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 Ghana (DBG), and the Monetary Authority of Singapore (MAS).
This strategic partnership aims to revolutionize 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 the implementation of 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.
This is aimed at empowering MSMEs in Ghana and Singapore by providing foundational digital financial literacy skills and insights into cross-border financial services.
It will also ensure the establishment of a network of business-to-business ecommerce platforms, enabling MSMEs in Ghana and Singapore to expand their international business connections in Asia and Africa.
The Development Bank Ghana (DBG) and partner financial institutions will provide digital trade finance and guarantees through a secure digital platform, facilitating eligible MSMEs.
This will enhance 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 of StacAi, expressed enthusiasm about the partnership, stating, “StacAi is honoured to contribute to 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.” This was contained in a press statement to Citinews