UOB FinLab Launches GreenTech Accelerator 2024 And Unveils Shortlisted Malaysian Greentechs

UOB FinLab announced the launch of the GreenTech Accelerator 2024, a six-month regional programme that enables greentechs to grow, transform, forge partnerships and create pilots to address current sustainability challenges on 27 June 2024.

The launch marked the commencement of the six-month programme which will conclude in November 2024 with a showcase day at the Singapore Fintech Festival.

34 companies were shortlisted out of more than 350 applicants. Out of the selected companies, 10 greentechs are from Malaysia.

What is the GreenTech Accelerator ?

The GreenTech Accelerator programme is helmed by UOB’s innovation accelerator, UOB FinLab, and serves as a key initiative to demonstrate UOB’s commitment to sustainability across ASEAN.

The programme is designed to fast-track the development of sustainable technology solutions by providing access to masterclasses, with more than 30 world-class mentors from three countries, as well as UOB FinLab’s vast network of 25,000 industry leaders including businesses, governments, SMEs, and tech suppliers.

This year’s programme will also offer up to SGD100,000 for greentechs to pilot relevant, impactful and deployable solutions with businesses.

During the six months, the selected greentechs will tackle real-world sustainability pain points from more than 50 challenge statements contributed by 27 challenge partners including UOB and external partners such as Encompass and Great Cosmo Industries to co-create solutions for partnerships and pilot projects.

GreenTech Accelerator 2024 builds on the successful inaugural run in 2022 that began in Singapore and saw over 150 applications. The inaugural programme led to the establishment of eight pilots and partnerships and further resulted in more than 160 meaningful business connections.

Now in its second run, this year’s programme is expanding beyond Singapore to UOB’s key ASEAN markets, Malaysia, and Thailand, with the aim to create a positive impact on sustainability.

The Challenge Statements

UOB FinLab worked closely with its corporate partners to issue sustainability-related challenge statements faced by companies and the industry. The selected greentechs will collaborate with their respective challenge statement partners and UOB FinLab to develop innovative solutions that would tackle real-world sustainability issues.

The challenge areas for 2024’s programme are:

  • Circular Economy and Waste Management

  • Energy Efficiency

  • Food and Agriculture

  • Sustainable Cities and Urban Planning

  • Carbon Management and Reporting

This list includes some of the key partners that have contributed challenge statements for the GreenTech Accelerator 2024:

Meet the Shortlisted Greentechs

The 34 selected greentechs participating in the programme this year are from Singapore, Malaysia and Thailand and are split into 5 categories (according to the challenge statements). The list of shortlisted greentechs are:

Name of GreenTech

Description

Country

Category

Bina-Biox Biomaterials

Provides mycelium-based packaging as an eco-friendly alternative to polystyrene, reducing reliance on fossil fuels and minimising waste

Malaysia

Circular Economy and Waste Management

Entomal Biotech

Provides sustainable waste management solutions using black soldier flies, converting organic waste into high-protein feed and fertilizers

Malaysia

Circular Economy and Waste Management

Intllife

Offers smart home software to reduce management cost and enhance energy efficiency in homes

Malaysia

Sustainable Cities and Urban Planning

iVis Technologies

Identifies wastages and inefficient equipment usage through their proprietary cloud-based energy management platform

Malaysia

Circular Economy and Waste Management

Letrik Link Sdn Bhd / CUCUK

Reduces noise and air pollution in Malaysia by promoting the adoption of EVs and transforming heritage sites into EV charging locations

Malaysia

Sustainable Cities and Urban Planning

Materials In Works

Addresses climate change by upcycling paper liner waste from the label industry

Malaysia

Circular Economy and Waste Management

MEC Clearwaste

Provides comprehensive waste management solutions that efficiently converts all forms of waste streams into reusable and recyclable by-products

Malaysia

Circular Economy and Waste Management

Qarbotech

Manufactures photosynthesis enhancers and provides innovative solutions to address food security challenges and climate change

Malaysia

Food and Agriculture

Retragreen

Offers comprehensive services for energy data collection, management, and certification

Malaysia

Carbon Management and Reporting

Wimera Systems Sdn Bhd

Provides technology and consulting for businesses to optimise electricity consumption

Malaysia

Energy Efficiency

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