MAAS, Bank of Ghana partner for SMEs and FIs of Singapore and Ghana

Tuesday 8 December 2020 09:48 CET | News

The Monetary Authority of Singapore (MAS) and the Bank of Ghana (BOG) have plans to adopt the Business sans Borders (BSB) open hub of platforms between Singapore and Ghana. 

These discussions on close cooperation will benefit SMEs and micro-SMEs (MSMEs) in both countries by expanding their connectivity with their counterpart economy, while introducing innovative fintech and digital tools to help each SME complete its regular business needs. MAS and BOG will also work on a complementary Financial Trust Corridor (FTC) initiative to engender greater trust, trade, and recognition between both countries’ businesses and financial institutions. Both these initiatives are targeted to help the SMEs and MSMEs of Singapore and Ghana achieve sustainable growth for the post-COVID 19 pandemic recovery. 

BSB is a joint initiative started by MAS and Infocomm Media Development Authority on a global digital infrastructure for trading and digital business services connectivity. MAS and BOG will be closely involved with each country’s trade bodies, platforms, SME associations, and financial sector in the adoption of the BSB meta-hub connectivity, which will simplify how SMEs and ecosystems from Singapore and Ghana can discover new buyers, suppliers, and key financial and business services, according to the official press release. 

The SME FTC, to be led by MAS and BOG, comprises a governance framework and a digital infrastructure which banks and fintech companies in both countries could refer to and utilise when sharing key information relevant for credit assessment, whilst abiding by domestic and international regulations, such as data protection and anti-money laundering requirements. The FTC will provide strong trust for SMEs by financial institutions, leading to a growth in the breadth and depth of financial sector support for SMEs and businesses, making it easier for SMEs involved in cross-border trade to obtain faster and more working capital offerings and invoice financing. 

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Keywords: MAS, Money Authority of Singapore, Bank of Ghana, SME, financial institution, Singapore, Ghana, Business sans Borders, BSB, open hub, Financial Trust Corridor, FTC
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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