The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities such as sustainable finance, FinTech and innovation, and agreed on further cooperation in these areas.
MAS and Google Cloud Launch Point Carbon Zero Programme to Catalyse Climate FinTech Solutions
Singapore, 26 July 2022… The Monetary Authority of Singapore (MAS) and Google Cloud have jointly launched the Point Carbon Zero Programme to drive the innovation, incubation and scaling of climate FinTech solutions in Asia. The Programme is a collaboration under MAS’ Project Greenprint
2. Despite FinTech accounting for over 50% of all startup investments globally, climate FinTech remains a relatively nascent sub-segment
3. As a start, FinTech firms and solution providers will be invited to submit innovative technological solutions to address a range of climate finance problem statements co-crafted by stakeholders from the financial sector and real economy. 100 solutions will be shortlisted for further development and tested with a pool of 1,000 financial institutions on their ability to facilitate capital flows towards green and sustainable projects in Asia. The Programme also aims to empower 10,000 multinational corporations and small and medium-sized enterprises to set, track and achieve their sustainability targets.
4. The key features of the Programme are –
- Mentorship and funding – Shortlisted participants will benefit from mentorship from Google Cloud and funding to further develop their solutions.
- Access to data – Participants can leverage the aggregated climate disclosure, environmental and public utilities data that Project Greenprint aims to collect, and over 200 public datasets spanning different sectors that are hosted by Google Cloud
These public datasets include census data, geographical data, weather and climate data and Google Trends data.. Such data can be used to hone the accuracy of participants’ solutions in measuring sectoral and corporate-level carbon emissions, as well as the impact of firms’ efforts to reduce these.
- Manage own carbon footprint – Participants can access Google Cloud’s Carbon Sense suite
Carbon Sense suite is Google Cloud’s collection of digital infrastructure services and tools for organisations to accurately manage their carbon emissions., which allows them to track and reduce their own carbon footprint associated with their cloud usage.
- Facilitate data sharing – New climate-related datasets generated by these solutions can be made available to Project Greenprint’s partners, subject to data owners’ consent. This is in keeping with MAS’ goal of facilitating trusted and efficient flows of high-quality sustainability data, to support financial institutions’ sustainable finance and investment decisions.
5. Participants will be invited to deploy their solutions on Google Cloud’s newly-established open-source cloud platform dedicated to climate finance. Anchored in Singapore, the platform will enable FinTechs to collaborate with financial institutions to build, host, and scale climate FinTech solutions, using Google Cloud’s carbon neutral infrastructure and data management capabilities.
6. Dr Darian McBain, Chief Sustainability Officer, MAS, said, “Singapore’s financial and FinTech sectors can play a pivotal role in the efficient channeling of private capital toward sustainable projects and businesses focusing on their long-term sustainability impact. The effective employment of technology allows us to greatly enhance the quality, availability and comparability of the ESG data needed to facilitate these financial flows, to accelerate our transition to a low carbon economy. We see the Point Carbon Zero Programme as a key enabler for bridging ESG FinTechs, finance, and real economy businesses through a shared data and innovation platform.”
7. Sherie Ng, Country Director, Singapore and Malaysia, Google Cloud, said, “ESG Programmes are a priority for the majority of organisations across the world, but less than 2 in 10 of these firms are currently able to measure and optimise their efforts. In collaboration with MAS, the Point Carbon Zero Programme aims to combine the collective powers of the industry with Google Cloud’s capabilities and innovation ecosystem to orchestrate impactful climate action. Our goal is to fuel an international movement – with data enabling and informing green financial flows, to help countries and companies make quantifiable and meaningful progress, and hasten their transition into a carbon-free future.”
8. Justin Keeble, Managing Director, Global Sustainability, Google Cloud, said, “We are in the decade of action on sustainability. The Point Carbon Zero Programme is a great example of the power of combining collaboration and technology to leverage shared ESG data that will drive better, data-driven decision-making. Google Cloud provides solutions that propel sustainable practices for our global customers. In working with MAS, we’ll deliver climate finance solutions to help move faster toward a carbon-free future.”