StacAi, a Financial Trust Infrastructure, has been appointed as the technology partner for the development of the Ghana Integrated Financial Ecosystem (GIFE) in collaboration with the Bank of Ghana (BoG), Development Bank of Ghana (DBG) and Monetary Authority of Singapore (MAS) ).
This strategic partnership aims to revolutionize the financial landscape and enhance cross-border financial services cooperation between Singapore and Ghana.
StacAi’s Financial Trust Infrastructure, designed to create financial assets with confidence and trust, has been tasked with developing the local technology architecture to implement GIFE and the Financial Trust Corridor under the Business Sans Borders initiative.
Created to enhance financial capability and access for Micro, Small and Medium Enterprises (MSMEs) in Ghana, GIFE also promises to foster greater opportunities for trade and financial services cooperation between Singapore and Ghana.
As a pioneering initiative, the integrated financial ecosystem model envisages expanding its services to the wider Asia-Africa SME trade corridor.
This aims to empower SMEs in Ghana and Singapore by providing them with basic digital financial literacy skills and knowledge about cross-border financial services.
It will also ensure the creation of a network of business-to-business e-commerce platforms, enabling SMEs in Ghana and Singapore to expand their international business connections to Asia and Africa.
The Development Bank of Ghana (DBG) and partner financial institutions will provide financing and digital trade guarantees through a secure digital platform, facilitating eligible SMEs.
This will enhance collaborative efforts by regulators such as MAS, BoE, DBG and financial institutions to develop financial confidence frameworks. These frameworks will assess creditworthiness for funding by incorporating alternative data sets such as successful payments to suppliers and tax payments to relevant authorities.
This collaborative effort includes public bodies, financial institutions, FinTechs and technology solution providers from Ghana and Singapore. Key participants include Proxtera, Consolidated Bank of Ghana, ANEXT Bank, Enterprise Singapore and the Global FinTech Institute.
Dr. Arnold Kavaarpuo, CEO of StacAi, expressed excitement about the partnership, stating: “StacAi is honored to contribute to the development of GIFE and the Financial Trust Corridor. This initiative is in line with our commitment to address the financing gap for businesses and individuals in Africa. We believe that the integrated financial ecosystem will create unprecedented opportunities for SMEs and facilitate seamless cross-border commercial cooperation between the two regions.”
This is contained in a press statement to Citinews.