UOB FinLab, the innovation accelerator of United Overseas Bank, has awarded over S$100,000 in funding to GreenTech firms.
This funding will support 15 pilot sustainability solutions with UOB and its corporate partners across Southeast Asia.
The initiative was announced at the GreenTech Accelerator 2024 Showcase Day, part of the Singapore Fintech Festival.
The GreenTech Accelerator programme, now in its second year, helps ASEAN GreenTech firms develop and implement solutions to regional sustainability challenges.
This year, 33 firms—12 from Singapore, nine from Malaysia, and 12 from Thailand—were selected from over 350 applicants to participate in the six-month programme.
UOB’s Business Outlook Study 2024 revealed that 87% of ASEAN businesses view sustainability as important, but only 44% have adopted green practices.
UOB and 26 corporate partners contributed over 50 challenge statements, addressing five key areas: circular economy and waste management, energy efficiency, food and agriculture, sustainable cities and urban planning, and sustainability reporting and carbon management.
The selected pilot projects will be deployed with corporate partners in six pilots in Singapore, three in Malaysia, and six in Thailand.
UOB FinLab plans to continue supporting sustainability innovation in ASEAN with further programmes in 2025.
Shannon Lung, Head of UOB FinLab, said,
“The GreenTech Accelerator 2024 demonstrates our ongoing commitment to build a sustainable future, leveraging collective actions and a collaborative professional network that can spur greater GreenTech breakthroughs.
UOB FinLab will continue to be a catalyst for GreenTech innovation by bringing individuals, businesses, government agencies and GreenTechs together to tackle real-world sustainability challenges.”
Featured image credit: Edited from Freepik
