A new integrated digital platform, Gprnt (pronounced Greenprint), that aims to streamline the collection, access, and use of climate and sustainability data was unveiled in the latest edition of the Singapore FinTech Festival (SFF) 2023.
An undertaking of three years as part of the Monetary Authority of Singapore’s (MAS) Project Greenprint in 2020, it follows other pilot initiatives that were rolled out in 2022, such as the ESGenome that was partnered with the Singapore Exchange Group (SGX) to simplify sustainability reporting for listed companies and a sectoral certification ESG Registry that streamlined financial institutions’ ability to access ESG certifications from various bodies around the world.
Creation Of A New Public-Private Partnership To Build A Global Platform
With the launch of Gprnt, a new public-private partnership consisting of MAS, together with private banking and technology firms HSBC, KPMG in Singapore, Microsoft, and MUFG Bank as strategic partners, was formed with the creation of Greenprint Technologies Pte Ltd. This would enable it to expand its cross-border capabilities and better serve the more sophisticated data needs of large multi-national corporations (MNCs) and other regional economies.
Additionally, it was announced that Temenos, a core banking software vendor that has integrated ESG into its operations and product offerings for financial institutions, would be collaborating on the Gprnt to develop capabilities that streamline how financial institutions leverage their data to access sustainable financing.
Gprnt Aims To Provide A Seamless ESG Reporting Solution For Small and Medium-sized Enterprises (SMEs)
Gprnt was meant to address the gaps and challenges for Small and Medium-sized Enterprises (SMEs), which form the backbone of a country’s economy, in not only reporting but also commencing their sustainability journey.
The new platform’s reporting solutions, which were built in consultation with government agencies such as the Accounting and Corporate Regulatory Authority (ACRA), Enterprise Singapore, and the Infocomm Media Development Authority (IMDA), are able to fully support local SMEs’ reporting needs.
Furthermore, the Singapore Manufacturing Federation (SMF) will be the first Trade Association and Chamber (TAC) to partner Gprnt in offering a basic sustainability reporting tool to its around 5,000 members.
Gprnt Will Simplify The Collection, Computation, And Management Of Businesses’ ESG Data
#1 Data Collection
The Gprnt will integrate with a range of digital systems that businesses typically use in their day-to-day activities, like utility consumption, bookkeeping and payroll solutions, building and waste management, payment gateways, and networks for artificial intelligence of things (AIoT) sensors and devices.
These integrations will enable businesses to consent to sharing their data in a more automated and efficient manner. Furthermore, businesses in Singapore can also retrieve relevant data from trusted government sources via Myinfo businesses by using their Singpass.
#2 Data Computation
Once the data is collected, the Gprnt will assist businesses in translating and computing source data into ESG-related output for reporting. Additionally, the platform also provides AI tools such as intelligent document processing (IDP) to extract key data from user-uploaded documents where business source data is unavailable. It also offers a GPT4-powered chatbot that can assist businesses in drafting their sustainability disclosures, including recommending actionable insights.
#3 Data Management
Once the source data is computed, businesses are then able to decide with whom they wish to share their ESG information. They may share them with financial institutions for obtaining green and sustainability-linked loans, industry partners to access green opportunities, and government and international platforms such as the Net Zero Data Public Utility for their reporting needs.
Read Also: Fiduciary Duty VS ESG Commitments: Why BlackRock Is Facing Fund Outflows
What Businesses Can Expect With Gprnt
Gprnt offers a library of pre-built metrics, including selected global standards and frameworks, that businesses can choose to measure based on their organisational needs.
Pull information seamlessly from Myinfo business and other networks of data partners to auto-populate the disclosure forms.
Automatically compute the source data into an ESG output that is ready for reporting.
Receive data insights to make more informed decisions and be connected to solutions and resources to unlock ESG-related opportunities.
Gprnt Is Available On A Beta Launch For The Singapore Market Before It’s Official Launch In Q12024
The Gprnt is currently launched for free in a beta phase for the Singapore market before its official launch in Q12024, which will then progressively roll out its features throughout the year.
The platform is suitable for a wide range of users, including SMEs, financial institutions, large corporations, and government authorities.
Sign up for the waitlist for the beta phase here.
Though users would be required to pay a fee for use of the Grpnt after its official launch in 2024, it will be an enabler for more SMEs to get onboard on their sustainability journey by generating trusted and high-quality ESG data needed for the financial sector to access sustainability financing.
The post Unveiling Of MAS’ Gprnt (Greenprint) Digital Platform That Makes ESG Data Collection And Access More Seamless For Small Businesses appeared first on DollarsAndSense.sg.
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