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Digital Platforms to Support Green Finance in Singapore

The Monetary Authority of Singapore (MAS) recently announced that it will collaborate with the industry to pilot four digital platforms under Project Greenprint to meet the financial sector’s demand for good data on sustainability. Project Greenprint was launched in December 2020 with the goal of leveraging innovation and technology to promote a green finance ecosystem by assisting in the mobilisation of capital, monitoring sustainability commitments, and measuring impact. Green FinTech Ecosystem Development, Greenprint Marketplace, and Greenprint Data Platform are the three strategic thrusts of Project Greenprint.

Filling these gaps will allow financial institutions to divert resources to more scalable sustainability projects. Financial institutions’ sustainability pledges will be adequately monitored, and the risks and real-world effects of their portfolios will be quantified using the data. The platforms’ pilots are anticipated to complete in the second half of 2022.

  1. Greenprint Common Disclosure Portal – The portal aims to make the Environment, Social, and Governance (ESG) disclosure process easier by transforming data inputs into various reporting formats set by various jurisdictions and objectives. International investors and financial institutions will have easier access to company and project information as a result of this. The platform can also be used as an internal ESG monitoring and management tool by businesses.
  2. Greenprint Data Orchestrator- Will gather sustainability data from a variety of sources, including major ESG data providers, utilities, the Common Disclosure Portal, and other sectoral platforms, and make it available to the public. New data insights will be developed through data analytics services on the platform, which will better assist investment and financing decisions.
  3. Greenprint ESG Registry – Will keep track of the provenance of ESG certifications granted by certifying bodies in various industries, as well as data and metrics confirmed by authorised third-party auditors. The blockchain-based registry will give a single point of access to this validated data for financial institutions, corporations, and regulatory authorities, facilitating reliable data flow.
  4. Greenprint Marketplace – Will connect green technology providers in Singapore and the area with a network of investors, venture capital firms, financial institutions, and corporations to encourage green technology partnership, innovation, and investment.

MAS will work on two use case projects to promote green and sustainability-linked trade finance in the building and construction, and palm oil industries, using data from the Greenprint Data Orchestrator and ESG Registry. This would enable banks to digitise their trade finance transactions and ensure that they meet the criteria outlined in their green and sustainable financing frameworks. United Overseas Bank will lead the initiatives in collaboration with DBS Bank, OCBC Bank, and Standard Chartered Bank.

“Technology is a key enabler for the financial industry to meet the challenges of green transition and achieving net-zero emissions. Project Greenprint provides foundational digital infrastructure that aggregates new and existing ESG data from ground-up across multiple sectoral platforms and solutions to facilitate trusted ESG data flows between the financial sector and the real economy – both within Singapore and globally,” says Sopnendu Mohanty, chief fintech officer at MAS.

OpenGov Asia reported, per a joint press release from the two countries, Singapore will join Australia in drafting a Green Economy Agreement (GEA). The cooperation intends to hasten both countries’ transition to a greener, more sustainable future, while also creating jobs and reducing carbon emissions. The agreement will highlight initiatives to encourage and ease trade and investment, with an emphasis on reducing regulatory burdens on businesses. It also aims to eliminate non-tariff obstacles to trade in environmental goods and services and to speed up the adoption of low-emission green technology.

The countries claimed this “world-first agreement” will deepen their bilateral connection through strengthened economic and environmental relations in a joint vision statement released following the conference. The agreement’s larger goal is to serve as a guide for multilateral and regional policy development by establishing policies, standards, and initiatives that will not only create good jobs in green growth sectors but also strengthen environmental governance and global capacity to deal with environmental issues.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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