Home Opinion Press Releases Fintech CEO: Hyundia & Kia’s Ghana Investment Has Blockchain Implications

Fintech CEO: Hyundia & Kia’s Ghana Investment Has Blockchain Implications


Last month, Alan John Kyerematen, Ghana’s Minister of Trade, offered a tweet of congratulations to Kia and Hyundai, which are poised to open assembly plants in the country before the end of next year. The companies join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck, which have similar operations in the country.

“The auto industry has a different set of requirements for investment than, certainly, the blockchain industry, but there are some similarities,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. “Just last month, I wrote extensively about how Ghana could be a top-tier candidate for serving as Africa’s blockchain hub.”

“The country has some strong fundamentals, including support from the government and local innovators for the technology segment as a whole. They’re serious about economic growth, and they’re working towards making their country as attractive as possible. The government, compared to others in the region, appears to be doing what it can to foster a culture of innovation and an ease of doing business. There’s much more to be done, but it is important to make apples-to-apples comparisons. It isn’t fair to compare Ghana to New Zealand, for example, when you’re evaluating infrastructure or the ease of doing business,” explained Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Notably, Modulus recently filed for a patent on its Exchange Trust Score System, a revolutionary solution which aims to restore trust in financial exchanges, particularly those dealing in digital assets and cryptocurrencies, and giving regulators an additional tool by which to gauge the integrity of an exchange.

“Every day, we’re seeing new technologies pop up, particularly those dealing with blockchains. Every day, new opportunities emerge. Especially once regulators are able to catch up to the technology, innovators will prosper, and the countries who bet on innovators will join in their success. If you want to see a country that bet big on innovators and competes at the highest levels, all you have to do is look at Estonia. Tallinn isn’t just one of the top start-up hubs in its region, but it is looked at as one of the most impressive innovation engines out there right now. If Ghana truly invests in its future, and if it can bring along direct foreign investment, there’s no reason it can’t continue to bring top MNCs, as well as technologically advanced start-ups, to the table. Success breeds success,” opined Gardner.

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