This was made known after a meeting in
The meeting was held on the sidelines of the Singapore Fintech Festival and it offered a good opportunity for the group to hold talks on the GIFE project.
The GIFE project seeks to improve financial capabilities and access for micro, small and medium enterprises (MSMEs) in
Structurally, GIFE will offer an open digital infrastructure for MSMEs which will help them in several ways.
These include, building foundational digital financial literacy skills and a better appreciation of cross-border financial services and opportunities to expand their business connections across
It will also offer a digital platform through which DBG and its partner financial institutions will provide digital trade finance guarantees for eligible MSMEs and the joint development of financial trust frameworks by MAS, BoG, DBG and other financial institutions to assess credit worthiness for financing through the use of alternative data sets.
In his remarks, Mr Menonin a statement issued after meeting indicated that although
He was of the view that the SMEs in
He pledged his support for the GIFE project and pointed out that GIFE should be extended to the
On his part, Mr K Duker indicated DBG's commitment to move the project forward to achieve economic growth thereby creating jobs and building capacity.
He expressed DBG's pleasure in having the opportunity to work with a competent and like-minded team to build
He described it as a "laudable venture" and added that "DBG recognizes the need to widely support SME growth through its objective of providing funding solutions and de-risking services, underpinned by technology".
Discussions during the meeting centered on the immense opportunities the GIFE platform is expected to create for Ghanaian and Singaporean SMEs.
The group was presented with the initial work the team had done in ensuring the SFE-Pillar 1 of the GIFE project was a success.
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