Singapore, 4 November 2024 – UOB FinLab, the Bank’s innovation accelerator, awards a total of more than $100,000 to selected Green Technology (GreenTech) firms to pilot 15 sustainability solutions with UOB and its corporate partners across ASEAN. The pilot solutions and partnerships were unveiled today at the GreenTech Accelerator 2024 Showcase Day as part of Singapore FinTech Festival’s Insights Forum.
The GreenTech Accelerator 2024 is the second edition of UOB FinLab’s six-month regional programme that enables ASEAN GreenTech firms to grow and transform, forge partnerships and create pilots to address sustainability challenges across the region. It is designed to fast-track the development of sustainable technology solutions in Singapore and across ASEAN. This year, 33 GreenTech firms were shortlisted from more than 350 applicants to participate in the programme, of which 12 firms are from Singapore, nine from Malaysia and 12 from Thailand.
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. We believe that with proper support from a strong network and appropriate resources, GreenTechs can make transformative progress towards ASEAN’s sustainability ambitions.”
Real challenges, Impactful solutions
According to UOB’s Business Outlook Study 2024 (SMEs & Large Enterprises), 87 per cent of businesses in ASEAN surveyed view sustainability as important for their businesses, but only 44 per cent have adopted green practices. To implement sustainability practices, about one in three cited the need for support to connect to the right solution partners.
Addressing this need, the GreenTech Accelerator 2024 called for sustainability challenge statements from businesses across ASEAN, which highlighted real-world sustainability pain points. This year, more than 50 statements were contributed by UOB and 26 corporate partners including DKSH Healthcare, Marina Bay Sands and Ngee Ann Polytechnic from Singapore, Great Cosmo from Malaysia and IMPACT from Thailand. The challenge statements covered five key areas, namely circular economy and waste management, energy efficiency, food and agriculture, sustainable cities and urban planning, and sustainability reporting and carbon management.
During the programme, the 33 participating GreenTech firms proposed solutions based on the challenge statements and 15 pilots were selected for funding by UOB FinLab (refer to Annex for the full list of selected pilots). Six of these pilots will be deployed with corporates partners in Singapore, three pilots in Malaysia and another six pilots in Thailand.
UOB will be deploying five pilots within the Bank in Singapore and Thailand. One of the pilots is the development of a white-labelled data platform by GreenFi that enables the Bank and its subsidiaries to manage and analyse the greenhouse gas emissions data of their properties. This allows the Bank to validate emissions reporting more efficiently by eliminating manual collation of data and ensuring consistency and accuracy of the datasets.
DKSH Healthcare, part of the Swiss holding company specialising in market expansion services, will partner GreenTech firm Smart Tradzt to implement its solution that can quantify the carbon footprint and value chain collaboration of its cold chain reusable packaging. The platform will enable DKSH Healthcare to share its product carbon footprint data with clients and customers, facilitating accurate Scope 3 emissions calculations after conducting lifecycle analysis.
Malaysian plastic manufacturing company Great Cosmo will pilot GreenTech firm Co.Efficient Alpha’s voltage optimising technology in their factory. This aims to reduce energy consumption for Great Cosmo’s machineries, potentially resulting in approximately 10 per cent cost savings. In Thailand, leading event and exhibition centre IMPACT will also partner GreenTech firm GEPP Sa-Ard to pilot a holistic waste reduction programme for events held at the exhibition centre. This pilot will enable the centre, organisers and visitors to reduce waste generation, increase recycling rate and reduce overall cost of waste management.
UOB FinLab, together with its corporate partners, shortlisted the GreenTechs and their pilot solutions as they have the potential to set a new industry benchmark for sustainability practices and drive greater green adoption across ASEAN.
More programmes to drive sustainability in ASEAN
GreenTech Accelerator 2024 builds on the success of the inaugural run in 2022 in Singapore that received more than 150 applications and led to the establishment of eight pilot solutions and partnerships. This year’s programme expanded the programme’s reach beyond Singapore to UOB’s key ASEAN markets of Malaysia and Thailand.
The programme provided GreenTechs with access to masterclasses, mentorships by more than 30 regional mentors and networking opportunities. The programme also enabled the GreenTechs to deepen business connections through UOB FinLab’s vast network of 27,000 industry leaders including government agencies, solutions providers, and private and public businesses.
UOB FinLab is committed to accelerating sustainability innovation in ASEAN, with plans to launch more programmes focusing on driving adoption and innovation in sustainability in 2025.
