Cambodia has been chosen as the site for a pilot program for the Universal Trusted Credentials (UTC), a digital credentialing system developed by the United Nations Development Program (UNDP). The Dfinity Foundation, developer of the Internet Computer blockchain, will collaborate with the UNDP on this initiative.

The Internet Computer will provide the infrastructure for securing and managing UTC. Introduced in November with collaboration from the Singapore Monetary Authority and other bodies, UTC aims to encourage the participation of micro, small, and medium enterprises (MSMEs) in the digital economy.

The pilot is expected to roll out in 10 countries over time. Dominic Williams, founder of the Dfinity Foundation, stated:

“MSMEs represent the backbone of most economies, and the UTC initiative represents a unique opportunity to bring transparency and increase inclusion within a financial system that often fails to cater to their needs.”

The Monetary Authority of Singapore (MAS) and the Bank of Ghana, another participant in the UTC development, completed a proof-of-concept using the UTC in May. This project used a semi-fungible token (SFT) to transfer information such as licenses and trade records, including Know Your Customer (KYC) verification.

Cambodia is seen as fertile ground for digital experimentation. The Securities and Exchange Regulator of Cambodia has an agreement with Binance to develop digital asset regulation. Its Bakong currency, similar to a central bank digital currency (CBDC), can be used globally on the Alipay retail network and has inspired Laos’ proposed CBDC, currently in the proof-of-concept phase.