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How FinTechs Can Contribute to the World’s Sustainability Goals: New Report by Elevandi
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The report, jointly produced by McKinsey & Company, Elevandi and the Monetary Authority of Singapore draws on insights shared at the ESG track of the Singapore FinTech Festival 2022
The report, jointly produced by McKinsey & Company, Elevandi and the Monetary Authority of Singapore draws on insights shared at the ESG track of the Singapore FinTech Festival 2022
Singapore, 8 February 2023: A new report – SFF 2022 Insights: Enlisting FinTech To Help Create a Sustainable Future – jointly produced by McKinsey & Company, Elevandi and the Monetary Authority of Singapore (MAS)— showcases how FinTechs can contribute towards a greener future.
Key insights from the report include:
The report draws from the environment, social, and governance (ESG) track of the Singapore FinTech Festival 2022 (SFF 2022) that took place between 2-4 November 2022, and includes insights from respectable leaders present at SFF 2022. These include Anthony Tan, Co-Founder & Group CEO at Grab, Eric Lim, Chief Sustainability Officer for United Overseas Bank, Helge Muenkel, Chief Sustainability Officer for DBS Bank, Mark FitzPatrick, CEO at Prudential, Nikhil Rathi, Chief Executive of the UK Financial Conduct Authority, Ravi Menon, Managing Director of MAS, and Sonam Wangchuk, Founder of Himalayan Institute of Alternatives.
One of the most pressing issues highlighted was sustainability, particularly the critical need to prioritise efforts in this area, both by the FinTech sector and the rest of the world.
Commenting on the launch of the report, Pat Patel, Executive Director of Elevandi said, “Net zero is a massive mountain to climb, and reaching the critical sustainability goal will test society’s capability and commitment. The McKinsey Global Institute has provided a steep estimate – that $275 trillion in capital spending between 2026 and 2050 would be needed.
At Elevandi, we firmly believe that an active dialogue and collaborative projects between the public and private sectors will make a difference. In the first half of 2023, we will continue to bring policymakers, and regulators together with corporates, startups and investors to progress frameworks and concrete initiatives. We’ll be convening key global leaders in Rwanda to focus on inclusive and sustainable FinTech projects and Switzerland to focus on technology and data frameworks required to move the sustainability agenda forward.”
Joydeep Sengupta, Senior Partner, McKinsey & Company said, “Climate change is a major global challenge, and requires sizable investments to meet net zero commitments. The FinTech industry has the ability, and the opportunity, to rise to the occasion and contribute towards ESG, not only by addressing its gaps and problems but also by helping to lead the way. Drawing on research done by McKinsey and the proceedings of the ESG track of SFF 2022, this report provides insights into how FinTech has the potential to help us reach a sustainable future.”
The “SFF 2022 Insights: Enlisting FinTech To Help Create a Sustainable Future” report is one of the seven reports Elevandi will be releasing with consultant partners, which include topics such as Web3 and digital assets, banking for business, balancing innovation and regulation, the future of FinTech in growth markets, and how FinTechs can become more resilient to volatile market conditions.
Read the full reports now on the Elevandi website. Up to 13 more reports will be released in Q1 2023 with insights from the roundtable discussions at the Elevandi Insights Forum at SFF 2022.
ESG stands for Environmental, Social, and Governance. It refers to the three central factors used to measure the sustainability and societal impact of an investment in a company.
FinTech, or financial technology, refers to the integration of technology into offerings by financial services companies to improve their use of financial services.
A net zero economy is one where the amount of greenhouse gases emitted is equal to the amount removed from the atmosphere, aiming to balance emissions and absorption.
Greenwashing is the practice of companies misleading consumers regarding the environmental practices of a company or the environmental benefits of a product or service.
Data collection in FinTech involves gathering and analyzing data to make informed decisions, evaluate market trends, and assess the effectiveness of financial services.
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