Cambodia is launching a pilot project to implement the SFT protocol Universal Trusted Credentials (UTC), developed under the United Nations Development Programme (UNDP). The project aims to create a digital ecosystem for trade among micro, small, and medium enterprises (MSME).
DFINITY Foundation, the developer of the Internet Computer (ICP) blockchain, announced its collaboration with the UN in testing the SFT protocol Universal Trusted Credentials (UTC). Cambodia was selected as the testbed for the pilot project.
As part of the initiative, DFINITY will provide the infrastructure to ensure the security and management of UTC. The goal of the pilot project is to encourage the participation of MSMEs in the digital economy.
The pilot project is expected to be rolled out in ten other countries. Cambodia was chosen by the UN as one of the first locations due to its favorable conditions for digital experiments. The Securities and Exchange Regulator of Cambodia (SERC) is developing a regulatory framework for digital assets in collaboration with Binance, and the local digital currency Bakong, Cambodia’s version of a CBDC, is actively developing.
According to Dominic Williams, Founder of DFINITY, MSMEs form the backbone of most economies, making the UNDP initiative fundamental to the development of the global digital economy. He believes UTC can enhance transparency and inclusivity in the financial system, positively impacting MSME activity. Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau of Policy and Programme Support, stated that the initiative is primarily focused on exploring the potential of advanced technologies to create systems that foster sustainable development and economic growth.
Previously, the SFT UTC system was successfully tested in Ghana with the participation of the Monetary Authority of Singapore (MAS).
