MAS invites all fintechs to apply for green tech accelerator

Rick Steves

Fintechs should aim to solve at least one of the three key challenges proposed by MAS: (i) Mobilising Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.

R5FX enters Singapore

The Monetary Authority of Singapore (MAS) has launched the green tech accelerator program “Harnessing Technology to Power Green Finance”. Fintechs must submit applications by 11 June 2021.

As the name suggests, the competition seeks to unlock the potential of FinTech in accelerating the development of green finance in Singapore and the region.

Sopnendu Mohanty, Chief FinTech Officer of MAS, commented: “Green FinTech can be an important enabler to accelerate Asia’s transition to a low carbon future. It can provide much-needed innovative solutions, and develop the crucial technology stack, which can help promote green financial services, catalyze efficient allocation of green capital, and facilitate trust in the green data value chain. I encourage all innovators to make use of this platform and showcase their Green FinTech solutions to the world.”

Sponsored by Oliver Wyman, the accelerator calls for fintech firms and solution providers around the world to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and green finance industry players.

The three key challenges for the finance industry from an environmental perspective are: (i) Mobilising Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.

The 15 finalists will be paired with a Corporate Champion, where they will develop customized prototypes on the API Exchange (APIX), with each finalist receiving a S$20,000 cash stipend and becoming eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to S$200,000.

Up to three winners will be selected at the Demo Day held at this year’s Singapore FinTech Festival after pitches from the 15 finalists. Winners will each be awarded S$50,000 in prize money.

ESG has become one of the main topics being addressed by governments, regulators, academia, technology providers, and capital markets.

Industry leaders have been increasingly calling for a global framework for ESG investing as the sector faces a massive uptick of inflows and, at the same time, faces accusations of inconsistency in their approach to sustainable impactful investments.

The dramatic increase of inflows into the sector from both retail and institutional investors has shown how important the issue has become nowadays, with an increased focus on healthy ecosystems and sustainability of supply chains.

As the trend is unlikely to slow down in a post-pandemic world and that recent research points to ESG investments outperforming their counterparts, the regulatory landscape must reflect the situation and catch up to this new trend as there remains a lack of consistency in definitions and data.

A global regulatory framework for ESG investing would provide greater protections for those investors who are looking for profits with purpose and will also help to reduce ‘greenwashing’ – when an investment or company gives an inaccurate impression over its green, socially responsible, or corporate credentials.

Read this next

Digital Assets

Bybit under pressure from Ontario regulator after being forced out of the UK

Bybit has recently been forced to close its operations in the United Kingdom following the ban on Crypto CFD products earlier this year. 

Digital Assets

‘Rat Poison’: XRP, BTC, ETH, ADA, DOGE rebound despite JP Morgan survey

Interestingly enough, when asked about their personal investments, 40% of them were actively trading cryptocurrencies.

Industry News

FTX and MLB partner together for brand awareness and innovation

FTX, one of the largest crypto exchanges in the world that has been on an expansion spree, has announced that it has tied up with Major League Baseball (MLB) in the US for brand awareness.

Digital Assets

Polygon (MATIC) and Aave grant recipient tie up to incentivise new users with rewards

Polygon (MATIC), a Layer 2 solution on Ethereum, has tied up with Aave grant recipient RabbitHole to incentivise new users for making deposits into Polygon.

Digital Assets

John McAfee, software pioneer and a big crypto supporter, dies in Spanish jail

John McAfee, the founder of the anti-virus software which was a household name a couple of decades back and a huge crypto enthusiast, has died in a Spanish jail on the same day that a court allowed him to be extradited to the US.

Industry News

TraderEvolution Global partners with TradingView: Brokers to enjoy direct access

The multi-asset platform is now connected to TradingView’s network of venues, liquidity pools, and asset classes 

Digital Assets

Visa and Paypal invest heavily into $300 million blockchain fund

Visa and Paypal, behemoths that have been known supporters of the blockchain domain, have invested in Fund V of Blockchain Capital.

Opinion

FX Trading is a business: If you want results, act like a professional. Go Prime of Prime!

Trading the markets is a business. It is no wonder that the ones that see it as gambling are willing to trade against the house, but retail traders that want results, they must act like professionals.

Digital Assets

Celsius acquires MVP workshop as it looks to build more on crypto

Celsius, one of the largest cryptocurrency lending and rewards earning platforms, has announced that it has acquired the development division of MVP Workshop as it looks to expand its development team.