Singapore and Ghana strengthen fintech ties to boost MSMEs

Minister of State for Trade & Industry, Culture, Community & Youth, and Member of Parliament for Tanjong Pagar GRC, Alvin Tan has visited Bank of Ghana Governor Dr. Ernest Addison and his team to discuss the partnership between Singapore and Ghana in the FinTech space.

The two countries have been working closely to support micro, small, and medium enterprises (MSMEs) in building payment and financial networks. The Monetary Authority of Singapore (MAS) and the Bank of Ghana (BOG) have collaborated on several initiatives, including the development of the Ghana Integrated Financial Ecosystem (GIFE) and the Financial Trust Corridor.

These initiatives aim to help MSMEs better connect and grow, and have been supported by partners such as the Development Bank Ghana and the United Nations Development Programme (UNDP). In May, BOG and DBG worked with Elevandi to host the 3iAfrica Summit, a Singapore FinTech Festival-related international FinTech event.

Proxtera, a digital trade platform, has also announced a US$100 million financing support for MSMEs that would be made available via the GIFE, to drive business connectivity and trade between Singapore and Ghana.

Minister Tan expressed his gratitude for the productive meeting with Dr. Addison and looked forward to building on the FinTech sectors of both countries to drive excellence and innovation for their people, companies, and countries.

By:  Nana Appiah Acquaye