Singapore has made impressive strides in the climate fintech space, and the hope is that other Asian markets will be able to follow in its footsteps., says JONAS THUERIG, head of F10 Singapore. F10
THE growing number of climate fintech companies around the world in recent years has helped enable and accelerate the global financial sector towards a more sustainable future.
Climate fintech refers to the coming together of climate, finance, and digital technology.
Singapore, in particular, has made impressive strides here – and our hope is that other Asian markets will be able to follow in its footsteps.
Growth potential
The climate fintech sector – which includes everything from green digital payments and investments to digital ESG data analytics and green regtech (the use of information technology to enhance regulatory processes) – has much potential.
It is also constantly evolving, with discussions continuing to take place between industry stakeholders and authorities on how best to manage a range of sustainability related issues.
Still, despite fintechs accounting for more than 50 per cent of all start-ups globally, climate fintechs remain a relatively small subset of start-ups, representing less than 8 per cent of the industry. In Asia, the figure is smaller still, and the sector is in its infancy compared to other developed economies, particularly Europe, which has led the way in sustainable finance adoption in recent years.
