AI Utility “NovA!” Combating Greenwashing & Unlocking Green Financing Opportunities – MAS

Asia, Singapore
Monetary Authority of Singapore
Environmental, FinTech, Regulatory & Government, Social and Governance (ESG), Technology

(22 June 2022 – Singapore) The Monetary Authority of Singapore (MAS) announced the first use case of NovA! to use artificial intelligence (AI) to help financial institutions (FIs) assess the sustainability performance of Singapore’s real estate sector.

Real estate has been identified as one of the priority industries with a large share of economic activity in ASEAN and accounts for a significant amount of GHG emissions. Based on the 2020 Global Status Report for Buildings and Construction, building construction and operations account for the largest share of global energy consumption (35 percent) and energy-related CO2 emissions (38 percent).

NovA!, part of the National Artificial Intelligence (AI) Programme in Finance, is aimed at helping FIs harness AI to generate insights on financial risk. In the initial phase, the programme will focus on enhancing FIs’ ability to assess companies’ environmental impact and identify emerging environmental risks. FIs would be able to tap on NovA! for their Environmental, Social, Governance (ESG) risk assessment for originating, underwriting and servicing of sustainability linked loans.

“NovA! will provide a valuable tool to help FIs generate prompt and actionable insights using structured and unstructured datasets and advanced computing. This will better enable financial institutions to direct financing towards sustainable projects and companies that meet sustainability performance targets” commented MAS Chief Fintech Officer, Sopnendu Mohanty.

List of NovA! Consortium Members

  • Aicadium
  • Bank of China
  • Citi Singapore
  • DBS
  • Deutsche Bank
  • HSBC Singapore
  • Jones Lang Lasalle (Singapore) Property Consultants
  • MUFG
  • National University of Singapore – Asian Institute of Digital Finance
  • OCBC
  • Reluvate Technologies Private Limited
  • Shanghai Pudong Development Bank Co., Ltd. Singapore Branch
  • Standard Chartered Bank – Singapore
  • SMBC
  • Temasek
  • UOB

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