The Monetary Authority of Singapore (MAS) has partnered with Google Cloud to drive the innovation, incubation and scaling of climate FinTech solutions in Asia
The Monetary Authority of Singapore (MAS) announced the Point Carbon Zero Programme launch in collaboration with Google Cloud. The programme under MAS’ Project Greenprint will use fintech solutions to access accurate climate-related data. That will enable the efficient deployment of capital towards green and sustainable projects.
Within the programme framework, Google Cloud will launch the world’s first open-source cloud platform dedicated to climate finance. It will facilitate the deployment of the technology and its adoption by the financial sector. At present, climate fintech remains a relatively nascent sub-segment. The Point Carbon Zero Programme aims to catalyse its robust growth with mentorship, funding and access to over 200 public datasets hosted by Google Cloud.
As for the participants, deploying their tools on the Google Cloud platform will help the fintechs collaborate with financial institutions to build, host, and scale climate solutions. Besides, using Google Cloud’s carbon-neutral infrastructure and data management capabilities will aid countries and companies in orchestrating impactful climate action.
To begin with, the Programme invites fintech providers to submit innovative solutions addressing climate finance issues. A hundred projects will get on the shortlist for further development. Next, a pool of 1,000 financial institutions will test the best solutions on their ability to facilitate capital flows towards green and sustainable projects in Asia. The Programme also aims to empower 10,000 multinational corporations and SMEs to set, track and achieve their sustainability targets.