Singapore FinTech company, Hashstacs Pte Ltd (“STACS”) will be developing an industry-wide blockchain-based Environment, Social, and Governance (ESG) Data and Certification Registry.
This is in partnership with the Monetary Authority of Singapore’s (MAS) Project Greenprint.
The ESG 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. The ESG Registry will be built using STACS production-ready blockchain technology, which provides immutability and digitalisation as a single source of truth. Through APIs, the ESG Registry can support various downstream integrations such as to support FIs 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. Further data aggregation of ESG data can be performed, creating the potential of continuous impact reporting and monitoring. The objective is to significantly improve the quality of ESG data available, such that financial institutions can more confidently mobilise capital towards ESG projects, in the form of sustainability-linked financing, investments or insurance, and carbon credits trading.
STACS has deep expertise in providing DLT infrastructure for digitalisation in the financial sector. Its clients and partners include banks, stock exchanges, asset managers, and corporates in different sectors. It has recognised the importance of sustainability, expanding its focus to technologically enhance and enable sustainable practices. STACS was a winner at the MAS Global FinTech Innovation Challenge Awards 2020 under the Sustainability and Green Finance theme and awarded the Best FinTech ESG Solution (Asset & Wealth Management) at the DigFin Innovation Awards 2021.
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. We have received expressions of interest to explore collaboration with the ESG Registry from various
Financial Institutions and organisations, with further details of involvement and inputs from these organisations in Annex:
Financial Institutions (alphabetical order):
• Aviva Singlife
• Citi
• OCBC Bank
• UBS
• UOB
Corporates and non-Financial Institutions (alphabetical order):
• CDP (global environmental disclosure platform
• CO2 Connect (CO2X) Pte Ltd (transport and logistics sector platform)
• Containers Printers (manufacturing sector platform)
• SGTraDex (supply chain platform)
• Surbana Jurong (building and construction sector platform)
Benjamin Soh, Managing Director at STACS, shared: “It is heartening to see more commitment in the Green and Sustainability space through rising demand from financial institutions for better monitoring and measurements of green impacts. 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.”