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Fintech for sustainability

In recent years, considerable progress has been made in the areas of both financial technology (‘fintech’) and sustainability. However, up to now, these two areas have rarely come together. The Banking Environment Initiative (BEI) is focusing on taking this promising field further.

The Fintech Taskforce


The Banking Environment Initiative's first initiative towards achieving this was the Fintech Taskforce, which it organised between March and August 2017.

The Fintech Taskforce was premised on the belief that the automation of financial services and their underpinning processes has advanced so far that the application of fintech will stretch beyond the strict provision of financial services. The Taskforce consisted of nine financial institutions, three corporates and four innovative startups. The group made eleven recommendations, informed by three 'use cases'.

If put into practice, these recommendations would see ‘Fintech for Sustainability’ catalysts emerge around the world, heralding a major next step in the application of fintech to help solve some of the world’s greatest challenges.

The BEI is now developing next steps towards achieving this.

 

Catalysing Fintech for Sustainability: Lessons from multi-sector innovation


Fintech now stretches beyond the strict provision of financial services into solving sustainability-related business issues. The BEI report, Catalysing Fintech for Sustainability: Lessons from multi-sector innovation, presents recommendations on how to design collaboration between multinationals, financial institutions and start-ups in order to better harness fintech to help solve sustainability challenges in the real economy.

Blog: Andrew Voysey, Director of Sustainable Finance at CISL discusses why it's time for banks to take a fresh look at fintechs.

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