UOB’s FinLab Shines Focus On ESG With The Greentech Acceleratorby Fintech News Singapore May 5, 2022
UOB’s innovation accelerator The FinLab has unveiled The Greentech Accelerator, a new global programme aimed at supporting innovative greentech solution providers regionally and globally to drive their company’s sustainable mission forward.
As part of the first cohort, the programme will focus on greentech solutions including energy efficiency; zero-waste supply chain; carbon management and reporting.
The Greentech Accelerator is open to all innovative greentech startups and SMEs with a Technology Readiness Level (TRL) of six and above.
The first Greentech Accelerator programme will accept ten companies for its pioneer cohort, with the goal of commercialising their solutions in order to help SMEs adopt green practices and technology.
To help these greentech startups and SMEs grow and expand their business, the three month-long programme will include a total funding of up to SG$ 150,000 to tackle real-world challenge statements as well as valuable insights through educational ESG and business masterclasses, talks and webinars.
They will also receive mentorship and peer-to-peer learning facilitated by UOB, the industry and institutes of higher learning.
Additionally, the accelerator will provide these startups with access to a strong network of partnerships to build an ecosystem of industry leaders.
Applications are open from 5 May 2022 to 12 July 2022 here.
Shannon Lung, Head of The FinLab said,
“According to the 2022 UOB SME Outlook Study, 45 per cent of SMEs surveyed believe having a sustainable core will benefit their business with multinational companies that are now working towards their own sustainability goals. However, many small businesses have raised concerns about a lack of knowledge and limited resources.
The Greentech Accelerator aims to respond to this challenge by mentoring innovative greentech solutions from around the world to offer relevant, deployable and cutting-edge solutions to meet the ESG needs of SMEs and businesses locally and overseas.”
Dr Darian McBain, Chief Sustainability Officer, Monetary Authority of Singapore said,
“The Greentech Accelerator showcases UOB’s commitment to driving real world sustainability solutions and aligns closely with MAS’ vision to harness the power of technology and finance to drive a just and sustainable transition to a low carbon economy.
We look forward to collaborating with UOB on this initiative under the ambit of Project Greenprint, and foresee the Greentech Accelerator’s solutions empowering firms and SMEs on their sustainability journeys.”