New hub for green fintech firms launched to spur growth of sustainability tech sector

A new hub was launched on Wednesday to spur collaboration between environment, 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 expedite 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 co-working premises.

Currently, 15 ESG fintech firms and organisations are set up at the hub.

The firms include Acre Resources, a specialist firm in the sustainability and ESG recruitment and talent development, and Eachmile Technologies, a mobile technology and data company empowering traceability along the food supply chain.

The hub will facilitate the discovery, scaling and deployment of technology solutions to address ESG needs of companies and financial institutions.

An example of an ESG need is accurate measurement, reporting and verification of climate and sustainability data.

MAS will also engage knowledge partners, financial institutions and investors to organise key ESG initiatives, such as ESG fintech accelerator programmes, training and capacity-building workshops, and thought leadership events.

The authority said that it will continue to engage key stakeholders in building the hub's onsite community, and foster partnerships to enhance financial sector access to high-quality climate and sustainability data.

This will support more efficient deployment of capital towards green and sustainable projects, said MAS.

Said Dr Darian McBain, Chief Sustainability Officer at MAS: "This physical hub will augment MAS' plans to launch a digital Greenprint Marketplace next year to catalyse the growth of the region's online ESG community.

"(The hub) will serve as the launch 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 tech sector in Singapore, said Mr Helge Muenkel, chief sustainability officer at DBS Bank.

"We believe it will propel Singapore to be Asia's and the world's go-to for businesses, and, in particular, for small and medium-sized enterprises, to apply technology in simple and efficient ways to enhance and transition to more sustainable business models," said Mr Muenkel.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.