Maybank Joins Bursa Malaysia’s Newly Launched Sustainability Platformby Fintech News Malaysia March 23, 2023 0 comments
Bursa Malaysia announced the deployment of its Centralised Sustainability Platform which will be piloted by Maybank and the UMW Corporation.
UMW and Maybank are pioneers of the Early Adopter Programme (EAP), running from April to October 2023, an initiative to accelerate corporate Malaysia’s transition towards a green economy.
The bourse had worked together with the London Stock Exchange Group (LSEG) to develop and test the platform which will serve as a repository for listed companies’ ESG disclosures.
This will enable listed companies’ to reinforce their sustainability disclosures and accelerate swift adoption of their supply chain’s carbon emissions, which also includes non-listed entities.
Additionally, Bursa said that the platform will also help banks develop green financing products and services, that will incentivise and encourage decarbonisation of the corporate sector and their supply chain.
Bursa will be providing general awareness and education sessions for the broader listed companies to familiarise them with the features and functions of the platform from July onwards.
This will assist companies with financial year ending December 2023, in time to meet mandatory disclosure requirements which starts March 2024.
“We are pleased to be working with the LSEG to develop this platform which will enable Malaysian corporates to meet regulatory requirements, facilitate greater transparency and consistency in sustainability disclosures, while providing wider access to green financing products. The platform will also offer additional capabilities such as TCFD modules, as well as a carbon emission calculator for corporates and their supply chain.”
said Datuk Muhamad Umar Swift, CEO of Bursa Malaysia.
“In line with our mission to Humanise Financial Services and driven by our M25+ strategy, we will continue to support our stakeholders on their decarbonisation journey − providing advisory and engaging them on their plans on sustainable and transition financing solutions,”
added Dato’ Khairussaleh Ramli, Group President & Chief Executive Officer of Maybank.
Bursa Malaysia is also exploring the development of an ESG corporate reporting solution with LSEG to increase the disclosure of climate related risks and opportunities for investors.
This follows the launch of a new ESG and low carbon benchmark covering the largest listed issuers on Bursa Malaysia.