TaFF partners with STACS to enable Textile and Fashion industry to go green via holistic ESG data on ESGpedia to support effective Green Financing
SINGAPORE, 6 July 2022
Textile and Fashion Federation (‘TaFF’), the official association for the textile and fashion industry in Singapore, today announced their partnership with Hashstacs Pte Ltd (‘STACS’), a leading Singapore-headquartered environmental, social, and governance (‘ESG’) FinTech firm in partnership with the Monetary Authority of Singapore’s (‘MAS’) Project Greenprint, and financial institutions to enable the textile and fashion sector to go green via holistic Environmental, Social, and Governance (‘ESG’) data, to support effective green financing and capital stewardship for sustainability projects. The partnership centres around the usage of ESGpedia developed by STACS, and is part of a series of initiatives launched by TaFF today at the Fashion Sustainability Summit 2022.
The initiative aims to support green financing use cases and solutions for the industry, to help textile-related enterprises differentiate themselves in their green practices through green credentials that are based on globally recognised industry standards, as well as greater access to ESG capital.
Powering the ESG Registry of the Monetary Authority of Singapore’s (‘MAS’) Project Greenprint, ESGpedia aggregates, records, and maintains the provenance of holistic and forward-looking environmental, social, and governance (ESG) certifications and data of companies across various sectors and global verified sources on a single registry, utilising blockchain technology to ensure security and ease of access by different users.
Today, existing pools of ESG data are fragmented and mostly in non-digital systems across different sectors. There is also a lack of forward-looking and real-time data, across the value chain of the textile and fashion sector: from material, to production, to supply chain, and more.
ESGpedia aims to tackle industry challenges by serving as the common, standardised system that aggregates and stores trusted ESG data and certifications of companies, instilling transparency and traceability in companies’ value chains and projects.
As part of a long-term partnership, STACS will work closely with TaFF and its members to understand the needs of the textile industry, and ingest textile sector-specific global verified industry certifications, on ESGpedia.
With the registry being the central data pillar underpinning the financial sector in Singapore via Project Greenprint, this data in turn helps banks and investors better track and analyse textile-related companies listed on the registry, to support effective green investment decisions and green financing towards sustainability projects.
As of today, ESGpedia has over 20 institutional partners from both the financial and non-financial sectors, and hosts more than 173,700 certificates, covering 67,516 companies and 112,700 assets.
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About Textile and Fashion Federation (TaFF)
Textile and Fashion Federation (TaFF) is the official association for the textile and fashion industry in Singapore and plays an active role in the development of the industry. Working closely with the fashion and lifestyle community and government agencies, TaFF promotes Singapore as an innovative fashion hub in South East Asia with a focus in three key areas: Technology & Innovation, Sustainability and Asian Craftsmanship. TaFF champions programmes that build capabilities, expand Singapore’s fashion and textile businesses internationally, and promote environmentally friendly business practices.
STACS (Hashstacs Pte Ltd) is a Singapore-headquartered FinTech company focused on ESG FinTech, in partnership with the Monetary Authority of Singapore’s (MAS) Project Greenprint for ESGpedia which powers the Greenprint ESG Registry. STACS serves as the Nexus of ESG Finance with its live blockchain infrastructure that enables effective Sustainable Finance, and unlocks value in Asset and Wealth Management and Digital Securities. Its clients and partners include global banks, stock exchanges, asset managers, corporates, and SMEs. STACS is The Asset Triple A Digital Awards 2021 FinTech Start-Up of the Year, an Award Winner of the MAS Global FinTech Innovation Challenge Awards 2020, and also a two-time awardee of the Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant, under the Financial Sector Development Fund administered by the MAS.
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