UOB FinLab, the innovation accelerator of United Overseas Bank (UOB), has announced a financial commitment of over $100,000 to support 15 Green Technology (GreenTech) firms. These firms will pilot sustainability solutions with UOB and its corporate partners across ASEAN. The announcement was made at the GreenTech Accelerator 2024 Showcase Day during the Singapore FinTech Festival’s Insights Forum.
The GreenTech Accelerator 2024 is part of UOB FinLab's six-month regional programme aimed at supporting ASEAN GreenTech firms in their growth and transformation. This year, out of more than 350 applicants, 33 firms were selected to participate. Among these are 12 from Singapore, nine from Malaysia, and 12 from Thailand.
Shannon Lung, Head of UOB FinLab, stated: “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’s Business Outlook Study 2024 indicates that while 87 percent of businesses in ASEAN consider sustainability important, only 44 percent have adopted green practices. One-third expressed the need for support in connecting with solution partners.
To address this need, UOB FinLab invited businesses across ASEAN to submit sustainability challenge statements highlighting real-world issues. Over 50 statements were received from UOB and its corporate partners such as DKSH Healthcare and Marina Bay Sands in Singapore, Great Cosmo in Malaysia, and IMPACT in Thailand. These challenges span five areas: circular economy and waste management, energy efficiency, food and agriculture, sustainable cities and urban planning, and sustainability reporting and carbon management.
During the programme, participating firms proposed solutions based on these challenges. Fifteen pilots were chosen for funding by UOB FinLab. Six will be deployed with corporate partners in Singapore, three in Malaysia, and another six in Thailand.
Among the projects is a data platform developed by GreenFi for managing greenhouse gas emissions data within UOB properties. Another involves DKSH Healthcare collaborating with Smart Tradzt to implement a solution quantifying carbon footprints through cold chain reusable packaging.
Great Cosmo from Malaysia will pilot Co.Efficient Alpha's voltage optimization technology to reduce machinery energy consumption by about ten percent. In Thailand, IMPACT will partner with GEPP Sa-Ard on a waste reduction programme for events held at their exhibition centre.
UOB FinLab plans to continue fostering sustainability innovation in ASEAN with more programmes slated for launch in 2025.