{"id":20755,"date":"2024-05-18T13:00:39","date_gmt":"2024-05-18T10:00:39","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20755"},"modified":"2024-05-18T10:33:52","modified_gmt":"2024-05-18T07:33:52","slug":"boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/","title":{"rendered":"Boosting MSME Trade: Bank of Ghana and MAS Complete DESFT Project"},"content":{"rendered":"<p><strong>The Bank of Ghana (BOG)<\/strong> <strong>and the Monetary Authority of Singapore (MAS)<\/strong> have finished a proof-of-concept for the <strong>Digital Economy Semi-Fungible Token (DESFT) Project.<\/strong> This new project is intended to promote trade between micro, small, and medium enterprises<strong> (MSMEs)<\/strong> in Ghana and Singapore by means of digital currencies and credentialing technology.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/#Live_Transactions_and_Technology\" title=\"Live Transactions and Technology\">Live Transactions and Technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/#Digital_Currencies_in_Action\" title=\"Digital Currencies in Action\">Digital Currencies in Action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/#Insights_from_Key_Figures\" title=\"Insights from Key Figures\">Insights from Key Figures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/#Future_Prospects_and_Technology\" title=\"Future Prospects and Technology\">Future Prospects and Technology<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Live_Transactions_and_Technology\"><\/span>Live Transactions and Technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The DESFT project<\/strong> enabled live transactions between Ghana and Singapore by means of the semi-fungible token protocol, Universal Trusted Credentials. It is through this protocol, created by the United Nations Development Program, that verified licenses, certificates, and trade records are included. The Singapore-based Ample FinTech, which is the project developer, gave this information.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Digital_Currencies_in_Action\"><\/span>Digital Currencies in Action<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>A stablecoin linked to the Singapore dollar (XSGD) and the Bank of Ghana\u2019s e-cedi central bank digital currency (CBDC)<\/strong> were transferred through the Purpose Bound Money protocol. This protocol, which was designed by MAS and the International Monetary Fund with the help of central banks from Italy and South Korea, is intended to be a tool for programmable money and payment technology. The protocol has already been applied by major retailers like Amazon, and it has been successful.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Insights_from_Key_Figures\"><\/span>Insights from Key Figures<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>During the 3i Africa Summit in Accra, the Bank of Ghana\u2019s director of fintech and innovation, Kwame Oppong, talked about the project&#8217;s success. He said, \u201cAfter almost a year and two phases of development, we have produced an information exchange solution that is based on UTC standards and semi-fungible token technology [&#8230;] Moreover, real-world trade experiments were conducted, which fully complied with our preset objectives. \u201d He also added that future development would be focused on supply chain finance and payments in multiple digital currencies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Prospects_and_Technology\"><\/span>Future Prospects and Technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Information about the <a href=\"https:\/\/coinengineer.net\/blog\/introduction-to-semi-fungible-tokens\/\">semi-fungible<\/a> token technology is scarce, but Ample FinTech disclosed that it uses the ERC-3525 standard on the Ethereum blockchain. As per the announcement of the Singapore Fintech Festival scheduled for November 2021, the Digital Economy Semi-Fungible Token \u201cis a combination of NFTs and traditional blockchain information,\u201d thus allowing self-ownership to be tokenized through DESFT.<\/p>\n<p><strong>The e-CEDI<\/strong> is still in the pilot phase, and there is no official launch date. Nevertheless, the realization of the DESFT proof-of-concept is a big step towards boosting trade between MSMEs in Ghana and Singapore using advanced digital currency and credentialing technologies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have finished a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project. This new project is intended to promote trade between micro, small, and medium enterprises (MSMEs) in Ghana and Singapore by means of digital currencies and credentialing technology. Live Transactions and Technology<\/p>\n","protected":false},"author":6,"featured_media":20760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[6201,6200,6202],"class_list":["post-20755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bank-of-ghana-bog","tag-desft-project","tag-monetary-authority-of-singapore-mas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boosting MSME Trade: Bank of Ghana and MAS Complete DESFT Project - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The Bank of Ghana and Monetary Authority of Singapore complete DESFT Project, boosting MSME trade using CBDC, stablecoin, and credentialing technology.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/boosting-msme-trade-bank-of-ghana-and-mas-complete-desft-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boosting MSME Trade: Bank of Ghana and MAS Complete DESFT Project - 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