- August 19, 2021
- Posted by: Ato
- Category: Banking and Finance
irst Deputy Governor of the Bank of Ghana (BoG), Dr Maxwell Opoku-Afari, has said the Business Sans Borders (BSB) project between Singapore and Ghana is a game-changer in the BoG’s efforts to drive financial sector activity and inclusive SME development in the country.
According to the First Deputy Governor, the ability of the BSB to change financial sector activity in the country lies in the creation of the Financial Trust Corridor (FTC).
The Financial Trust Corridor (FTC), is a governance framework and digital infrastructure that will be a dedicated ecosystem for mutual recognition and closer relationships between businesses, including SMEs, and financial institutions on the Business Sans Borders (BSB) platform to be created by the BoG and MAS.
With the creation of the FTC, businesses can refer to and utilise key information available on the platform for credit assessment, whilst adhering to domestic and international regulations, including data protection and Anti-Money Laundering requirements.
Giving the closing remarks at the BSB Stakeholder Engagement Forum on Wednesday, the First Deputy Governor averred the BSB project when implemented will provide for businesses particularly SMEs in both Ghana and Singapore, a one-stop meta-hub to source for trade and services online while streamlining access to better domestic and cross-border business opportunities.
Additionally, banks and FinTechs will have the opportunity for rapid growth with new clients and to leverage data for innovation in the country’s financial space.
Also speaking at the BSB Stakeholder Engagement Forum was the Governor of the Central Bank, Dr Ernest Addison who noted that Ghanaian SMEs with the implementation of the BSB project will be able to access diversified trade opportunities as well as critical, quality ecosystem facilities such as finance, accounting, and business referrals with Singapore.
Adding that the objective of the BSB project is to collaborate and leverage the capabilities of digital technology to expand the frontiers of businesses, especially Small and Medium-sized Enterprises (SMEs) in Ghana and Singapore.