The artificial intelligence platform is the most recent development in Singapore’s green initiatives as part of Project Greenprint.
A new platform called “Gprnt.ai” (Gprnt), which launched in November 2023, aims to unify existing pilots under Project Greenprint to support Singapore’s sustainability reporting and data needs.
The full platform is due to go live in early 2024, and will scale up progressively.
Background to Project Greenprint
In December 2020, the Monetary Authority of Singapore (MAS) launched Project Greenprint, which is a collection of initiatives that aim to use technology and data to facilitate a transparent, trusted, and efficient ESG ecosystem to enable green finance in the region.
The MAS describe Project Greenprint as a method for “using technology for efficient and trusted data flows to support green finance.” The project has three key aims:
- Scale green financial technology solutions beyond Singapore
- Drive partnerships and collaboration across stakeholders
- Facilitate trusted ESG data flows between the financial sector and the real economy
The Gprnt system is the culmination of Project Greenprint. It will be an integrated blockchain-based digital platform, to simplify how large corporations and small- and medium-sized enterprises (SMEs) seamlessly collect, compute, and utilize verifiable environmental, social, and governance data. Gprnt also offers an enhanced digital reporting solution for both large corporations and SMEs to report their ESG information.
Current Status of the Gprnt Platform
Gprnt is currently undergoing live beta-testing with selected banks and SMEs. When fully implemented, Gprnt’s reporting solution is expected to automate ESG reporting processes and allow end users (such as financial institutions, regulators, and large corporates) to access relevant data and timely insights to support their sustainability-related decision-making. This automation is achieved by extracting ESG data from reliable and verifiable sources such as government agencies (e.g., MyInfoBiz) and certification registries. The process will be powered by AI-driven natural language processing recommendations, optical character recognition, and more.
The platform will operate with the following main features:
ESG Disclosure Process
- Select from a range of sustainability packs from a library of pre-built global ESG standards and frameworks for specific-use cases
- Benefit from enhanced accuracy and efficiency in reporting though auto-populated ESG data pulled from an eco-system of data partners
- Navigate knowledge gaps, identify areas of improvement, and answer qualitative questions about ESG risks
- Access educational resources and recommendations via the platform
- Spot ESG trends and benchmark against peers
Gprnt Registry
- Gain one-stop access to a trusted, comprehensive registry that aggregates all ESG data
Gprnt Marketplace
- Connect with ESG fintech companies, ESG solution providers, investors, financial institutions, and corporates
In addition, the Gprnt Hub aims to promote an ecosystem for building and supercharging the ESG community. The Hub will foster collaboration between ESG fintech companies, financial institutions, and real-economy stakeholders.
Next Steps
The Gprnt.ai website is currently live. However, the underlying platform will only be launched in the first quarter of 2024, and the platform will then be progressively rolled out. Interested parties can now join the waitlist for the beta phase.
Gprnt also plans to set up Greenprint Technologies Pte Ltd (along with a number of strategic partners) to expand its cross-border capabilities to better serve the more sophisticated data needs of larger multinational entities and other regional economies.
Latham & Watkins will continue to monitor developments relating to the platform, alongside global ESG updates.
