Sungsin Yanghoe Participates in BIS-led 'Green Bond' Trading Platform Development Project
[Asia Economy Reporter Kim Jong-hwa] Sungshin Cement announced on the 4th that it will jointly participate in the Genesis 2.0 project, a platform construction project for 'Green bond' trading organized by the Bank for International Settlements (BIS) Hong Kong Innovation Center and the Hong Kong Monetary Authority (HKMA).
The Genesis 2.0 project, scheduled for completion in September this year, is a project to issue digital bonds (Green bonds) that can be invested in and traded based on blockchain and tokenization technology, and to build a platform for trading these bonds. The structure is such that carbon emission rights (CER) serve as the underlying assets of the issued bonds. Green bonds are special-purpose bonds issued to finance eco-friendly projects.
Sungshin Cement formed a consortium with Singapore fintech company lnteropera and Thailand's state-owned Krung Thai Bank to bid for the Genesis 2.0 project. Within the consortium, Sungshin Cement will provide consulting on carbon emission reduction performance and the emission rights market. lnteropera is responsible for digital bond and platform development, while Krung Thai Bank handles bond issuance and distribution.
Using the platform, investors can directly purchase bonds through a mobile app, and can check in real time the carbon emission reduction information contributed by the bond issuers.
A Sungshin Cement official said, "We are participating in the Genesis 2.0 project as part of expanding ESG (Environmental, Social, and Governance) management, and since the cement industry is closely related to carbon emission rights, we will contribute to the project through the know-how Sungshin Cement possesses. Investors will also benefit from easy direct investment in green bonds, which will help activate eco-friendly investments and reduce carbon emissions."
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Meanwhile, Sungshin Cement is discovering future new businesses through its overseas subsidiary Jinseong International (Singapore), and is establishing an overseas business system extending to Sungshin VINA (Vietnam) and Jinseong RMC (Bangladesh) to seek expansion of overseas operations and increased profitability.
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