StacAi partners BoG, DBG, Singapore Monetary Authority on GIFE

StacAi, a financial trust infrastructure, has been appointed as technology partner for developing the Ghana Integrated Financial Ecosystem (GIFE) in collaboration with the Bank of Ghana (BoG), Development Bank Ghana (DBG) and Monetary Authority of Singapore (MAS).

This strategic partnership aims to revolutionise the financial landscape and foster cross-border financial services cooperation between Singapore and Ghana.

StacAi’s Financial Trust Infrastructure, designed for creating financial assets with confidence and trust, has been entrusted with the responsibility of developing the local technology architecture for implementing GIFE and the Financial Trust Corridor under the Business Sans Borders initiative.

The GIFE, crafted to augment financial capabilities and access for micro, small and medium enterprises (MSMEs) in Ghana, also promises to enhance greater opportunities for trade and financial services cooperation between Singapore and Ghana. As a ground-breaking initiative, the integrated financial ecosystem model is envisioned to extend its services to the broader Asia-Africa SME trade corridor.

Key highlights of the programme:

1. SME Financial Empowerment Programme: Empowering MSMEs in Ghana and Singapore by providing foundational digital financial literacy skills and insights into cross-border financial services.
2. Business Connections: Establishing a network of business-to-business ecommerce platforms, enabling MSMEs in Ghana and Singapore to expand their international business connections in Asia and Africa.
3. Digital Trade Finance: Development Bank Ghana (DBG) and partner financial institutions will provide digital trade finance and guarantees through a secure digital platform, facilitating eligible MSMEs.
4. Financial Trust Frameworks: Collaborative efforts by regulatory bodies such as MAS, BoG, DBG and financial institutions to develop financial trust frameworks. These frameworks will assess creditworthiness for financing by incorporating alternative data sets; such as successful payments to suppliers and tax payments to relevant authorities.

This collaborative effort encompasses public entities, 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-StacAi, expressed enthusiasm about the partnership, stating: “StacAi is honoured to contribute in the development of GIFE and the Financial Trust Corridor. This initiative aligns with our commitment to addressing the financing gap for businesses and individuals in Africa. We believe that the integrated financial ecosystem will create unprecedented opportunities for MSMEs and facilitate seamless cross-border trade cooperation between the two regions”.

StacAi Limited is a company incorporated under the laws of Ghana and has its registered office at The Volta Place, 35 Patrice Lumumba Street, Airport Residential Area-Accra. StacAi is approved by the Bank of Ghana to provide critical infrastructure services for regulated financial institutions.

The post StacAi partners BoG, DBG, Singapore Monetary Authority on GIFE appeared first on The Business & Financial Times.

Read Full Story