Green fintech ecosystem in Hong Kong and other Apec economies needs standardised reporting framework and regional collaboration, Ant Group-backed report says
- Standardised taxonomy provides clarity and transparency, enabling investors to make informed decisions and channel funds towards sustainable projects, Ant executive says
- Hong Kong is being positioned as a leader for green fintech in Asia, but access to funding and insufficient structural support are proving to be its ‘greatest’ obstacles: report
The complex green fintech landscape across Hong Kong, Indonesia, Singapore, Thailand and South Korea requires standardised best practices for the alignment of their respective ecosystems, according to the “Green Fintech Report 2023”, which was published by GoImpact Capital Partners, the Chinese University of Hong Kong Business School and Ant Group on Tuesday. Ant is an affiliate of Alibaba Group Holding, which owns the Post.
“By building closer linkages across government regulatory bodies, corporate entities and the fintech sector, we can create an environment that facilitates innovation and economic growth,” Jennifer Tan, Ant’s executive vice-president of strategy development and government affairs in the Greater Bay Area, said during a media briefing at the launch of the report. “Regional collaboration is key to addressing common challenges and driving economic integration.
“It is imperative to establish clear regional policies that promote cross-sector collaboration between governments and regions.”
The report stressed the importance of implementing a regional green taxonomy with global relevance, which would attract more environmental, social and governance (ESG) investments from international sources.
“A standardised taxonomy provides clarity and transparency, enabling investors to make informed decisions and channel funds towards sustainable projects,” Tan said.