Singapore and Ghana strengthen fintech ties to boost MSMEs
Date: 2024-07-25
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
