February 28, 2024

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Singapore Launches ESG Impact Hub, Sustainable Finance Panel

The Singapore Monetary Authority (MAS) recently inaugurated the ESG Impact Hub (the Hub) to encourage co-location and collaboration among Environment, Social, and Governance (ESG) FinTech start-ups and solution providers, financial institutions, and real economy stakeholders. The Hub, inaugurated by the Managing Director of MAS, Ravi Menon, will also serve as a focal point for industry-driven sustainability initiatives like the Point Carbon Zero Programme.

“The establishment of the ESG Impact Hub is a critical milestone in Project Greenprint’s journey to build a vibrant and robust ESG ecosystem in Singapore, underpinned by technology and data,” says Dr Darian McBain, Chief Sustainability Officer, MAS.

She also said that the physical Hub will add to MAS’ plans to launch a digital Greenprint Marketplace next year to help the online ESG community in the region grow. It will also be the starting point for public-private partnerships that help Asia make a fair and sustainable transition to a low-carbon economy. The Hub is meant to take advantage of the strong industry interest in Project Greenprint and help Singapore’s ESG ecosystem grow faster on three fronts:

The first is for the Growing ESG FinTechs. The Hub will promote the discovery, scaling, and deployment of technological solutions to address the ESG demands of corporations and financial institutions, particularly in terms of reliable climate and sustainability data monitoring, reporting, and verification.

The second is for Anchoring ESG Enablers. Through the Hub, MAS will work with knowledge partners, financial institutions, and investors to organise critical ESG initiatives such as ESG FinTech accelerator programmes, training and capacity-building seminars and thought leadership events.

And third is for Supporting ESG Stakeholders. MAS will work with the Hub community to deploy its programmes and solutions that will have measurable impacts on sectoral transition efforts, with a focus on the eight target sectors designated by the Green Finance Industry Taskforce (GFIT).

On the other hand, at the Hub’s launch, there were already 15 ESG FinTechs and organisations set up. MAS will keep working with key stakeholders to build the Hub’s on-site community and make it easier for the financial sector to get access to high-quality climate and sustainability data. This will help green and sustainable projects use capital more efficiently.

Moreover, to aid them with their strategies and actions to create a reliable and active sustainable finance ecosystem, MAS has announced the creation of a Sustainable Finance Advisory Panel (SFAP).

Reflecting the multifaceted nature of the sustainability agenda, the SFAP is made up of a varied collection of top sustainability professionals from financial institutions, academia, and other stakeholders from around the world.

The problems surrounding transition finance and the roles of financial institutions, corporations, regulators, and governments in facilitating an orderly and inclusive transition in the area were the main topics of discussion at the first SFAP meeting with the MAS management.

The following are some of the key issues raised about financial institutions: a) Ensuring an equitable transition to net zero, for example, by taking into account the impact of climate finance decisions on jobs and livelihoods, b) Financial institutions setting interim targets and referencing sectoral routes to enable credible and transparent transition strategies, c) creating FinTech solutions for ESG data and identifying incentive mechanisms to encourage data exchange, and d) increasing the amount of blended funding available for projects that are not as economically appealing or have a high-risk profile.

The discussion will aid in honing MAS’s sustainable finance plans and efforts. The next SFAP meeting is scheduled for 2023.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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