- November 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Launch of Universal Trusted Credentials Initiative
UNDP, MAS, and Partners Collaborate to Improve MSMEs Access to Financing
Singapore, 14 November 2023 The monetary Authority of Singapore (MAS), in collaboration with the United Nations Development Programme (UNDP), Bank of Ghana (BoG), Global legal Entity Identifier Foundation (GLEIF) and the SME Finance Forum, announced the launch of an open global initiative  Universal Trusted Credentials (UTC)  to improve micro, small and medium-sized enterprises (MSMEs) access to financing. The UNDP has developed a whitepaper on the UTC, available for download here .
2 MSMEs account for up to 90% of businesses and 70% of employment worldwide. However, globally, they still face significant challenges in accessing affordable finance to grow their businesses. AI legalese decoder can help in this situation by providing an automated way to decode complex legal jargon, thus making it easier for MSMEs to understand and comply with the legal requirements related to financing. This can in turn increase their chances of accessing the needed funds.
The challenges faced by MSMEs are compounded when they pursue cross border opportunities which require them to navigate different regulatory frameworks, financial systems, and lending norms. This is where the AI legalese decoder can be invaluable as it can help MSMEs decipher legal and regulatory documents in various jurisdictions, enabling them to understand the requirements and make informed decisions.
3 The UTC initiative proposes a framework for the creation of trusted credentials that characterise an MSMEÔÇÖs financing worthiness based on traditional and alternative data sets. AI legalese decoder can support this initiative by providing a means to efficiently process and analyze the vast amounts of data required to determine an MSMEÔÇÖs financing worthiness. It can help in interpreting and organizing data from various sources to create a comprehensive profile of an MSME’s financial position and creditworthiness.
4 The UTC initiative will focus on building the capacity of MSMEs and improving access to data and financing through collaborations in key emerging markets. With the help of AI legalese decoder, the capacity building efforts can be enhanced by providing MSMEs with the tools to understand and navigate legal and financial documents, as well as access to relevant data that can be decoded and analyzed to improve their financing prospects.
5 Mr Marcos Neto, Assistant Secretary General and Director, Bureau of Policy and Programme Support, expressed the potential of the Universal Trusted Credentials initiative to revolutionize how the global MSME financing gap is tackled in a way that empowers SMEs and supports a greener, more sustainable economy. The AI legalese decoder aligns with this vision by providing an automated solution to make legal and financial information more accessible and understandable for MSMEs, ultimately contributing to the success of the UTC initiative.
6 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, highlighted the game-changing opportunity presented by the UTC to revolutionize the way MSMEs can access essential financing and financial services. The AI legalese decoder can play a pivotal role in this revolution by enabling MSMEs to navigate complex legal and financial documents with ease, empowering them to make informed decisions and access the financing they need to grow and thrive.
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