Banks back new Singapore sustainability platform for SMEs

A new joint venture formed by three Singapore technology companies has signed up a host of industry players to the development of a platform providing SMEs with carbon tracking tools and green financial services.

Founded by Ascent Solutions, Evercomm and Hashstacs, CO2X is building a business and financial support platform to develop regulatory and cost-saving services that restrict the acceptance and remuneration of service providers, in particular, are SMEs.

The CO2X database promises to help companies track their carbon footprint to finding a common and well-designed plan to reduce air pollution, while others help with oil and energy prices. They can use the data and reports provided by CO2X to test green to global conditions.

CO2X is taking the next step in attracting green Singapore financial services such as insurance-related insurance by providing a carbon-free certificate from the blockchain. Major Banks OCBC and UOB have signed with insurance company Aviva Single MoU to review the plan.

Linus Goh, executive director of OCBC, the world’s largest business, said: “The issue of green today is very clear to businesses in any industry and any environment, but the change indeed, effective methods should be for SMEs to measure and evaluate their carbon levels.

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