UNDP Partners With the DFINITY Foundation to Enhance Financial Inclusion of MSMEs

UNDP is pleased to announce a new partnership with the DFINITY Foundation, which will leverage the Internet Computer blockchain technology to further develop and implement the Universal Trusted Credentials (UTC) initiative. This collaboration underscores a significant step towards enhancing digital trust and financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) globally.

This framework – the Universal Trusted Credentials (UTC) launched in collaboration with the Monetary Authority of Singapore (MAS) and other strategic partners,– when implemented in several countries, will not only enhance domestic access to financing for MSMEs but also unlock access to trade financing across participating countries due to the enhanced cross-border trust in the data provided. The UTC solution aims to stimulate the adoption of digital technologies, which will include blockchain-based solutions, with the view to ultimately build a vibrant and sustainable financial ecosystem that empowers MSMEs.