STACS Responds to Regulatory Challenges by Upgrading ESGpedia Platformby Fintech News Singapore November 2, 2023
STACS, an ESG data and technology solutions company, has announced upgrades to its ESGpedia platform. The upgrades offer digital tools to help businesses comply with the increasing ESG regulatory requirements across Europe and Asia.
Starting in 2024, the European Sustainability Reporting Standards (ESRS) will mandate over 50,000 EU companies and 10,000 non-EU firms to disclose their ESG performance, including aspects of their supply chains, which are predominantly composed of SMEs in Asia.
This presents a challenge, particularly in the Asia Pacific region, where there is a noticeable lack of comprehensive ESG data, especially for SMEs. Financial institutions and large corporations are in need of this data to ensure ESG compliance and make informed decisions.
The upgrades include a new AI-powered engine to provide a dual approach – Nexus and Intelligence.
ESGpedia Nexus enables companies of various ESG maturities to achieve their end-to-end business needs and full readiness through active engagement and its marketplace of sustainability solutions.
ESGpedia Intelligence empowers banks, investors, insurers, and corporates to overcome data fragmentation and provide a complete picture with aggregated ESG data across countries and sectors via AI-powered harmonisation of unstructured ESG data.
The ESGpedia platform has also announced several key partnerships with banks and corporates across the ASEAN region to support them in their ESG efforts.
STACS has also forged several strategic partnerships throughout the ASEAN region with OCBC, Ghim Li, Bamboo Capital Group, Funding Societies, PDS Group, CO2 Connect (CO2X), and Proxtera.
Benjamin Soh, Founder and Managing Director at STACS said,
“ASEAN companies are facing increasing mandatory ESG requirements, which are extending to large non-listed companies and SMEs. This is where understanding your current ESG profile and leveraging technologies like Artificial Intelligence come in place to help companies ensure compliance towards the evolving ESG regulations landscape across Europe and Asia.
We are thrilled that ESGpedia’s latest platform updates – with the introduction of ESGpedia Nexus and Intelligence – has helped financial institutions and companies across ASEAN achieve their ESG goals regardless of their ESG maturities, and fill the ESG data gaps in Asia Pacific today.”