MAS and the industry will together develop four interoperable platforms under Project Greenprint: • a Common Disclosure Portal for financial institutions and corporates to make reliable and comparable ESG disclosures;  5/8  BIS central bankers' speeches  • a Data Orchestrator to aggregate ESG data from different sectoral platforms and trusted data sources; • an ESG Registry to record and maintain ESG certifications on a distributed ledger; and • t he Greenprint Marketplace to connect green technology providers with investors and corporates. Third, COSMIC – a platform for financial institutions to collaborate using data analytics to combat the risks of money laundering. This platform for information sharing and analysis will generate a rich and dynamic data pool of high-risk actors and their webs of anomalous activities. COSMIC will enable seamless data exchange with financial institutions’ own data analytics systems so that they can effectively identify and disrupt criminal networks sprawling across multiple financial institutions. MAS has been co-creating COSMIC with six major banks in Singapore and the platform is scheduled to go-live in 2023. In its initial phase, COSMIC will focus on risks related to the abuse of shell companies, illicit misuse of trade finance, and evasion of United Nations sanctions. But the future of Finance cannot be divined without considering the future of the Internet. Plutus will be crossing paths quite often with Mercury. MERCURY AND THE ADVENT OF WEB 3.0 This new age of the Internet has been dubbed Web 3.0.
Collaborative Data Platforms Industry collaboration through technology and data sharing platforms will become an important driver of innovation in the future of Finance. MAS has been promoting such collaboration since the beginning of our FinTech journey in 2015. Let me highlight three recent initiatives. First, ChekFin, a decentralised credentials platform to support partnerships between financial institutions and FinTech firms. Financial institutions seeking collaboration with FinTech firms often have difficulty ascertaining their reliability and capacity. ChekFin will enable financial institutions to obtain verified credentials of FinTech firms, such as business references, awards they have obtained, and investor funding records. These credentials are immutably stored on a blockchain as a golden source of information. FinTech firms decide who they want to share their private credentials with. ChekFin is a partnership among the ASEAN Financial Innovation Network, BCG FinTech Control Tower, and Affinidi, with MAS as a founding partner. Ten global financial institutions have already signed up for ChekFin, and the platform will be launched next month. Second, Project Greenprint – a technology and data platform to support the green finance ecosystem.