CO2X, a new joint venture (JV) formed by Singapore-based tech firms STACS, Ascent, and Evercomm, has signed a memorandum of understanding (MoU) with executives from the transportation, logistics, and finance sectors to provide green solutions for local businesses.
Lim Chee Kean, chairman and co-founder of CO2X and the CEO of Ascent / Photo credit: Ascent
The signing of the MoU was witnessed by Law Chung Ming, executive director for transport and logistics at Enterprise Singapore, and Kwok Quek Sin, executive director of green fintech at the Monetary Authority of Singapore.
As part of the deal, the JV will develop a platform that will provide local small and medium-sized enterprises (SMEs) with accessible carbon tracking solutions and green financial services through a data-driven approach.
CO2X uses internet of things, blockchain, and data analytics to help businesses and the financial sector navigate the complex regulatory and costly certification frameworks that hinder the adoption and financing of sustainability practices, especially for SMEs.
“Sustainability is an increasingly important and necessary strategy for all companies, across all industries, to stay competitive today,” said Lim Chee Kean, chairman and co-founder of CO2X and the CEO of Ascent. “Companies need to expand their business success metrics beyond the bottom line and recognize the long-term value sustainability creates.”
CO2X will begin testing its beta platform in November 2021 with industry partners such as Bok Seng Group, Chuan Lim Construction, and FoodXervices, among others.
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Companies can use CO2X to track their carbon footprint for benchmarking data-driven emission reduction strategies, which in turn help reduce the fuel and energy costs of doing business. They can also use the data and reports offered by CO2X to undergo green certification against international standards.
While CO2X will initially focus on the transportation and logistics sector, it aims to expand its offerings to other industries such as construction, manufacturing, and hospitality, among others.
Financial service providers like OCBC, United Overseas Bank, and Aviva Singlife have also joined the MoU signing with CO2X to explore opportunities in the future.
Editing by Collin Furtado and Lorenzo Kyle Subido
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