By Fintechnews

OCBC Bank has partnered its corporate customer SATS, a food solutions provider, to launch the inaugural OCBC Sustainability Innovation Challenge.

Companies worldwide will pitch solutions to address three waste management and reduction challenges identified by SATS relating to the segregation of different types of waste, conversion of waste into byproducts of value, and the design of a business-to-consumer circular waste ecosystem.

The three winning solutions from the challenge, selected by SATS senior management, will have the opportunity to pilot prototypes at SATS in Singapore, with a view to scaling the solution across its global operations.

Each of the winning teams will receive an S$80,000 grant from OCBC Bank to facilitate these pilots, which might go towards the purchase and development of waste management software and technologies, machinery, and implementation costs.

OCBC Bank will consider providing further support, including additional financing, for the commercialisation of the most promising solutions beyond the initial testbed provided by this challenge.

While the inaugural challenge focuses on waste management in the food industry, subsequent editions of the OCBC Sustainability Innovation Challenge will address other sustainability-related issues experienced by other industries.

Head of Strategic Planning, OCBC Bank, who leads the innovation and technology drive under the bank’s climate strategy Sylvia Ng said,

“For the inaugural innovation challenge, we are pleased to partner with SATS to find solutions relating to effective waste management and reduction for the agri-food industry.

This is an issue of strategic importance as Singapore looks to adopt food waste segregation and treatment solutions under the Zero Waste Masterplan, so it is particularly meaningful that we are able to work with another homegrown business and long-time customer to tackle this challenge.”

Head of Sustainability and Strategic Projects at SATS Tan Yen Ling said,

“Sustainability sits at the heart of SATS’ business strategy and our purpose and mission are linked to the long-term interests of the customers and communities we serve.

As Asia’s leading provider of food solutions and gateway services, we have a vital role in encouraging the adoption of more sustainable practices. We believe that collective action as an ecosystem is essential to create a more sustainable world as we endeavour towards our 2030 sustainability goals.”