Today the United Nations Development Programme (UNDP) and the Monetary Authority of Singapore (MAS) unveiled the Universal Trusted Credentials (UTC) Initiative. The aim is to make standardized data available for micro, small and medium-sized enterprises (MSMEs) which will make financiers more willing to provide funding.
Smaller businesses face a financing gap in general working capital finance as well as trade finance. The World Bank estimates the total MSME financing gap at $5.2 trillion annually.
Narrowing the window to purely trade finance, the Asian Development Bank estimates the gap at $2.5 trillion. That’s up by more than 40% in the past three years.
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