Ernest Addison: Digitization of the Afro-Asian Small and Medium Enterprises (SMEs) trade corridor - a multimillion economic zone'

Keynote address by Dr Ernest Addison, Governor of the Bank of Ghana, at the Singapore Fintech Festival 2020, Singapore, 7 December 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
18 December 2020

The Managing Director, Monetary Authority of Singapore,
The Singapore FinTech Association,
Captains of Industries and Financial Technology Companies,
Distinguished Guests,
Distinguished Ladies and Gentlemen,

1. It is a great pleasure to deliver the keynote address for the session on 'Digitization of the Afro-Asian Small and Medium Enterprises (SMEs) Trade Corridor – A Multimillion Economic Zone' at this year's Singapore Fintech Festival. I would like to thank the organizers for choosing Ghana as a satellite host, which among others, endorses the country's growing technological capabilities and strong Fintech industry.

2. Ladies and Gentlemen, trade relations between Africa and Asia has witnessed tremendous growth over the past decade. This phenomenon, led by SMEs, has leapfrogged with technological advancement and the emergence of digital trade channels. Currently, trading activities between the two continents are shifting to e-commerce platforms due to enhanced access to the internet and adoption of digital products fostered by Fintechs.

3. Indeed, the ongoing digital transformation is disrupting existing modes of trade and business models including, the deployment of resources, and organization of production, marketing and trading of goods and services. This disruptive process, which is felt at every stage of trade relations, has become a necessary enabler for SMEs in international trade.