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StacAi Joins Forces with Ghana Integrated Financial Ecosystem
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StacAi, a leading Financial Trust Infrastructure provider, is delighted to announce its pivotal role as the technology partner for the establishment of the Ghana Integrated Financial Ecosystem (GIFE). This collaborative venture, in conjunction with the Bank of Ghana (BoG), Development Bank Ghana (DBG), and the Monetary Authority of Singapore (MAS), marks a strategic initiative aimed at reshaping the financial landscape and fostering cross-border financial services collaboration between Singapore and Ghana.
StacAi's Financial Trust Infrastructure, renowned for instilling confidence and trust in financial asset creation, has been entrusted with the crucial responsibility of developing the local technology architecture for the implementation of GIFE and the Financial Trust Corridor under the Business Sans Borders initiative.
Crafted to bolster financial capabilities and access for micro, small, and medium enterprises (MSMEs) in Ghana, the GIFE initiative also pledges to amplify opportunities for trade and financial services cooperation between Singapore and Ghana. This groundbreaking integrated financial ecosystem model is envisaged to extend its services to the broader Asia-Africa SME trade corridor.
Key Program Highlights:
- SME Financial Empowerment Programme: Providing foundational digital financial literacy skills and insights into cross-border financial services to empower MSMEs in Ghana and Singapore.
- Business Connections: Establishing a network of business-to-business ecommerce platforms, facilitating international business connections for MSMEs in Ghana and Singapore in Asia and Africa.
- Digital Trade Finance: Development Bank Ghana (DBG) and partner financial institutions will offer digital trade finance and guarantees through a secure digital platform, easing the process for eligible MSMEs.
- Financial Trust Frameworks: Regulatory bodies, including MAS, BoG, DBG, and financial institutions, collaboratively developing financial trust frameworks. These frameworks will assess creditworthiness by incorporating alternative data sets, such as successful payments and tax contributions.
This collaborative effort involves 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.