People walk through the Green Oasis botanical promenade at the CapitaSpring's skyscraper in Singapore, on July 20, 2023. (PHOTO / AP)

KUALA LUMPUR - Stock exchanges in Malaysia, Indonesia, Thailand and Singapore have said they have teamed up to develop an ASEAN (the Association of Southeast Asian Nations) Interconnected Sustainability Ecosystem.

The four stock exchanges said in a joint statement on Thursday that the new mechanism aimed to advance ASEAN's sustainable development through the implementation of common environmental, social and governance (ESG) metrics in their respective data infrastructures.

The participating exchanges have agreed upon outcome-driven collaboration deliverables that take into account local considerations and the maturity level of their respective markets

The initiative was formalized at a recent meeting between the partner exchanges.

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Bursa Malaysia will serve as the secretariat to facilitate the successful implementation of the objectives.

The initiative intends to create an integrated ESG ecosystem to promote sustainable development in ASEAN, and enable participating exchanges to achieve economies of scale through cost efficiency and faster time-to-market with fit-for-purpose solutions.

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The participating exchanges have agreed upon outcome-driven collaboration deliverables that take into account local considerations and the maturity level of their respective markets.