UOB FinLab unveils 15 GreenTech pilots with funding of more than $100,000 to tackle sustainability challenges in ASEAN

SINGAPORE, Nov. 4, 2024 /PRNewswire/ -- 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. 

About UOB

UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer's unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

About UOB FinLab

UOB FinLab is the bank's innovation accelerator that brings the ecosystem together to catalyse business growth and transformation. With a regional presence in Singapore, Malaysia, Thailand, Vietnam and Indonesia, UOB FinLab provides access to a range of business and technology experts, tools and content through The FinLab Online and in-person programmes.

These programmes range from supporting the GreenTech and start-up community in developing solutions, to assisting the Small and Medium-sized Enterprises (SME) community in innovating for business digitalisation and sustainability transformation. Founded in 2015, UOB FinLab has supported and connected with more than 27,000 businesses globally.

Annex: List of 15 pilots from the GreenTech Accelerator 2024