Singapore yesterday pledged more incentives to encourage green lending, measures that might propel its way in a race to be a global sustainable-financing hub.
It would launch a US$2 billion green investments program, said Singaporean Minister for Education Ong Ye Kung (王乙康), who is also a Monetary Authority of Singapore (MAS) board member.
The central bank’s funds will go to projects with a “strong green focus,” and to “asset managers who are committed to deepening green finance activities and capabilities in Singapore,” Ong said in a speech at the Singapore FinTech Festival.
Photo: Bloomberg
MAS estimates that Southeast Asian nations will need US$200 billion of investments every year until 2030 in projects that benefit the environment and have low carbon footprints.
Three years ago, the central bank launched a project that offers grants of up to S$100,000 (US$73,464) to help companies fund reviews of their bond offerings to see if they comply with green financing guidelines.
As part of the green investments program, MAS would also allocate US$100 million to the Bank for International Settlements’ Green Bond Fund, Ong said.
The central bank is also poised to extend funding for financial-technology initiatives because the five-year round ending in March has yielded positive results, Managing Director Ravi Menon said.
MAS would probably announce new funding plans next year, with possible areas including cybersecurity and artificial intelligence, because the S$225 million program has spurred innovation, attracted new companies and created jobs, Menon said.
“I think it has been money that is extremely well spent,” he said in an interview before the third annual fintech festival opened yesterday. “The most important is that we now have a vibrant fintech ecosystem.”
There are more than 600 fintech start-ups in Singapore, up from about 50 in 2015, MAS data showed. That has bolstered employment at a time when automation has prompted lenders around the world to cut branches and staff.
“We’ve been creating outside of the financial sector about 1,000 fintech jobs each year,” Menon said. “This is significant at a time when the need to create jobs is more paramount than ever before.”
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