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), has strengthened the relationship between Singapore and Ghana through a collaborative work on the Ghana Integrated Financial Ecosystem (GIFE) Project.
This was noted after a meeting in Singapore between the various Managing Directors (MDs) and Chief Executive Officer (CEOs) of the partnership.
The meeting was held on the sidelines of the Singapore Fintech Festival, but as well presented a good opportunity to the group to deliberate on the GIFE project.
Conversations during the meeting were centered on the immense opportunities the GIFE platform is expected to create for Ghanaian and Singaporean SMEs, followed by a discussion on the initial work done by the team in ensuring the SFE-Pillar 1 of the GIFE project was a success.
The GIFE project seeks to ensure that micro, small and medium enterprises (MSMEs) access to credit facilities and financial assistance is made easier in Ghana. It offers an open digital infrastructure for MSMEs which will help them in several ways.
Not limited to that, the project is with the aim of strengthening opportunities for trade and financial services cooperation between the two countries, with the expectation that the integrated financial ecosystem would serve the Asia-Africa SME trade corridor.
Saurav Bhattacharya, the CEO of Proxtera, introduced to the team a traction gained since the initialization and roadmap of the GIFE project.
“Since the lunch of GIFE in June 2022, DBG has sponsored 1.2K SMEs in Ghana, on the SFE-Pillar 1 on a pilot basis with 72 percent certified SMEs. The continuous momentum planned for the next 9 months is to roll out the verification platform and marketplace.”Saurav Bhattacharya, The CEO of Proxtera
GIFE Should Be Extended To The Association Of South East Asian Nations (ASEAN) And Beyond.
Mr. Ravi Menon, Managing Director of MAS, expressed that, although Singapore had not done much in the past with Africa as a whole, he is hopeful this collaboration will open avenues for more opportunities in other African countries.
Mr. Menon, was of the view that, the SMEs in Singapore and Ghana have relatively the same behavioural pattern and hence Financial Trust Corridor should be encouraged– FTC will bring confidence in trading between the two countries, he said.
“We will support the GIFE project and as well hope this project will be extended to the Association of South East Asian Nations (ASEAN) and beyond.”Mr. Ravi Menon, Managing Director of MAS
Mr. K Duker, Chief Executive Officer of DBG, indicated DBG is of the commitment to move the project forward in achieving its aim of economic growth thereby creating jobs and building capacity.
“It is a laudable venture and DBG’s pleasure in having the opportunity to work with a competent and like-minded team to build Ghana and Singapore SMEs, through financial empowerment and verified credentials in order to increase supply of funds.
“DBG recognizes the need to widely support SME growth through its objective of providing funding solutions and de-risking services, underpinned by technology.”Mr. K Duker, Chief Executive Officer of DBG
The meeting ended with all parties from MAS, BOG, DBG, CBG, GCB and the Proxtera expressing their desire to actively work together to achieve the success of the GIFE project for economic transformation.