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Singapore Employs AI to Combat Greenwashing

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The Monetary Authority of Singapore (MAS) has revealed the first application of NovA! to help financial institutions (FIs) gauge the long-term viability of the real estate sector. A joint effort between Singapore-based banks and regional FinTech companies, NovA! is an industry-wide AI platform for the development of financial risk analytics. NovA! will offer a useful tool to assist FIs in producing quick and useful insights using structured and unstructured datasets and cutting-edge computation. Sopnendu stated that by doing this, financial institutions will find it simpler to allocate cash to initiatives and ventures that meet sustainability performance objectives.

 

Making it simpler for FIs to assess how businesses influence the environment and identify new environmental concerns will be the main goal of the program’s first section. When making, underwriting, and servicing loans related to sustainability, this would be able to use NovA! for their Environmental, Social, and Governance (ESG) risk assessment. Additionally, this can use NovA! to identify corporate borrowers in the real estate sector whose sustainability metrics can be raised by contrasting their historical environmental performance with that of their competitors. On the other hand, NovA! will assist FIs in setting the appropriate sustainability performance objectives (SPTs) for the borrowers throughout the underwriting process by comparing the borrowers’ SPTs to the NovA!-created SPT Industry Benchmark.

 

Additionally, NovA! will use meters or sensors during loan servicing to compare the borrower’s self-declaration with the real sustainability performance metrics in order to detect greenwashing. By employing natural language processing (NLP) to automatically extract pertinent information from documents, the NovA! ESG use case will also reduce the amount of time it takes FIs to gather, process, and analyze data. As a result, operating FIs’ businesses will be less expensive. To assist FIs on their sustainability journeys, it will be integrated with MAS’ Project Greenprint.

 

NovAinsights-generation !’s capabilities, which will be made accessible to its partners via APIs, will be supplemented by Greenprint. 16 members have joined the NovA! consortium since it was introduced in November 2021. A core team inside the NovA! the consortium is in charge of developing the ESG use case. Areas of duty for the members include:

 

  1. Participate in solution design, data provision, and product validation as a lead FI.
  2. Commercial Lead: Share industry insights and business viewpoints
  3. Product and Tech Lead: Offer the initial use case’s machine learning platform.
  4. Provide AI capabilities in areas of solution creation, with a focus on Natural Language Processing, according to an AI tech developer.
  5. Project consultant: Encourage discussion of the topic among consortium members
  6. Combined drill for cyber crisis

 

A recent collaborative crisis management exercise on cybersecurity threats was conducted by MAS, the Banque de France (BdF), and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The program is a component of the 2019 Memorandum of Understanding on Cooperation in Cybersecurity that those organizations signed. The combined exercise evaluated how well the three financial authorities coordinated and responded to cyber crises involving ransomware, zero-day vulnerabilities, and assaults on IT supply chains.

 

Cross-border cooperation is becoming more and more crucial in guaranteeing financial stability and the resilience of essential financial services due to the global nature of cyber threats and the interconnection of the financial systems. Through efficient information-sharing mechanisms, the combined exercise illustrates MAS, BdF, and ACPR’s commitment to strengthening the group’s reaction to significant cyberattacks on international financial institutions. The ability of the global financial system to sustain operational resilience and stability is enhanced by such close cooperation.

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