Amira Karim

In keeping with Elevandi's commitment to ensuring the development of inclusive systems, this roundtable focuses on how MSMEs can be empowered to conduct seamless business with a trusted digital identify & digital assets with stronger support from financial institutions and FinTechs.

The United Nations Development Programme (UNDP) and the Monetary Authority of Singapore (MAS) are working with leading central banks, bank and non-bank financial institutions, multilateral agencies and other stakeholders on the Universal Trusted Credential (UTC). The UTC is a data-driven, digitally enabled, characterisation of an MSME’s creditworthiness and business trust based on verified, traditional as well as alternative data. The goal is to provide MSMEs with an interoperable digital identity that can help them be considered for greater access to financial services and financial inclusion. In addition, MSMEs can use the UTC as an interoperable digital identity that will enable them to conduct cross-border trades with new partners.

In this roundtable operated under our theme of Decoding Digital Assets and Payments, discussants will explore the following:
- The unique potential of UTCs and how it can help MSMEs grow their business
- The challenges surrounding UTC implementation including data regulations, data infrastructure, as well as policy and domestic financial markets
- How the UTC can optimise financing, digital economy business, payments and forex settlements
- Current application of the UTC with smart contracts/purpose bound money conditions to provide cross-border payments and settlements with digital assets
- The eventual evolution of using UTC with different types of digital assets
- Identification of near-term collaborations between participants for UTC

Attendees who wish to familiarise themselves with the topic may refer to the reference materials below.
- Universal Trusted Credentials: Transforming Access to Finance for MSMEs and Beyond

The curation of content and speakers was wholly managed by Amazon and does not reflect the views of the organisers or its staff.

Drawing from a recently launched report authored by McKinsey & Company entitled “Purpose Bound Money (PBM): A New Paradigm in Value Transfer'', this workshop will present important lessons learned from PBM pilots to date and explore possible roadmaps to driving universal adoption for PBM. The workshop also aims to discuss various pathways to universalise adoption for policymakers and regulators to consider as they establish foundations within their own jurisdictions to integrate PBM into mainstream payments systems and infrastructure.

This workshop aims to provide an opportunity for an exchange of views from the public and private sectors on the value proposition and future prospects for PBMs to be integrated into the mainstream retail payment system. It also aims to promote discussion on key elements of an enabling environment to facilitate customer and merchant adoption of PBMs.