The Hub will anchor industry-driven sustainability initiatives
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.
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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