The AI utility automates the processing of disclosure documents for efficient and accurate extraction of sustainability insights. A significant feature is its capacity for peer and industry benchmarking, assisting banks and lenders in setting Sustainability Performance Targets (SPTs). This helps in monitoring borrowers’ adherence to these targets, crucial for preventing greenwashing and enabling early intervention if deviations occur.
Senior Minister of State Tan Kiat How emphasized the utility’s role in accelerating Singapore’s transition to a low carbon future, vital for mitigating climate change impacts. In Singapore, buildings contribute over 20% of carbon emissions, making this sector a focal point for sustainable financing.
Concurrently, MAS has also formed a partnership with the International Finance Corporation (IFC) and World Economic Forum to promote digital inclusion in financial services. This collaboration aims to reduce inequalities in emerging and developing economies by making digital services more affordable and accessible, especially for underserved communities and small businesses. The partnership’s initiatives include issuing digital inclusion bonds and creating guidelines for digital financial inclusion financing instruments.