News

OCBC Bank takes first step into digital assets market

Carbon neutralitySingapore-based OCBC bank has partnered with local fintech MetaVerse Green Exchange (MVGX) to develop green financing services aimed at corporates moving to carbon neutrality. The range of products includes tokenised carbon credits in the form of MVGX’s carbon neutrality tokens. The service, which is due to launch later this year, marks OCBC’s first venture in the digital assets market. According to both firms, the project comes at a time when carbon credits are becoming an increasingly popular option for corporates looking to offset their carbon emissions. “With the recently released report by the United Nations' Intergovernmental Panel on Climate Change (IPCC), there will be increased urgency in corporates' transition to a low carbon future by cutting down greenhouse gas emissions,” said Elaine Lam, head, global corporate banking, OCBC Bank “We hope to accelerate these efforts by providing financing solutions with tokenised carbon credits, and expand the reach of private sector finance in areas and sectors most crucial in mitigating climate change.” © 2022 funds global asia

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