Singapore – Evercomm, a digital sustainability solutions firm, has announced that it has recently teamed up with privately owned CTBC Bank in Taiwan to use artificial intelligence in green financing and science-based transition planning. This partnership builds on a shared vision of empowering Southeast Asian businesses to transition to a low-carbon economy.
Through the initiative, said companies will collaborate to develop an AI-powered green finance management platform based on the Monetary Authority of Singapore’s AI in Green Fintech initiative.
The new platform will further employ Evercomm’s advanced AI technology, adhering to the bank’s international standards and framework. This move will help assess and manage landing portfolios for the financial institutions, spanning commercial real estate, power-generation financing, and mid-to-long-term corporate loans.
Moreover, said platform will also offer real-time insights, allowing banks to assess the carbon impact of their financing decisions and to track their sustainability targets across various operating branches. Evercomm’s software tools combined with the AI Green Finance Management Platform will also enable financial institutions to accurately measure, track, and simulate carbon footprint reduction efforts, ensuring alignment with global net-zero ambitions.
Beyond these benefits, the partnership further enables CTBC Bank to expand its portfolio of sustainable finance products, including ESG Portfolio Lending and the Corporate Decarbonisation Rating framework.
In addition, the alliance provides key digital solutions that allow enterprises to thrive in a low-carbon economy, including GHG inventory reporting and verification services, target setting and verification services, and emission reduction strategy planning and verification services.
These solutions will support businesses in aligning with global climate standards, meeting sustainability targets, and credibly reporting on progress, which can significantly contribute to businesses’ “virtuous cycle” of obtaining financial support for their decarbonisation efforts, thereby promoting ecosystem growth in cross-border collaborations in sustainable finance.
Ted Chen, CEO at Evercomm, said, “Through our partnership with CTBC Bank, we are bringing robust digital solutions to businesses across Southeast Asia, empowering them to achieve their decarbonisation goals and contribute to the global green transition.”
“More importantly, this collaboration highlights that sustainable transformation knows no borders, and with Singapore as a launchpad, we are excited to extend CTBC’s influence in the Southeast Asia region in its widely awarded and industry-leading efforts to apply sustainable finance to support real-world decarbonisation efforts,” added Chen.
Tony Yang, CEO at CTBC Bank, further shared, “Through the AI-powered Green Finance Management Platform, made possible through our partnership with Evercomm, we are now able to more accurately assess the impact of loan approvals on carbon reduction commitments and monitor changes in the finance portfolio in real-time, thereby strengthening our capability to ensure businesses achieve their decarbonisation goals.”
“Ultimately, this enables CTBC Bank to better facilitate sustainable transformation of industries, promote the implementation of sustainable finance projects that align with international standards, and better leverage the potential of what sustainable finance can achieve to enhance the competitiveness of many industries,” he explained.
The partnership was officially marked by a signing ceremony at the Singapore Fintech Festival 2024, attended by Tony Yang, CEO at CTBC Bank, key Taiwanese officials from the Kaohsiung City Government and the Industrial Technology Research Institute (ITRI), and ecosystem partners from Singapore, including Capital Quantum and Metaverse Green Exchange (MVGX).
