Summary of MAS's Four Pilot Initiatives within Project Greenprint

Singapore's Monetary Authority (MAS) is leading the charge in addressing the challenges of accessing high-quality sustainability data in the financial sector. In December 2020, Project Greenprint was launched, aiming to provide the industry with quality data on sustainability.

Sopnendu Mohanty, MAS's Chief Fintech Officer, emphasised the role of technology in enabling the financial industry to meet the challenges of the green transition and achieving net-zero emissions. To this end, MAS is forming partnerships to pilot four digital platforms under Project Greenprint.

One of these platforms is the Greenprint Common Disclosure Portal, developed in partnership with the Singapore Exchange. This portal will simplify the Environmental, Social, and Governance (ESG) disclosure process, serving as an internal ESG monitoring and management tool for companies.

Another key component of Project Greenprint is the Greenprint Data Orchestrator. This platform will aggregate sustainability data from multiple sources, including major ESG data providers, utilities providers, and the Common Disclosure Portal.

The Greenprint Marketplace will be developed in partnership with API Exchange (APIX), an open banking platform. This marketplace will connect green technology providers to investors, venture capital firms, financial institutions, and corporates for partnership, innovation, and investments in green technology.

Olam's smart carbon management platform will enable companies to measure and manage their carbon emissions across their operations and entire supply chain more efficiently. This platform is expected to play a crucial role in addressing the challenge of accessing granular sustainability data.

MAS will also work on two use case projects to facilitate green and sustainability-linked trade finance in the building and construction, and palm oil sectors. These projects will allow banks to digitalize their trade finance transactions and ensure they meet green and sustainability financing criteria.

To record and maintain the provenance of ESG certifications and verified data, a blockchain-based ESG registry will be developed in partnership with Hashstacs (STACS). This registry will provide financial institutions, corporates, and regulatory authorities with a single point of access to these certified data.

The pilots for these four digital platforms are expected to be completed in the second half of 2022. The projects will be led by United Overseas Bank, in partnership with DBS Bank, OCBC Bank, and Standard Chartered Bank.

Qualified supply chain players from these sectors can benefit from more seamless and timely access to green trade financing from banks. Addressing these data gaps will enable financial institutions to direct capital towards sustainability projects more effectively, contributing to a greener future for all.