield excellent results for our people and country.\u201d \r\n\r\nMs Toh Su Mei, Chief Executive Officer, ANEXT Bank, said, \u201cANEXT Bank is honored to join this private-public taskforce in co-creating the FTC trust data framework to promote more trust amongst businesses and financial institutions globally. It allows us to make financial services accessible and effortless for more SMEs as growing businesses can get access to global trades, and be more resilient against macroeconomic market disruptions.\" \r\n\r\n Bank of Ghana is the central bank of Ghana and Development Bank Ghana is a development financial institution set up in 2022 to provide long-term lending to Small and Medium Enterprises.\r\n\r\n An example is the Financial Trust Corridor (FTC) initiative to engender greater trust, trade and recognition between both countries\u2019 businesses and financial institutions.\r\n\r\n Proxtera is the exclusive operational partner of the SME Financial Empowerment Programme. It is the operational and digital infrastructure provider for the implementation of the GIFE."

"MAS, BoG and DBG to develop an integrated financial ecosystem to support growth of Asia-Africa SME trade corridor"

Uganda crowned best investment destination in AfricaAMP

African countries can’t resolve their debt crisis under a system rigged against themAMP

Société Générale MD debunks rumors of exiting GhanaAMP

Société Générale MD debunks rumors of exiting GhanaAMP

Cocoa’s dizzying volatility is spilling into the coffee marketAMP

Absa opens China outpost to tap growing trade ties with AfricaAMP

Zenith Bank records 41% YoY growth in profit; assets value surge to GHS 15bn as NPL dip to 2.14%AMP

Headline inflation dips by 80bps to 25% in AprilAMP

Fitch Ratings forecasts Societe Generale’s African exit to fuel growth for Pan-African BanksAMP

Uganda crowned best investment destination in AfricaAMP

Off-grid solar sparks a lantern sales boom in Africa – reportAMP

African countries can’t resolve their debt crisis under a system rigged against themAMP

Société Générale MD debunks rumors of exiting GhanaAMP

Cocoa’s dizzying volatility is spilling into the coffee marketAMP