Singapore fintechs Stacs and Bluecell will partner to push for industry-wide adoption of blockchain-powered infrastructure to support effective green and sustainability-linked loans.
A key focus in this collaboration is the effective management of green and sustainability-linked loans, which will be spearheaded by Stacs, according to an announcement on Wednesday.
Bluecell, an aggregator of lenders, will connect its loans matching engine to Stacs’ blockchain-based sustainability-enabling technology infrastructure, GreenStacs. The platform will monitor the usage of ESG proceeds using smart contracts, track green/sustainable measurables, incorporate financial incentives to encourage the surpassing of sustainability goals and be the standardized smart ESG data repository for all users.
Sustainability Push
«With the world’s focus turning to ESG, financial institutions have a key role to play in the sustainability push of the next decade, and this is where STACS can come in to empower institutions to effectively and easily achieve ESG goals and do their part to create an inclusive and sustainable ecosystem, via our DLT technology,» Ray Ferguson, Stacs chairman, said in the announcement.
Ferguson, who was appointed as chairman earlier this year, was brought on board to help the fintech startup in fundraising to scale the business, onboard more strategic investors and add industry partners to grow its ecosystem.
Blockchain Solutions
Founded in 2019, Stacs previously partnered with Bursa Malaysia on a blockchain-based trial for bonds, with EFG Bank to co-develop a blockchain platform to simplify the processes of structured products, and with Deutsche Bank on a strategic initiative on digital assets.
In February, Stacs successfully implemented a blockchain-based derivatives solution with BNP Paribas Securities Services and Eastspring, seeing significant boosts in trading efficiency.
