Regtech: Singapore green

The RegTech solution relating to the XBRL Data Analytics Engine method of UNIGIRO.ORG was also proposed to the Authorities in Asia

At the conference related to the launch of the inaugural sustainability report, Ravi Menon Chief Executive Officer of the Monetary Authority of Singapore (MAS), said that $ 1.8 billion of official foreign exchange reserves had been allocated for climate-related investment opportunities.

The Green Investment Program (GIP) outlines, as many countries are now doing, the need for the economy to transition to lower carbon intensity and the fact that climate change presents significant risks to the financial system and that at the same time, the financial sector plays a vital role in the fight against climate change. “Finance is the key to unlocking a sustainable future,” said the MAS too.

In the speech, Ravi Manon refers to the G7 speaking of express support for the transition to mandatory financial reporting related to the climate, the efforts of the International Organization of Securities Commissions (IOSCO) and the International Financial Reporting Standards Foundation (IFRS) towards a global reference standard for sustainability reporting...

A VIBRANT GREEN FINANCE ECOSYSTEM

Let me now talk about the efforts to develop a vibrant green finance ecosystem that can support Asia's transition to a low-carbon future.

As a promoter of the financial sector, MAS worked on four areas: shaping green taxonomies; promoting green finance solutions and markets; exploit technology to enable reliable, sustainable financial flows; is building knowledge and skills in sustainable finance.

We refer to green finance and sustainability, among these, they are promoting Green FinTech; let's see what Ravi Manon said: "MAS is promoting Green FinTech, leveraging technology to enable reliable and efficient sustainable financial flows."

Lack of access to reliable, high-quality data on a project's carbon emissions is arguably the most significant barrier to green finance. The acquisition and verification of such data are currently manual, slow, and subject to greenwashing. Technology has the potential to solve this problem.

Application programming interfaces (APIs) and Internet of Things (IoT) devices can enable more accurate data acquisition, while technologies such as blockchains can help verify and share data on a reliable basis. MAS has allocated $ 50 million to support Green FinTech innovations. Together with industry, MAS has launched Project Greenprint, a technology platform to support the green finance ecosystem without using paper anymore.

The project will identify use cases where the technology can help mobilize capital for green projects, track emissions reduction commitments and quantify the impact of abatement efforts. MAS is partnering with the industry to develop knowledge and skills in sustainable finance.

We are attracting centers of excellence to conduct Asia-focused climate research and training. The Singapore Green Finance Center will focus on green finance research and training applicable to the sector across undergraduate, graduate, and executive education levels.

The Sustainable Finance Institute Asia will support implementing sustainable finance policy initiatives in Asia, starting with ASEAN. We are working to anchor independent ESG review and assessment providers. Moody's Corporation is integrating ESG considerations into its credit ratings and risk analyzes, developing them from Singapore to the Asia Pacific".

In the race for sustainability it is increasingly evident that analysis through KPIs becomes fundamental to achieving the goal, which we must achieve together and as soon as possible.

UNIGIRO - MONITORING ENTERPRISE CREDIT RISK