Temenos to Work with MAS to Boost Sustainable Finance

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by KnowESG,

Temenos

KnowESG_Temenos to Work with MAS to Boost Sustainable Finance
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Temenos has unveiled a strategic collaboration with Gprnt, an integrated digital platform launched by the Monetary Authority of Singapore (MAS), marking the first partnership of its kind for the core banking software vendor.

This collaboration aims to explore technological solutions, delve into data integration, and drive innovation in product development to shape the future landscape of sustainable finance.

In a pioneering move, Temenos will participate alongside MAS and other partners on the ESG Stage at the Singapore FinTech Festival 2023. This platform will facilitate discussions on the myriad opportunities that Gprnt presents, particularly in supporting financial institutions with balance sheet decarbonisation, ESG risk management, and regulatory compliance.

Gprnt, an outcome of MAS' Project Greenprint, seeks to address the financial sector and real economy's demands for reliable climate- and sustainability-related data.

Collaborative efforts between Temenos and Gprnt may lead to the development of products such as advanced Know Your Customer (KYC) processes leveraging ESG data from verifiable sources through the Gprnt platform.

This data could seamlessly integrate into a bank's client onboarding system, along with augmented data analytics incorporating additional ESG metrics for a bank's loan origination system flow, setting sustainability targets for pipeline loans.

Tony Coleman, Chief Technology and Innovation Officer at Temenos emphasised the company's commitment to integrating ESG into its operations and product offerings. He expressed enthusiasm about supporting Gprnt and identifying opportunities to mobilise capital, monitor sustainability commitments, and measure impact.

Sopnendu Mohanty, Chief FinTech Officer at MAS, highlighted the pivotal role of technology as a key enabler for financial institutions navigating the challenges of the green transition and achieving net-zero targets. Mohanty welcomed Temenos, a renowned global player in banking platforms, to collaborate on initiatives addressing the financial sector's growing demand for sustainable finance solutions.

Temenos' dedication to environmental responsibility is evident through its Temenos Banking Cloud, a Software as a Service (SaaS) offering that significantly reduces energy consumption and greenhouse gas emissions compared to on-premise deployments.

The company also prioritises code efficiency, achieving a 32% improvement in environmental impact with its latest software release, validated by GoCodeGreen. The Temenos Carbon Calculator, an industry-first, provides clients with insights into CO2 emissions resulting from their use of Temenos Banking Cloud.

Furthermore, Temenos' ESG Investing solution aids banks in meeting reporting standards while empowering customers to make investment choices aligned with their values. The company's strong commitment to sustainability is reflected in its impressive global rankings, including a Triple A MSCI ESG rating and recognition in Dow Jones Sustainability Indices. Temenos stands out as the sole banking technology company with carbon emissions reductions validated by the Science-Based Targets Initiative (SBTi).

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Source: Temenos

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