The participating banks include DBS, OCBC Bank and Standard Chartered.
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Piloting with key industries such as agriculture as well as real estate and construction, the initiative is conducted in partnership with the MAS Project Greenprint and will start in end-November. It seeks to facilitate a more seamless and trusted ESG data exchange between financial institutions and the projects they are financing in the real economic sectors.
When completed, the initiative will create a transparent green trade financing data exchange model facilitated by SGTraDex infrastructure for banks to validate required green certification data residing within a centralised repository.
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This allows banks to extend green trade financing to qualified supply chain players in the areas of production, trading or distribution through a more simplified process and in a timelier manner. This initiative will build capabilities for the banking industry to make trade-based green financing more readily available and accessible in the market.
As at 11.02am, shares in UOB, DBS and OCBC are trading at $28, $32.45 and $11.98 respectively.
