To support the green finance ecosystem, four interoperable platforms will be developed by the project.
The Monetary Authority Singapore (MAS) has announced plans for the development of four digital platforms to address the financial sector’s needs for good data on sustainability under Project Greenprint, launched in December 2020 to support Singapore’s green finance ecosystem.
Unveiled by MAS managing director Ravi Menon at the Singapore Fintech Festival on Tuesday (9 November), the new initiatives include a Greenprint Common Disclosure Portal, developed in partnership with the Singapore Exchange (SGX), which will make company and project disclosures more easily accessible by international investors and financial institutions.
The portal aims to simplify the ESG disclosure process by converting data inputs into different reporting frameworks as required under different jurisdictions and purposes. Companies can also use the portal as an internal ESG monitoring and management tool.
A Greenprint Data Orchestrator will also be developed to aggregate sustainability data from multiple data sources – including major ESG data providers, utilities providers, and the Common Disclosure Portal – as well as other sectoral platforms such as GreenON, Olam International and Singapore Trade Data Exchange (SGTraDex).
The platform will provide central access to these data sources and enable new data insights to be generated through data analytics services, which will help to better support investment and financing decisions.
In addition, a blockchain-based Greenprint ESG Registry, in partnership with Hashtacs (STACS), will be established to record and maintain the provenance of ESG certifications accorded by certification bodies in different sectors, as well as data and metrics that are verified by qualified third party auditors.
The registry will provide financial institutions, corporates, and regulatory authorities with a single point of access to these certified data, and facilitate trusted data flows. Through APIs, the registry will support various downstream integrations such as to support financial institutions in trade financing and portfolio monitoring.
Finally, a so-called Greenprint Marketplace will be launched in partnership with API Exchange (APIX) to connect green technology providers in Singapore and the region to a community of investors, venture capital firms, financial institutions, and corporates to facilitate partnership, innovation and investments in green technology.
MAS said it will work with the industry to pilot the four common utility platforms. The pilots are expected to be completed in the second half of 2022.
Leveraging data from the Greenprint Data Orchestrator and the Greenprint ESG Registry, MAS will work on two case projects to facilitate green and sustainability-linked trade finance in the building and construction, and palm oil sectors.
“This will allow banks to digitalise their trade finance transactions and attain greater assurance that these transactions meet the criteria set out in their green and sustainability financing frameworks,” MAS said. “Qualified supply chain players from these sectors can benefit from more seamless and timely access to green trade financing from banks.”
The two case projects will be led by UOB, in partnership with DBS, OCBC and Standard Chartered.