MAS eyes pilot of digital platforms to grow green finance

The Monetary Authority of Singapore (MAS) is working with the financial industry to pilot four digital platforms under Project Greenprint, to address the sector’s needs for good data on sustainability. 

Project Greenprint was launched in December 2020 to harness innovation and technology to promote a green finance ecosystem through helping to mobilise capital, monitor sustainability commitments, and measure impact.

Since the launch, the MAS has engaged the financial industry and other industry sectors to identify potential digital enablers to address the data challenges. These include interoperable data platforms that can aggregate new and existing sustainability data across multiple sectoral platforms and industry players, and enable sharing of the data across different stakeholders.

The pilots expected to be completed in the second half of 2022 covering the following common utility platforms.

One is the Greenprint Common Disclosure Portal, developed in partnership with the Singapore Exchange. The portal aims to simplify the Environment, Social and Governance (ESG) disclosure process by converting data inputs into different reporting frameworks as required under different jurisdictions and purposes. 

This makes company and project disclosures more easily accessible by international investors and financial institutions. Companies can also use the portal as an internal ESG monitoring and management tool.

Another is the Greenprint Data Orchestrator, which will 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 SGTraDex  and provide access to these key data sources. 

The platform will also enable new data insights to be generated through data analytics services to better support investment and financing decisions.

Third is the Greenprint ESG Registry, in partnership with Hashstacs, which will 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 blockchain-based registry will provide financial institutions, corporates, and regulatory authorities with a single point of access to these certified data, and facilitate trusted data flows.

And fourth is the Greenprint Marketplace, in partnership with API Exchange  (APIX), which will 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.

“Technology is a key enabler for the financial industry to meet the challenges of green transition and achieving net-zero emissions,” said Sopnendu Mohanty, chief fintech officer of MAS.