U-Reg is awarded the MAS Innovation Acceleration grant to develop an AI driven ESG reporting equivalence engine, partnering with BNP Paribas as Project Partner for this initiative

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Singapore, 24 May 2024 – We are excited to announce that U-Reg was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) grant on 27 April 2024. The FSTI IA grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.

Following U-Reg’s successful showcase of a prototype at the Singapore Fintech Festival in November 2023 this project aims to develop an AI powered solution to tackle the fragmentation and standardization challenges of ESG reporting, which today impedes efficient ESG implementation. This application will help financial institutions, and their clients, navigate diverse ESG taxonomies across global standards (e.g., ISSB, TCFD, GRI), regulatory bodies (e.g. CSRD, SFDR, SDR, Singapore Taxonomy, SEC rules), industries (e.g. ICMA, EDCI), and exchanges (e.g. Euronext, SGX, HKEX). By connecting data across standards, including updates and modifications, the equivalence engine drives operational efficiencies and increases data quality, upholding the ‘Input once, report to many’ principle at the core of the U-Reg platform.

Upon successful development, this technology is to be integrated into various platforms to facilitate seamless, secure, and compliant exchange of regulatory information among financial institutions, their clients, business partners, consultants and regulators. This AI-driven equivalence engine aims to be a transformative infrastructure that redefines how institutions interact with their regulatory data, in ESG or in other compliance and regulatory processes. To ensure the highest standards of compliance and alignment with regulatory requirements, the frameworks equivalence developed through this collaboration will be subject to independent, external assurance.

Joris Dierckx, CEO and Head of Southeast Asia at BNP Paribas said:

We are happy to grant our support and work with U-Reg on enhancements to the platform. ESG reporting is progressively becoming a must for many companies. Having a tool that uses modern technology to standardise and simplify the reporting process would be a great achievement, and an important step forward for various stakeholders.”

 Florian Dumas, Founder and Executive Director at U-Reg, said:

“ 83% percent of organizations believe they are ahead of their peers concerning sustainability reporting, but almost half of them, 47% exactly, still use spreadsheets to manage their ESG data. This initiative aligns with U-Reg’s strategic mission to simplify complex compliance demands for our clients, and change compliance and regulatory for good as U-Reg continues to address our clients’ immediate reporting challenges while setting a strong foundation for further synergies, across our platform or through partnerships in the industry.”

 

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