The first collaboration between a major Chinese financial institution and Gprnt (pronounced "Greenprint"), an integrated environmental, social and governance (ESG) data solution platform launched by the Monetary Authority of Singapore ("MAS"), to support small and medium-sized enterprises ("SMEs")' decarbonisation and transition financing needs.
SINGAPORE, April 30, 2024 /PRNewswire/ -- China Construction Bank Corporation's Singapore Branch ("CCB Singapore") announced today that it has signed a Statement of Intent ("SOI") with Gprnt to explore ESG data model interoperability, assessment framework normalisation, and product innovation to better deploy sustainable financing to corporate clients, especially small and medium-sized enterprises ("SMEs").
(PRNewsfoto/China Construction Bank Corporation)
This partnership marks a significant step in fostering international collaboration between CCB Group and Gprnt to promote sustainable finance, through technology and data, and facilitate the green transformation of SMEs in both countries.
Gprnt is the culmination of MAS' Project Greenprint[1] and offers an enhanced digital reporting solution for businesses by harnessing technologies such as data integration and artificial intelligence to simplify the way ESG data are originated, organised and utilised. When fully implemented, Gprnt's reporting solution is expected to help companies automate their ESG reporting process, and allow end users (such as financial institutions, regulators and large corporates) to access relevant data and timely insights to support their sustainability-related decision making. The platform will also work with the wider ecosystem to support enhanced data access and product innovation by the ESG community.
China Construction Bank Corporation is a leading commercial bank in China and globally. Upholding the vision of becoming a globally leading bank in promoting sustainability, CCB has built a diversified service system encompassing green credit, green bonds, green funds, and green investments, thereby vigorously driving the transformation towards a green society.
As sustainability concepts gain increasing prominence globally, companies are encountering novel challenges from compliance to financing and transition. For SMEs in particular, effectively measuring, managing and disclosing their ESG exposure to meet the calls from government bodies, business partners, and financial institutions has become a pressing issue. This constitutes a set of real-world challenges as they strive to balance economic success with sustainability.
Through the intended collaboration, both parties will leverage their respective strengths in the ESG technology, data and sustainable financing space to shed further clarity on the materiality and effectiveness of good quality, verifiable ESG data in informing financing decisions and product development to empower end users. In this process, CCB Singapore will also draw upon the broader CCB Group's inhouse resources and expertise in inclusive, green, and integrated financial services, as well as its experience in developing ESG evaluation models. Together, the parties aim to explore and establish objective, quantifiable, and interoperable ESG assessment outcomes, which will assist SMEs in formulating, implementing and financing their targeted decarbonisation pathways. Ultimately, this collaboration will facilitate SMEs to access more tailored green financing services and unlock greater opportunities for sustainable development.
Wang Yong, General Manager of the Risk Management Department of China Construction Bank, commented, "China Construction Bank is committed to promoting comprehensive and coordinated development of green finance, innovatively constructing a ESG internal rating board, and promoting the integration of ESG risk management into the whole investment and financing process; at the same time, continuously enriching the offering of green financial products, unleashing innovative momentum, and assisting in the green and low-carbon transformation of enterprises. We believe that CCB's ESG internal rating board and the innovative technology of Gprnt will complement each other, providing green impetus for sustainable development for enterprises."
Sun Nianbei, General Manager of CCB Singapore Branch, commented, "CCB Singapore upholds the green operation concept of CCB Group, while promoting low-carbon operation and a green culture in multiple dimensions. By jointly building an eco-friendly bank together with our employees, customers, and business partners, we are committed to contributing to the green and low-carbon development of Singapore and Southeast Asia. We look forward to establishing cooperative relationships with Gprnt and more partners to create a green financial ecosystem and contribute to sustainable development."
Sopnendu Mohanty, Chief FinTech Officer, MAS, said: "ESG disclosure is a challenging process due to the difficulties of gathering, verifying and processing reporting parties' underlying data. Adding to this, companies pursuing cross-border business may be increasingly required to carry out ESG disclosures based on both domestic and other international requirements. Gprnt is delighted to partner with China Construction Bank to develop data and disclosure solutions that can aid Chinese and Singapore companies to carry out domestic and international ESG disclosures, and in doing so improve these companies' access to cross-border opportunities in the global green economy."
About China Construction Bank Corporation
China Construction Bank Corporation, headquartered in Beijing, is a leading large-scale commercial bank in China. Its predecessor, People's Construction Bank of China, was established in October 1954. It was listed on Hong Kong Stock Exchange in October 2005 (stock code: 939) and Shanghai Stock Exchange in September 2007 (stock code: 601939). At the end of 2023, the Bank's market capitalisation was approximately US$151,857 million, ranking eighth among all listed banks in the world. The Group ranks second among global banks by Tier 1 capital.
The Bank provides customers with comprehensive financial services, including corporate finance business, personal finance business, treasury and asset management business and others, serving 757 million personal customers and 10.82 million corporate customers. Moreover, it has subsidiaries in various sectors, including fund management, financial leasing, trust, insurance, futures, pension and investment banking. At the end of 2023, the Group had 376,871 staff members and 14,895 operating entities, including nearly 200 overseas entities which covered 31 countries and regions.
