MAS Empowers Businesses with ESG Data Hub

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by KnowESG
KnowESG_MAS Empowers Businesses with ESG Data Hub
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The Monetary Authority of Singapore (MAS) unveiled today its latest initiative, Gprnt (pronounced “Greenprint”), a cutting-edge digital platform designed to streamline the collection, access, and utilisation of environmental, social, and governance (ESG) data for the financial sector and real economy, supporting their sustainability endeavours.

Gprnt, the outcome of MAS' Project Greenprint, introduces an advanced digital reporting solution catering to both large enterprises and small and medium enterprises (SMEs), currently in live testing with selected banks and SMEs.

The platform, set to be progressively launched from Q1 2024, aims to automate the ESG reporting process for companies, providing end users such as financial institutions, regulators, and large corporates with timely insights to bolster their sustainability-related decision-making. Gprnt will synergise with Project Greenprint’s existing functions, fostering enhanced data access and product innovation within the ESG community.

Following its debut, Gprnt plans to expand its cross-border capabilities to meet the intricate data requirements of multinational entities and regional economies. A new entity, Greenprint Technologies Pte Ltd, is set to be established, with strategic partners including HSBC, KPMG in Singapore, MAS, Microsoft, and MUFG Bank joining forces.

Gprnt aims to serve as an inclusive and interoperable data layer for businesses and financial institutions, simplifying ESG reporting by converting economic data into sustainability-related information automatically.

The platform will pursue integrations with various digital systems utilised in daily business activities, enabling businesses to consent to data release via APIs. Additionally, Grpnt will facilitate data retrieval from trusted government sources through Myinfo business, utilising Singpass.

In terms of data computation, Gprnt will translate source data into ESG-related outputs, utilising AI tools like intelligent document processing (IDP) for businesses with unavailable source data. A GPT-4-powered chatbot will assist businesses in crafting sustainability disclosures and offering actionable insights while also supporting the mapping of sustainability metrics across global reporting standards.

Businesses using Gprnt will have discretion over sharing their ESG information with various entities, including financial institutions, industry partners, government or regulatory bodies, and international platforms such as the Net Zero Data Public Utility.

Initially focusing on SMEs, Gprnt aims to address their baseline reporting needs, with MAS collaborating with government agencies and Trade Associations and Chambers (TACs) to ensure comprehensive support for local SMEs. The platform will then scale its capabilities to meet the advanced needs of larger corporations, financial institutions, supply chain players, and national authorities.

The management of the Gprnt platform will be overseen by the newly-created entity, Greenprint Technologies Pte Ltd, with strategic partners contributing their expertise to support the platform's commercialisation and onboarding of additional partners.

Mr. Ravi Menon, Managing Director of MAS, expressed optimism about Gprnt's potential to enhance the quality and use of ESG data, highlighting the collaborative effort between regulators and the industry to drive growth and innovation in the global ESG data landscape.

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Source: MAS

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