Arkreen Showcases at SFF 2023: Empowering MAS with DePIN and ReFi innovation for Cutting-Edge Green Finance Tools in NovA! Pavilion
From November 15 to 17, 2023, the Singapore FinTech Festival (SFF 2023) explores ‘The Applications of AI in Financial Services.’ The event focuses on leveraging cutting-edge technologies like AI, Web3, and digital public goods to accelerate the shift to a low-carbon future and enhance digital economy resilience against climate, technological, and cyber risks.
NovA!, alongside industry leaders such as 8x8, Github, IBM, and ParallelChain Lab, is featured in this year’s SFF Technology Zone Hall3. Guided by the Monetary Authority of Singapore (MAS), NovA! is at the forefront of AI innovation, transforming green financing and combating greenwashing. The overarching theme for this year emphasizes NovA!’s crucial role in empowering financial institutions through Data Intelligence and AI-driven tools to propel Green Finance forward.
Arkreen has garnered attention from the Monetary Authority of Singapore (MAS) for its innovative DePIN (Decentralized Physical Infrastructure Networks) and ReFi(Regenerative Finance) solutions in the ESG FinTech category within the green energy sector and has been invited to actively showcase how technologies like AI, Web3, and the Internet of Things (IoT) can drive the development of distributed renewable energy technologies and contribute to a global zero-carbon future. As a leading project in the DePIN Energy track, Arkreen addresses the critical issue of data trustworthiness in the context of greenwashing, making contributions to reimagining the ReFi system, serving the needs of the underserved, and tackling modern challenges in the digital economy.
The list of companies co-exhibiting with Arkreen includes industry leaders such as HITACHI, PricewaterhouseCoopers Consulting (PwC), Sumitomo Mitsui Banking Corporation (SMBC), Univers Pte. Ltd., Capital Quantum, RELUVATE, arkreen, SINGRASS, each contributing to a diverse and impactful showcase of innovative solutions.
NovA! Empowers Financial Institutions with Data Intelligence and Al-Driven Tools for Advancing Green Finance.
On June 21, 2022, MAS unveiled a groundbreaking initiative to propel sustainable finance into the forefront. NovA!, an Artificial Intelligence (AI) utility, plays a crucial role in revolutionizing green financing and combating greenwashing. In its initial phase, the program focuses on enhancing the ability of financial institutions (FIs) to assess companies’ environmental impact and identify emerging environmental risks. The first use case of NovA! aims to assist FIs in evaluating the sustainability performance of Singapore’s real estate sector.
FIs can leverage NovA! for Environmental, Social, Governance (ESG) risk assessment throughout the lifecycle of sustainability-linked loans. NovA! streamlines operations for FIs by significantly reducing the time and cost associated with data collection, processing, and analysis through the use of natural language processing (NLP) techniques. The ESG use case will be seamlessly integrated with MAS’ Project Greenprint, fostering a transparent, trusted, and efficient ESG ecosystem. Datasets collected via Greenprint will complement NovA!’s insights-generation capabilities, which are accessible to Greenprint partners via APIs.
Sumitomo Mitsui Banking Corporation (SMBC) and PricewaterhouseCoopers Consulting (PwC) as members of the NovA! consortium, have been actively involved in the ongoing collaborative efforts for NovA!’s solution design, data provision, and product validation since the project’s inception.
Arkreen, recognized as a pioneering force in a decentralized green energy data network, takes its place for the first time at the MAS NovA! Pavilion. Alongside all participating companies, it aims to showcase its commitment to sustainable and transformative technologies. Through the global DePIN and ReFi innovation based on a distributed renewable energy data network, Arkreen contributes to Singapore’s development as a reliable and trusted hub for finance, both regionally and globally.
