Fintech & Ecommerce

Singapore’s MAS introduces ESG Impact Hub

The Hub will anchor industry-driven sustainability initiatives 

Singapore ESG

Singapore’s MAS introduces ESG Impact Hub. Source: depositphotos.com

The Monetary Authority of Singapore (MAS) has launched an ESG Hub that shall spur collaboration between fintech startups, financial institutions and real economy stakeholders.

The initiative will focus on building Singapore’s ESG ecosystem. Firstly, it will support fintechs in the field, anchoring “enablers” such as investors, knowledge partners and financial institutions. In addition, the Hub will back other stakeholders to drive “material, quantifiable impacts”.

The hub will enable and promote sustainability initiatives under Project Greenprint. These include the Point Carbon Zero Programme run by MAS and Google Cloud and KPMG’s ESG Business Foundry. The program will not only build up an onsite community but also ultimately boost financial sector access to high-quality climate and sustainability data.

The regulator says 15 ESG fintechs and organisations have already joined the hub. 

"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; and will serve as the launchpad for public-private partnerships that support Asia’s just and sustainable transition to a low carbon economy."
Darian McBain,
chief sustainability officer, MAS

Amid Singapore’s push for sustainability, the growing interest in blockchain and cryptocurrency – with its vast energy consumption – may present a challenge. We have previously reported that MAS ponders tightening retail crypto trading policies with “customer suitability tests”. Moreover, the regulator has enhanced sector scrutiny.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.