Singapore launches Gprnt for streamlined ESG reporting

The Monetary Authority of Singapore (MAS) recently launched a digital platform called 'Gprnt' (also known as 'Greenprint'). This initiative is part of Singapore's efforts to improve the process of collecting, accessing and using environmental, social and governance (ESG) data in the financial sector and beyond, and is just the latest sign of the growing importance of ESG considerations in the region across all sectors.

Key features of Gprnt

Gprnt's primary objective is to simplify ESG reporting for companies struggling to meet global sustainability reporting standards, with the goal of fully automating the reporting process. It achieves this by integrating with existing digital systems used in day-to-day business operations, such as accounting, payment gateways and AI-enhanced networks. Through these integrations, Gprnt enables companies to easily share their operational data with end users such as financial institutions and regulators, which is then used to compute key sustainability metrics.

Focus on SMEs and extending reporting requirements

An important aspect of Gprnt is its support for small and medium-sized enterprises (SMEs). Recognising the challenges these companies face in adopting ESG reporting, the platform offers tailored solutions and integrates with local government agencies such as ACRA, Enterprise Singapore and IMDA to provide comprehensive support. At the same time, the Singapore Exchange (SGX) is expanding its ESG reporting mandates to more industries from FY2024, broadening the scope of sustainability accountability.

Collaborations and future developments

MAS plans to gradually expand Gprnt's functionality in the future, with a focus on the system's cross-border capabilities to better serve multinational companies, by adding the mapping of sustainability metrics to the major global reporting standards and the automated generation of basic sustainability reports from mid-2024. This expansion is supported by partnerships with global players such as HSBC, KPMG in Singapore, Microsoft and MUFG Bank.

Conclusion

The Gprnt platform represents Singapore's commitment to sustainable finance and corporate responsibility. By providing a more streamlined and automated approach to ESG reporting, Gprnt is expected to facilitate better sustainability practices among companies, especially SMEs. As such, Gprnt could become an important tool for companies in Singapore and potentially other regions.