MAS and STACS Join Forces to Build Blockchain-Based ESG Registryby Fintech News Singapore November 9, 2021
Hashstacs (STACS) will be developing an industry-wide blockchain-based Environment, Social, and Governance (ESG) data and certification registry in partnership with the Monetary Authority of Singapore’s (MAS) Project Greenprint.
MAS had announced the launch of Project Greenprint, a technology platform aimed at promoting a green financial ecosystem, at the Singapore Fintech Festival last year.
Built using STACS’s production-ready blockchain technology, the registry aims to provide accessibility to quality ESG data of various industry sectors through an aggregated platform.
The ESG data will include sector-specific industry recognised certifications and real-time processed dynamic data from other integrated technologies and sectorial platforms.
Through APIs, the ESG registry can support various downstream integrations such as to support financial institutions in trade financing and portfolio monitoring.
Financial institutions will benefit from easier access to a tamperproof pool of digitally processed data on sustainability projects across different industry sectors.
The ESG registry will connect to various certification bodies and trusted sectorial platforms and aim to support end-to-end traceability and transparency of full business value chains.
Financial institutions will be able to effectively mobilise capital towards ESG projects, in the form of sustainability-linked financing, investments or insurance, and carbon credits trading.
The ESG registry is currently deployed in its beta phase, with ready modules and APIs for integration, and will continue to be enhanced based on collective inputs from industry partners over the upcoming months.
STACS has already received interest from financial institutions such as Aviva Singlife, Citi, OCBC Bank, UBS, and UOB.
Benjamin Soh, Managing Director at STACS, shared:
“STACS is proud to partner the MAS on Project Greenprint to jointly deliver the Greenprint ESG Registry platform towards achieving a vibrant green financial ecosystem within and beyond Singapore.
Collective efforts and synergies between DLT and other technologies/platforms will expedite the achievement of a greener nation by servicing many global leading financial institutions and empowering all institutions (financial and non-financial) to unlock impactful ESG strategies for greater commercial value.”
Sopnendu Mohanty, Chief Fintech Officer at MAS shared,
“The ESG registry platform aims to solve two pertinent issues in Green Finance – the lack of transparency and trust in ESG certifications and the inefficiencies in accessing different certification standards and requirements in different industries domestically, and even globally.
MAS is happy to work with Hashstacs in bringing together different players in different industries and sectors to provide, verify, certify and share data in a secure an efficient manner, so as to unlock green finance.”