News
UN and DFINITY collaborate on MSME Blockchain project for secure financing
The United Nations Development Programme (UNDP) is pleased to announce a new partnership with the DFINITY Foundation, which will leverage Internet Computers’ blockchain technology to further develop and implement the Universal Trusted Credentials (UTC) initiative.
This collaboration represents a significant step towards strengthening digital trust and financial inclusion for micro, small and medium-sized enterprises (MSMEs) globally.
This framework, called Universal Trusted Credentials (UTC), launched in collaboration with the Monetary Authority of Singapore (MAS) and other strategic partners, once implemented in several countries, will not only improve domestic access to finance for SMEs, but will also unlock access to trade finance between participating countries through increased 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 ultimate goal of creating a dynamic and sustainable financial ecosystem that empowers SMEs.
The DFINITY Foundation will use its expertise in decentralized computing platforms and digital identity solutions to develop and test the prototype of a robust data infrastructure (platform) for the UTC pilot initiative in Cambodia.
Internet Computer’s innovative blockchain decentralized identity solution, Internet Identity (II), will help ensure the secure storage and management of digital credentials, enhancing the trust and reliability of the UTC system.
“The partnership with DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for SMEs in Cambodia,” said Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Office for Policy and Programme Support. “By leveraging cutting-edge technology, we can create a more secure and accessible digital credential system that will drive sustainable development and economic growth.”
DFINITY Foundation is the creator and major contributor of 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 success of the UTC initiative. This collaboration will not only benefit Cambodian SMEs, but after the pilot in Cambodia, this project plans to expand to 10 countries.
“SMEs are 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 meet their needs,” said Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation.
“Using Internet Computer’s blockchain technology, the UTC initiative will 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.”
This initiative is part of a broader effort by UNDP to leverage technology and innovation to achieve the Sustainable Development Goals (SDGs) and improve the living conditions of vulnerable populations.
For more information about the UTC initiative and the DFINITY Foundation, visit UNDP Singapore Centre Website and the Internet Computer website.
About UNDP
UNDP works with people at all levels of society to help build nations that can withstand crises and drive and sustain the kind of growth that improves quality of life for all. On the ground in nearly 170 countries and territories, we bring a global perspective and local insight to help empower lives and build resilient nations.
The Global Centre for Technology, Innovation and Sustainable Development is a joint initiative of the Government of Singapore and UNDP that aims to identify and co-create technology solutions for sustainable development. The Centre nurtures partnerships, identifies solutions and connects partners and innovations with UNDP’s Global Policy Network and development partners.
About the DFINITY Foundation
DFINITY Foundation was founded in Zurich, Switzerland in 2016. Since then, it has become the largest employer in the blockchain technology sector in Switzerland and the DACH region, with talented people from local and international organizations, such as IBM Research, Google Research, Meta, etc.
The DFINITY Foundation is the creator and principal contributor to the Internet Computer, a third-generation blockchain that extends the functionality of the Internet from a network connecting devices globally to a computing platform that hosts systems and services directly on the blockchain.
UNDP Communications Contact
Li Wen Ng, +65 8919 7991
[email protected]