UNDP collaborates with the DFINITY Foundation to boost financial inclusion for MSMEs
The United Nations Development Programme (UNDP) has joined forces with the DFINITY Foundation, a leading blockchain technology firm based in Switzerland, to advance financial inclusion for Micro, Small, and Medium Enterprises (MSMEs).
In a press release dated July 3, UNDP unveiled its collaboration with the DFINITY Foundation, highlighting that the partnership aims to utilize the blockchain capabilities of the Internet Computer (ICP) to develop and implement the UN’s Universal Trusted Credentials (UTC) initiative.
Under this partnership, the DFINITY Foundation plans to harness Internet Computer’s decentralized digital identity solutions, specifically Internet Identity (II), to create a prototype for a UTC pilot program set to be piloted in Cambodia. This initiative represents a significant stride towards enhancing digital trust and expanding financial access for MSMEs globally.
Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support, emphasized the importance of this collaboration, stating, “The partnership with the DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia.”
The pilot program in Cambodia is poised to serve as a model for scaling the UTC solution across 10 countries, reflecting UNDP’s commitment to leveraging blockchain technology to achieve Sustainable Development Goals (SDGs) worldwide. This effort is part of a broader strategy by UNDP, which developed UTC in conjunction with the Monetary Authority of Singapore (MAS) and other strategic partners, to promote the adoption of digital technologies.
Furthermore, the DFINITY Foundation’s collaboration with UNDP follows closely on the heels of its recent launch of APIs aimed at enhancing blockchain interoperability. In parallel, the Internet Computer introduced Verified Credentials in June, an innovation designed to facilitate secure and efficient sharing of personal data within Web3 ecosystems.
