The Monetary Authority of Singapore (MAS) has on Thursday launched Gprnt (Greenprint), an integrated digital platform that harnesses technology to simplify how the financial sector and real economy collect, access and act upon environmental, social and governance (ESG) data to support their sustainability initiatives.
MAS said in a statement that Gprnt is the culmination of MAS’ Project Greenprint and offers an enhanced digital reporting solution for both large businesses and small and medium enterprises (SMEs) to seamlessly report their environmental, social, and corporate governance (ESG) information.
According to the statement, the platform is currently undergoing live testing with selected banks and SMEs, and will be progressively rolled out from the first quarter of 2024 onwards.
When fully implemented, Gprnt’s reporting solution is expected to help companies automate their ESG reporting process, and allow end users (such as financial institutions, regulators and large corporates) to access relevant data and timely insights to support their sustainability-related decision making.
The platform will also synergize across Project Greenprint’s existing functions to support enhanced data access and product innovation by the ESG community.
It is noted that following its launch, Gprnt will expand its cross-border capabilities to better serve the more sophisticated data needs of larger multi-national entities and other regional economies.
Gprnt will function as an inclusive and interoperable data layer that serves both businesses and corporates as well as financial institutions.
It will simplify ESG reporting by enabling businesses to automatically convert their economic data into sustainability-related information.
According to the statement, Gprnt will pursue integrations with a range of digital systems employed by businesses in their day-to-day activities.
These include systems for utilities consumption, bookkeeping and payroll solutions, building and waste management, payments gateways, and networks for artificial intelligence of things (AIoT) sensors and devices.
These integrations will allow businesses to consent to the release of data via application programming interfaces (APIs), to enable Gprnt to help businesses compute their basic sustainability metrics in an automated and efficient way.
To make this data collection more seamless for businesses in Singapore, Grpnt will also enable the retrieval of relevant data from trusted government sources via Myinfo business, by using their Singpass.
Gprnt will also translate and compute source data into ESG-related outputs for businesses to report.
It is also noted that a GPT4-powered chatbot will aid businesses in crafting their sustainability disclosures and recommending actionable insights.
The platform will also cater for the mapping of sustainability metrics across key global reporting standards and automatic generation of basic sustainability reports from the middle of next year onwards.
This reduces duplicative reporting for businesses that are required to adhere to different standards should their activities span multiple geographies and markets.
According to the statement, businesses have the discretion to decide whom to share their ESG information with.
These include for financial institutions, for purposes of obtaining green and sustainability-linked loans; industry partners, to access green business and supply chain opportunities; government or regulatory bodies, to fulfil climate reporting requirements or apply for sustainability-related grants; and international platforms such as the net zero data public utility, for businesses seeking to affirm their climate transition commitments at the global level.
According to the statement, Gprnt will initially focus on addressing the baseline reporting needs of SMEs, which form the backbone of the global economy but face numerous challenges to commencing their sustainability reporting journeys.
For Singapore-based SMEs, MAS is consulting government agencies such as the Accounting and Corporate Regulatory Authority (ACRA), Enterprise Singapore, and the Infocomm Media Development Authority (IMDA) to ensure that Gprnt’s reporting solution can fully support local SMEs’ reporting needs.
It is noted that Gprnt will progressively scale its capabilities and network of data sources next year, to serve the more advanced needs of larger multi-national corporations (MNCs), financial institutions, supply chain players and national authorities.
Gprnt will also partner these organizations to co-develop focused modules for sectoral data collection and outcomes tracking, to better support the transitioning of key sectors such as energy, industrial and real estate.
Gprnt will also collaborate with ESG data providers and core banking solution providers like Temenos to develop capabilities that streamline how bank users leverage their data to access sustainable financing.
According to the statement, the Gprnt platform will be managed by a newly-created entity, Greenprint Technologies Pte Ltd.
Strategic partners HSBC, KPMG in Singapore, MAS, Microsoft and MUFG Bank will bring capabilities and expertise to support commercialization of the platform and onboarding of further partners in due course.
The new entity will closely engage key financial institutions and technology providers to drive the adoption of Gprnt’s automated disclosure solution.
“Gprnt provides a key data bridge that can generate the trusted and high quality ESG data needed by the financial sector to more efficiently allocate capital towards green and transition initiatives,
“By harnessing generative AI and data APIs at scale, Gprnt will greatly simplify sustainability reporting for SMEs, and in doing so unlock the data needed by the public and private sectors to support SMEs’ sustainability journeys,” said Ravi Menon, Managing Director of MAS.
“Greenprint amply demonstrates how a regulator and the industry can come together to co-build technologies that enhance the quality and use of good data,
“I look forward to seeing how the new Gprnt platform will power the next bound of growth and innovation in the global ESG data landscape,” he added.