UNDP partners with DFINITY to augment digital trust for MSMEs

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.

Developing a secure data infrastructure for UNDP

The DFINITY Foundation will utilise its expertise in decentralised compute platforms and digital identity solutions to develop and test the prototype for a robust data infrastructure (platform) for the UTC pilot initiative in Cambodia. This infrastructure will ensure the secure storage and management of digital credentials, enhancing the trust and reliability of the UTC system.

The DFINITY Foundation is the creator and major contributor to the Internet Computer Protocol (ICP), the underlying technology that will be instrumental in building a decentralized and tamper-proof data infrastructure, providing the high level of security and transparency needed for the UTC initiative to succeed. This collaboration will not only benefit Cambodian MSMEs but after the pilot in Cambodia, this project plans to scale to 10 countries.

This initiative is part of a broader effort by the UNDP to leverage technology and innovation to achieve the Sustainable Development Goals (SDGs) and improve the livelihoods of vulnerable populations. 

Officials from UNDP said the partnership with the DFINITY Foundation marks a pivotal moment in their efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia. By harnessing innovative technology, they can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth.

Representatives from DFINITY Foundation stated that MSMEs represent the backbone of most economies, and the UTC initiative represents a unique opportunity to bring transparency and increase inclusion within a financial system that often fails to cater to their needs. By utilising the Internet Computer blockchain technology, the UTC initiative is set to benefit from over a thousand person-years of research and development and will be supported by some of the leading cryptographers and experts in the field of digital identity.