Singapore Banks Associated with SGTraDex to Digitize Green Trade Finance
The latest reports say, a consortium of four leading commercial banks in Singapore and the Singapore Trade Data Exchange (SGTraDex) have come together to develop digital solutions for incorporating straightforward, and compatible green trade financing standards across sectors.
The initiative is focused on empowering powerful, data-driven, decision-making around environmental, social, and governance (ESG) factors so that banks can more readily uphold their customers’ green trade financing needs.
Singapore strives to strengthen its position as a leading green trade finance hub regionally and internationally and will create digital solutions for the incorporation of green trade financing standards under a pilot with Singapore Trade Data Exchange (SGTraDex) and a UOB-led consortium that also includes DBS, OCBC Bank, and Standard Chartered, as per the declaration. In this regard, the British multinational investment bank HSBC issued the first 'green' trade finance facility for UAE's lamprell.
The pilot, set to be carried out in November 2021 with essential sectors such as agriculture, real estate, and construction, focused on providing a more smooth and reliable ESG data exchange between financial institutions and the undertakings they are financing in real economic sectors.
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UOB, which is a member of the Green Finance Industry Taskforce, operates this industry initiative with SGTraDex. When it is completed, the advancing step will reportedly develop a straightforward green trade financing data exchange model provided by SGTraDex infrastructure for banks to authenticate required green certification data lying within a centralized repository. This will enable banks to expand green trade financing to qualified supply chain leaders in the areas of production, trading, or distribution with the help of a more simplified procedure and promptly.
Green Trade Finance Hub
Recommended Read: Trade Finance Platform Envoy Brings Envoy Green Solution And New Partnerships To Seek Environmental Transparency
“This initiative will boost empirical decision-making around the green and sustainability-associated trade financing which is essential for reinforcing Singapore's position as a green trade finance hub.” Antoine Cadoux, CEO, SGTraDex said.
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