February 26, 2024

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MAS Partners Ghanian Banks to Develop Integrated Financial Ecosystem

The Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) signed a Memorandum of Understanding (MoU) to develop the Ghana Integrated Financial Ecosystem (GIFE). The 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.

Over time, the integrated financial ecosystem model is expected to serve the Asia-Africa SME trade corridor more broadly. The GIFE will offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas:

  • The SME Financial Empowerment Programme will help MSMEs build foundational digital financial literacy skills and gain a good understanding of cross-border financial services.
  • MSMEs in Ghana and Singapore can expand their international business connections in Asia and Africa, through a network of business-to-business e-commerce platforms.
  • DBG and partner financial institutions will provide digital trade finance and guarantees for eligible MSMEs through a digital platform.
  • MAS, BOG, DBG and financial institutions will jointly develop financial trust frameworks to assess creditworthiness 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.

The GIFE is a collaborative effort across public entities, financial institutions, FinTechs and tech solution providers in Ghana and Singapore. These include the Consolidated Bank of Ghana, Enterprise Singapore, and the Global FinTech Institute among others.

The Chief FinTech Officer of MAS stated that the Authority has worked closely with the 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.

The GIFE is aimed at leapfrogging traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap into based on their needs.

The Governor of the Bank of Ghana stated that the memorandum further demonstrates BoG’s commitment as a central bank to working with key stakeholders to explore innovative financing models. It also further demonstrates a commitment to the Business Sans Borders initiative which they partnered with MAS on to enhance MSME contribution to economic growth and in line with Government’s broader economic transformation goals.

The Chief Executive Officer of DBG noted that the Monetary Authority of Singapore and the GIFE programme mark a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth.

The bank recognises the crucial role of SMEs in Ghana’s economy. The GIFE programme will further strengthen DBG’s 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, he added.

The Chief Executive Officer of one of the banks making this collaborative effort stated that the bank is honoured to join this private-public task force in co-creating the FTC trust data framework to promote more trust amongst businesses and financial institutions globally. It allows the financial institution 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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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