Singapore fintech firms Bluecell Intelligence and Hashstacs (STACS) have agreed to jointly commercialize an industry-wide, blockchain-powered infrastructure to support sustainability-linked loans.

Under the agreement, Bluecell will connect its live end-to-end loans matching engine integrated with MyInfo (the government’s one-stop data platform) to STACS’ sustainability-enabling technology infrastructure, GreenSTACS, which is powered by distributed ledger technology (DLT).

STACS’ live DLT platforms support the trade lifecycle management of securities, and environmental, social and governance (ESG) financing dimensions encompassing green and sustainability-linked bonds and loans.

Bluecell recently launched a digital lending platform for small and medium-sized enterprises (SME) loans. It strives to provide better solutions and efficient systems through the online platform where loan dealings can be done in a faster and more advanced way. SMEs can reach multiple lenders with just one single application with various financing options.

Bluecell is onboarding lenders and partners at a fast pace to provide value and more options to its customers. Most recently, Bluecell announced its partnership with CIMB Bank to allow SMEs to apply for corporate accounts well as other financing instruments online, to help them with their working capital and transactional needs.

GreenSTACS seeks to enhance the management and monitoring of the usage of proceeds through smart contracts, execute real-time tracking of green and sustainable activities, incorporate financial incentives to encourage corporates to surpass sustainability goals, and be the standardized smart ESG data repository for all users.

The collaboration also seeks to create a common infrastructure open to all financiers and eliminate the risks of double-lending and corporate fraud.

STACS chairman Ray Ferguson says: “With the world’s focus turning to ESG, financial institutions have a key role to play in the sustainability push of the next decade, and this is where STACS can come in to empower institutions to effectively and easily achieve ESG goals and do their part to create an inclusive and sustainable ecosystem, via our DLT technology.”

Bluecell CEO Vince Wang adds: “We hope to level the playing field for green micro and SMEs that hire 90% of our workforce – to obtain adequate financing from sustainability-linked lenders while enjoying equal treatment and exposure to various opportunities.”