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On November 14, 2023, The Monetary Authority of Singapore (MAS) said it had signed a memorandum of understanding with the IFC and the forum to advance digital inclusion through financial services.
Digital inclusion refers to the use of digital technologies to provide equal and affordable access to essential services for underserved individuals and micro, small and medium-sized enterprises (MSMEs) in areas such as finance, health and education.
In a separate announcement on Tuesday, MAS, together with the United Nations Development Programme and its other partners, launched an open global initiative to improve MSMEs’ access to financing. The Universal Trusted Credentials (UTC) initiative proposes a framework for credentials that characterise an MSME’s financing worthiness.
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