Thus, the UTC initiative proposes a framework for the creation of trusted credentials that characterise an MSMEs financing worthiness based on traditional and alternative data sets.
An open global initiative to improve the access of micro, small and medium-sized enterprises (MSMEs) to financing has been announced. It is called the Universal Trusted Credentials (UTC), an initiative between the United Nations Development Programme (UNDP), the Monetary Authority of Singapore (MAS), Bank of Ghana (BoG), Global Legal Entity Identifier Foundation (GLEIF) and the SME Finance Forum.
This announcement was made on Nov 14, ahead of the inaugural Singapore Fintech Festival. The release notes that MSMEs account for up to 90% of businesses and 70% of employment worldwide, but face big challenges in accessing affordable finance to grow their businesses.This problem is amplified when MSMEs pursue cross-border opportunities.
