UNDP, Global Legal Entity Identifier Foundation, and the Monetary Authority of Singapore collaborate to support MSMEs develop Universal Trusted Credentials for faster access to financing and new market opportunities
Singapore, 22 June 2023. The United Nations Development Programme (UNDP), the Global Legal Entity Identifier Foundation (GLEIF), and the Monetary Authority of Singapore (MAS) today signed a Statement of Intent to adopt Environmental, Social, and Governance (ESG) digital credentials for micro, small and medium-sized enterprises (MSMEs) worldwide.
The Statement of Intent serves as the launch of the new initiative titled ‘Project Savannah’ will support the MSMEs to develop a globally endorsed set of Universal Trusted Credentials (UTC). As a result of having these credentials, enterprises will have faster access to financing and new market opportunities, enabled by transparent and trusted data.
“The Monetary Authority of Singapore, the Global Legal Entity Identifier Foundation, and UNDP is launching an initiative to generate digitally enabled sustainability credentials. This is part of a larger effort to develop universal trusted credentials for business. This will help them to unlock new access to finance. And it will allow them to better track their sustainability targets”, said Achim Steiner, UNDP Administrator.
“Such collaborations will demonstrate the game-changing potential of technology in revolutionizing the way MSMEs, the building blocks of every economy, tackle climate change while simultaneously lowering reporting burdens. In time, we foresee initiatives like Project Greenprint playing a crucial role in supplying verified private market and MSME data to inform global efforts on charting more efficient pathways to a low carbon future”, said Leong Sing Chiong, Deputy Managing Director for Markets and Development of the Monetary Authority of Singapore.
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis.
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.
About the Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation (GLEIF) enables smarter, less costly, and more reliable decisions about who to do business with. It is the only global online source that provides open, standardized, and high-quality legal entity reference data.