Financial Sector Technology and Innovation Scheme
MAS has earmarked S$50 million out of S$250 million from the FSTI scheme to support Green FinTech solutions and projects.
Green FinTech
Technology and Sustainability are the two key driving forces shaping the future of financial services. Accordingly, MAS has been actively promoting FinTech and Green Finance. The FinTech journey began in 2015 and Singapore is today often cited as one of the leading FinTech hubs in the world.
The Sustainability agenda is more nascent, with the launch of the Green Finance Action Plan in 2019. One of the key strategies is to harness our strengths in FinTech to address the key challenges in the Green Finance space – what we call Green FinTech.
"FinTech in particular has great potential to be a force for good. We can bring together the power of finance and technology, to help create a more inclusive society and a more sustainable planet."
– Ravi Menon, Managing Director, Monetary Authority of Singapore
FinTech for an Inclusive Society and a Sustainable Planet
Project Greenprint
Project Greenprint was launched in December 2020 and features 3 strategic thrusts - Green FinTech ecosystem development, Greenprint Marketplace and Greenprint Data Platform.
Mission
- Develop a vibrant Green FinTech ecosystem in Singapore
- Position Singapore as a launchpad for Green FinTech solutions and project
- Strengthen Singapore's position as a leading green finance centre
Project Greenprint aims to promote a greener financial ecosystem through 3 pillars:
Mobilise Capital
By enabling firms to connect with financial institutions and investors to access a wider pool of green financing options and solutions
Monitor Commitment
By deploying technology to collect trusted, quality, timely and verifiable data to better monitor commitments to the relevant green standards and requirements
Measure Impact
By leveraging technology to measure the impact of sustainable investments and loan portfolios, and enhance the accuracy of climate risk assessments
Project Greenprint features 3 Strategic Thrusts:
Ecosystem Development
Create ESG capabilities and innovation within Singapore; and develop international mindshare and momentum through various initiatives
Greenprint Marketplace
Seeks to match green technology solutions with international venture capital and green project sponsors driven from Singapore
Greenprint Data Platform
Facilitates the efficient flow of verifiable data for a data-driven ESG ecosystem to support its 3 key pillars
MAS will look to support industry-wide innovation efforts that will leverage on technology and data to power Green Finance.
For more information, contact MAS at fintech_office@mas.gov.sg .
Global FinTech Hackcelerator 2021
Every year, MAS hosts the Global FinTech Hackcelerator which seeks to apply innovative market-ready solutions to address real industry needs.
This year’s focus is on Green Finance and we have published 52 problem statements (4.3 MB)collected from the industry. FinTech firms and solution providers are encouraged to register for the Global FinTech Hackcelerator should their market-ready solution be able to solve any problem statements. Registration closes 4 July 2021.
The Global FinTech Hackcelerator 2021 is supported by:
