28 October 2022
On 5 October 2022, the Monetary Authority of Singapore (“MAS”) launched the ESG Impact Hub (“Hub”). The Hub seeks to encourage co-location and collaboration between environment, social and governance (‘ESG”) FinTech start-ups and solution providers, financial institutions, and real economy stakeholders.
MAS said in a media release that the establishment of the Hub seeks to capitalise on the strong industry interest in Project Greenprint (a collection of initiatives that aims to harness technology and data to support green finance) and expedite the growth of Singapore’s ESG ecosystem on three fronts:
- Growing ESG FinTechs: The Hub will facilitate the discovery, scaling and deployment of technology solutions to address ESG needs of corporates and financial institutions, notably in terms of accurate measurement, reporting and verification of climate and sustainability data.
- Anchoring ESG enablers: MAS will engage knowledge partners, financial institutions and investors to organise key ESG initiatives out of the Hub, such as ESG FinTech accelerator programmes, training and capacity-building workshops, and thought leadership events.
- Supporting ESG stakeholders: MAS will engage the Hub community to deploy its programmes and solutions to drive material, quantifiable impacts that support sectoral transition efforts, with particular emphasis on the eight focus sectors identified by the Green Finance Industry Taskforce.
MAS says that it will continue to engage key stakeholders in building the Hub’s onsite community, and fostering partnerships to enhance financial sector access to high quality climate and sustainability data, to support more efficient deployment of capital towards green and sustainable projects.