In the press release, “Bluecell Intelligence and STACS Partner to Build Blockchain Infrastructure and Support Green Loan Projects,” published on March 31, 2021 by Bluecell Intelligence on PR Newswire, the company informs us that several changes are being made to the press release. The full and corrected version follows:
Singapore finTechs Bluecell and STACS announce collaboration towards industry-wide blockchain-based infrastructure to support efficient green and sustainable lending
SINGAPORE, March 31, 2021 / PRNewswire / – Bluecell Intelligence Pte Ltd (“Bluecell”) and Hashstacs Pte Ltd (“STACS”) today announced a new collaboration to jointly market a common industry-wide technology infrastructure to green and sustainability, “GreenSTACS”, which runs on top of STACS ‘patent pending Blockchain technology. The partnership is primarily focused on supporting efficient green lending linked to sustainability, among other environmental, social and governance (ESG) financing formats.
The agreement formalizes the partnership and mutual commitment between Bluecell and STACS at the strategic and operational level. Bluecell will connect its end-to-end loan matching engine integrated with MyInfo, to STACS ‘sustainability technology infrastructure, GreenSTACS, powered by Distributed Ledger (DLT) technology.
STACS is a leader Singapore-seat ftechnology development company providing transformative technology to the financial services industry. Its live DLT platforms support securities lifecycle management and ESG funding dimensions encompassing green and sustainability-related bonds and loans. STACS is the 2021 FinTech The Asset Triple A Digital Awards start-up, as well as a winner of the MAS Global FinTech Innovation Challenge Awards 2020. Recently, STACS announced collaborations with leading institutions such as Deutsche Bank, BNP Paribas , Eastspring Investments and Bursa Malaysia.
Bluecell recently launched a digital lending platform for loans to small and medium-sized businesses (SMEs). It strives to provide better solutions and efficient systems through the online platform where loan operations can be done in a faster and more advanced way. SMEs can reach multiple lenders with a single application with various financing options. Bluecell integrates lenders and partners at a rapid pace to deliver value and more options to its clients. More recently, Bluecell announced its partnership with CIMB Bank, to enable SMEs to apply for corporate accounts and other financing instruments online, to help them with their working capital and transactional needs.
A key element of this collaboration is the effective management of green and sustainability-related loans, which will be led by STACS. After doing a lot of work in the green ftechnology space, the synergistic link between different data sources, various technologies and the collaborative efforts of STACS and its partners, can enable not only financial institutions, but also entities in all sectors to achieve ESG objectives through to the optimization and support of ESG technologies. As a lender aggregator, Bluecell can offer green and sustainability linked loans. Borrowers integrating green into their businesses can apply for loans through the platform from pro-green lenders on better than market terms.
The platform is aligned with the Monetary Authority of Singapore (MAS) ‘s focus on the green ftechnology. GreenSTACS, as a common technology infrastructure, would improve the management and monitoring of the use of ESG products through smart contracts, perform real-time immutable monitoring of green / sustainable measurables to impact reports for actionable information, would incorporate financial incentives to encourage exceeding sustainability goals and be the smart and standardized ESG data repository for all users. With its partnership with Bluecell, a common infrastructure open to all financiers can be created, to eliminate the risks of double lending and corporate fraud.
Ray ferguson, President of STACS, said: “With the world’s attention turning to ESG, financial institutions have a key role to play in promoting sustainability for the next decade, and this is where STACS can. intervene to enable institutions to achieve ESG efficiently and easily. goals and do their part to create an inclusive and sustainable ecosystem, through our DLT technology. “
Vince wang, CEO of Bluecell said: “In addition to large companies that have opportunities to participate in issuing and securing green and sustainability-related bonds and loans, Bluecell hopes to level the playing field for micro and small businesses. companies that hire 90% of our workforce﹣ obtain adequate financing from lenders linked to sustainability, while enjoying equal treatment and exposure to various opportunities, to that of the big players. “
STACS (Hashstacs Pte Ltd) is a Singapore FinTech development company with a vision to deliver transformative technology for the financial industry, with its comprehensive infrastructure of green institutional and live ESG platforms that simplify global markets. STACS is leading the way in digitizing assets, processes and documents using its patent pending STACS Blockchain technology. Its clients and partners include global investment banks, national stock exchanges, custodian banks, asset managers and private banks. STACS is the 2021 FinTech Asset Triple A Digital Awards startup, winner of the Monetary Authority of Singapore (MAS) Global FinTech Innovation Challenge Awards 2020, a technology partner of the Ubin project led by MAS, and also a two-time winner of the Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant, within the framework of the development of the financial sector Fund administered by MAS. STACS remains committed to its mission of enabling financial institutions to discover new opportunities thanks to its technology.
Bluecell Intelligence (BCI) provides an integrated, end-to-end lending solution for business owners, lenders, loan consultants and intermediaries in Singapore. We help create an inclusive environment for MSMEs and SMEs to secure finance from lenders known on their growth journey.
The credit ecosystem in Singapore is fragmented and lacks consolidated information. At BCI, we seamlessly aggregate lender offerings, supporting SMEs with robust, data-driven technology. Our platform allows ecosystem participants to communicate and facilitate loan applications online, anytime.