STRATEGICAL PLANNING
We plan to improve the Stress Testing option (where SMEs can stress test their financials, to see how certain scenarios can affect their business) to make it more comprehensive for SMEs to use.
STAGE 1: STRESS TESTING FUNCTION
Prototype Example of the current Stress Testing Function ; Full Prototype will be shown during the walkthrough
STAGE 2: CUSTOMIZATION TO SUIT ALL SMEs
There is no one SAME INDUSTRY, hence if we were to provide the same dashboard for all industries, it would not be effective as different industries look at different metrics/data
Plan: Expand and customize the dashboard to different SME industries as different sectors have different metrics and risks they look out for.
STAGE 2: CUSTOMIZATION TO SUIT ALL SMEs PT.2
Making the Dashboard more complex (modularly) in different stages, to cater for different SMEs/companies in different life stages.
Higher Complexity = More technical components
STAGE 3: LEVERAGING ON Pulse@Prudential*
*Pulse, by Prudential, is a health and wellness mobile app that offers features that enable users to better manage their health and wealth.
By leveraging the app:
1. Allow SMEs to view their dashboard through the app (under a new tab) while bringing traction to Pulse@Prudential and insurance.
How can we create an ESG impact with the app?
1. Implement a system that allows SMEs to offset the insurance cost when they reach a certain ESG goal.
2. Prudential can offer a $XXX discount off their company Insurance plans, to encourage both ESG efforts while encouraging SMEs to purchase insurance.
(We note that Prudential has an app for SMEs "Business@Pulse" but we are unable to access it. Business@Pusle would be a better platform for this function)
Prototype Example of the PRUdash on Pulse@Prudential App ; Full Prototype will be shown during the walkthrough
PLAN: Expanding the Functions of the Dashboard (1-2 years)
STAGE 4: INTRODUCING CARBON CREDITS AS A REWARD
(only feasible 2024-2025 onwards)
What are Carbon Credits?
Carbon credits are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases.
How does this incentivize SMEs?
1. Similarly, Prudential can offer Carbon Credits when SMEs reach a certain ESG goal, based on the dashboard.
2. SMEs can choose to either offset their carbon emissions or resell the Carbon Credits to other companies that need them.
Limitations behind Carbon Credit Market
1. Market is relatively new
2. Singapore will only allow high-quality international carbon credits to replace the carbon tax starting in 2024
3. Potential Compliance and Regulations issues
Certified Carbon Credits issued by Project Developers (sellers)
Goes to Carbon Credit Exchanges
(ACX and CIX)
Corporate Buyers will purchase Carbon Credits
Traders
will trade Carbon Credits (buy or sell)
How do Carbon Credits work?
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Goal of Strategical Planning
To get as many SMEs to use PRUdash as possible;
PRUdash should be a one-stop for SMEs to view their company’s data.
