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
MAS embarked on Project Greenprint, an umbrella of Green FinTech solutions and projects aimed at promoting a greener financial ecosystem, through three key 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
We are currently establishing a consortium of financial institutions, FinTech firms and industry players with expertise in Green FinTech to identify specific use cases and to pilot technology solutions that can play a role in addressing the three pillars of Project Greenprint.
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. In 2020, we received more than 270 submissions from over 40 countries. These submissions addressed problem statements on managing climate risks and pandemic risks.
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. For more information, contact MAS at fintech_office@mas.gov.sg .
The Global FinTech Hackcelerator 2021 is supported by:
