New hub for green fintech firms launched to stimulate growth of the sustainability technology sector
SINGAPORE – A new hub was launched on Wednesday to stimulate collaboration between environmental, social, governance (ESG) financial technology start-ups and solution providers, financial institutions and real economy stakeholders.
Launched by the Monetary Authority of Singapore (MAS), the ESG Impact Hub will also anchor industry-driven sustainability initiatives and accelerate the growth of Singapore’s ESG ecosystem.
It is located at The Great Room, a workspace that is the anchor tenant of Afro-Asia in Robinson Road.
The Great Room, which occupies levels six, seven and eight of the building, has a total floor area of 37,500 sq ft and close to 600 seats to be housed in its collaborative spaces.
Currently, 15 ESG fintech firms and organizations are set up in the hub.
The firms include Acre Resources, a specialist sustainability and ESG recruitment and talent development firm, and Everymile Technologies, a mobile technology and data company strengthening traceability along the food supply chain.
The hub will facilitate the discovery, scaling and deployment of technology solutions to meet the ESG needs of businesses and financial institutions.
An example of an ESG need is the accurate measurement, reporting and verification of climate and sustainability data.
MAS will also engage knowledge partners, financial institutions and investors to organize key ESG initiatives, such as ESG fintech accelerator programs, training and capacity building workshops, and thought leadership events.
The authority said it will continue to engage key stakeholders in building the hub’s communities, and foster partnerships to improve the financial sector’s access to high-quality climate and sustainability data.
This will support more efficient deployment of capital towards green and sustainable projects, MAS said.
Said Dr Darian McBain, Head of Sustainability at MAS: “This physical hub will reinforce MAS’s plans to launch a digital Greenprint Marketplace next year to catalyze the growth of the region’s online ESG community.”
He added: “(The hub) will act as the launching pad for public-private partnerships that support Asia’s just and sustainable transition to a low-carbon economy.”
The ESG Impact Hub will encourage the growth of the sustainability technology sector in Singapore, said Helge Muenkel, Head of Sustainability at DBS.
“We believe it will drive Singapore to become Asia’s and the world’s best for businesses, and especially SMEs, to apply technology in simple and effective ways to improve and move to more sustainable business models,” said Mr Muenkel.
