DPM Heng Swee Keat at the Launch of the Asian Institute of Digital Finance on Friday, September 3, 2021
iAPPS and FundON were highlighted during his opening speech as some of the first financial institutions participating in key initiatives developed by the Asian Institute of Digital Finance.
The Asian Institute of Digital Finance is contributing to green finance. It has established a Green FinTech collaboration with MUFG, two Singapore-based FinTechs – iAPPS and CriAT, and a few NGOs including the Zoological Society of London. This collaboration seeks to develop evidence-based approaches to measure green initiatives in agricultural supply chains, using IOT and satellite maps.
In efforts to tackle present challenges related to climate change, the Asian Institute of Digital Finance has established a Green FinTech collaboration with multiple organisations, including iAPPS, the parent company of iAPPS Green Financial Group.
Under this collaboration, a patent has been granted to iAPPS and MUFG Bank for a Digital Loan Platform, effective as of August 19, 2021.
This collaboration makes iAPPS a key contributor to the Asian Institute of Digital Finance’s goal to catalyse a green recovery through finance, and position Singapore as a key node for green finance and Green FinTech.
This Consortium is Singapore’s first federated learning platform for the finance sector. I hope this is the start of the next big step for data sharing in the industry, and a new paradigm for collaboration. A number of financial institutions – including several AI-driven ones such as Funding Society, FundOn, and GreenArc – have committed to join the Consortium. I look forward to more doing so. The Consortium will be launched by the end of the year. And we hope to expand this collaboration to other parts of Southeast Asia, where there are huge unmet SME financing needs.
As part of its efforts to tackle past challenges, the Asian Institute of Digital Finance developed a federated learning initiative to address hesitance by financial institutions to share microdata with one another, due to commercial and competition reasons.
Through the SME Credit Analytics Consortium, financial institutions can learn from the collective experience to develop better assessment models, particularly for defaults and debt recovery.
FundON, a member of iAPPS Green Financial Group, was mentioned in DPM Heng’s opening speech as one of the financial institutions that have committed to join the Consortium.
About iAPPS Green Financial Group
iAPPS Green Financial Group (iGFG) is committed to our vision of achieving a Net Zero Emissions economy through disruptive data innovation, through our mission of empowering green businesses by rewarding green investments through our machine learning enabled green assessment capital market and custodial services platform.
iAPPS Green Financial Group is a subsidiary of iAPPS Pte Ltd, a pioneering financial technology firm that specialises in mobile application development and solutioning.
For more information on iAPPS Green Financial Group, please visit https://igfg.sg/.