Google Cloud and the Monetary Authority of Singapore (MAS) are teaming up to drive the growth of technology-enabled climate finance solutions in the region of Asia over the next three years.
The Point Carbon Zero Programme, which was launched by the MAS and Google Cloud, mainly aims to bolster access to data related to climate for the financial sector to better invest in sustainable projects. To that end, Google Cloud will also launch the first dedicated open-source cloud platform in the world to facilitate the adoption and deployment of climate fintech solutions.
Under the programme, fintech companies will be invited to submit innovative technological solutions to address a range of climate finance problems, with 100 to be shortlisted for development in the future.
Then, these will be tested with a pool of 1,000 financial institutions on the ability to facilitate capital flows towards sustainable and green projects in Asia, and the program is also aiming to help 10,000 multinational corporations and SMEs work towards achieving sustainability targets.
Dr. Darian McBain, chief sustainability officer of MAS, said the financial and fintech sectors of Singapore can play a pivotal role in the efficient channelling of private capital towards sustainable projects, and businesses focusing on the long-term sustainability impact.
Dr. Darian McBain also added that they see the Point Carbon Zero Programme as an important enabler for bridging ESG finance, fintech, and real economy businesses through a shared data and innovation platform.