Financial Sector Technology and Innovation Scheme
MAS has earmarked S$50 million out of S$250 million from the FSTI scheme to support Green FinTech solutions and projects.
Technology and Sustainability are the two key driving forces shaping the future of financial services. Accordingly, MAS has been actively promoting FinTech and Green Finance. The FinTech journey began in 2015 and Singapore is today often cited as one of the leading FinTech hubs in the world.
The Sustainability agenda is more nascent, with the launch of the Green Finance Action Plan in 2019. One of the key strategies is to harness our strengths in FinTech to address the key challenges in the Green Finance space – what we call Green FinTech.
Project Greenprint is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted and efficient ESG ecosystem to enable green and sustainable finance.
Growing a vibrant Green FinTech ecosystem in Singapore; scaling Green FinTech solutions beyond Singapore
Enabling connections across financial institutions, investors, green technology and solution providers, ESG service providers, and corporates
Developing digital infrastructure to facilitate the flow of consistent, clear and reliable ESG data, with access to other global and sectoral data platforms
Project Greenprint Platforms
MAS will partner the industry to develop digital utilities that facilitate the efficient flow of trusted ESG data, to support financial institutions and businesses in mobilising capital to sustainable projects, monitoring commitments and measuring impact.
An integrated disclosure portal to ease sustainability reporting and enhance access to ESG data. Reporting companies can upload corporate-level sustainability data onto the portal, of which will be mapped against various standards and frameworks. This addresses corporates’ current pain points where they must report in different systems, templates and formats. On a consent basis, these data can be shared with authorised recipients, facilitating the transfer of data to multiple stakeholders.
This project will start with a pilot with SGX for listed issuers in Singapore and SGX will be looking to on board the first batch of listed issuers in 2022. Beyond the pilot, the portal will seek to also reflect other regulatory or voluntary disclosure requirements by other government agencies and private sector players based in Singapore.