Rwanda and Singapore have signed a mutual agreement that will see the two countries work closely to strengthen financial inclusion through digital innovation, local media reported Sunday quoting a government source in Kigali.
During the signature, Rwanda was represented by the Ministry of Trade and Industry and the Monetary Authority of Singapore (MAS) acts on behalf of the Asian nation.
While fintech applications are currently being implemented to become instrumental in various service sectors in Rwanda, experts say that the focus will be to ensure that people rely on it in different forms of contactless payments.
While the current situation is proving that remote work is likely to become a necessity due to COVID-19, experts sayy investments in different technologies and solutions in financial organisations and service providers are “more important than ever”.
The agreement, which was signed in a virtual ceremony, will see the trade ministry involved in the implementation of the international and open platform project, dubbed Business sans Borders (BSB).
This according to a statement, will strengthen greater cooperation in FinTech innovation, trade and business development between Rwanda and Singapore.
The cooperation will also stimulate wider public-private partnerships towards joint innovation projects between Rwanda and Singapore.
It is hoped that by operationalizing this project, Rwanda’s exports to the region will increase and local businesses gain cross-border, e-commerce experience.
Michel Minega Sebera, the Permanent Secretary, MINICOM said, the cooperation “highlights the strengthening FinTech partnership between Rwanda and Singapore, and lays the foundation for us to harness FinTech for a smarter, more efficient and more inclusive financial sector in our respective countries.”
“Our bilateral collaboration in FinTech will help promote financial innovation and create new opportunities for our countries, as well as in our regions,” he said.
Sopnendu Mohanty, Chief FinTech Officer of MAS said, the Business sans Borders project is to be the global Artificial Intelligence-powered infrastructure that simplifies single point access to new buyers, new suppliers, faster financing and seamless trade services for business ecosystems in Singapore, Rwanda and beyond.
Business sans Borders project is now operationalised by Proxtera Proxtera, its commercialisation (entity).
CU/abj/APA