Developing countries are the unlikely drivers of green finance innovation and they are also leading the way in the use of fintech such as mobile payments. But collaboration is key to making green finance work at scale, said panellists at the Singapore, Green Finance and the Collaborative Challenge event last week. Jointly organised by SMU, the United Nations Environment Programme, and the Singapore Institute of International Affairs, the dialogue featured speakers from the finance sector and national and international regulatory bodies sharing their insights on the nexus between sustainable finance and collaborative action, as well as highlighting the role of sustainable finance in developing carbon-reduction strategies and achieving the Sustainable Development Goals.
Sharing her views on the rise of M-Pesa (a mobile phone-based funds transfer service) in Kenya where 82 per cent of the adult population owns a mobile phone, panel discussion moderator SMU School of Social Sciences Professor of Public Policy and Academic Director of the Master of Tri-Sector Collaboration, Ann Florini, pointed out that besides solving the banking exclusion problem, M-Pesa is also addressing the issue of access to electricity in a sustainable way.