As part of Singapore’s National Artificial Intelligence (AI) Programme in Finance, Project NovA! was launched in 2021. The Project NovA! consortium is led by the Monetary Authority of Singapore (MAS) and the Smart Nation Digital Government Office and consists of key industry players, including several Singapore-based banks active in the sustainability financing sector. During Phase 1 of Project NovA!, the Project NovA! consortium identified key challenges for sustainability-linked loans (SLL) in the real estate sector and conceptualised and developed a Minimum Viable Product (MVP) that seeks to leverage AI and data analytics to assist banks when issuing SLLs in the real estate sector.
On 14 November 2023, the MAS announced the availability of the AI-powered MVP developed by the Project NovA! consortium pursuant to Phase 1 of Project NovA!.
This update takes a look at the key issues sought to be addressed by the NovA! MVP and how its core features might affect SLL documentation going forward.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Felix LEE
Partner – Banking & Finance
d +65 6416 8035
e felix.lee@wongpartnership.com
Click here to view Felix's CV.
Clarence KANG
Partner – Banking & Finance
d +65 6416 2149
e clarence.kang@wongpartnership.com
Click here to view Clarence's CV.