On 6 September 2021, the FCA announced that the application window for the second Green FinTech Challenge was open. The first Green FinTech Challenge was held in 2018. The purpose of the Green FinTech Challenge is to support the development and live market testing of new products and services that will aid the transition to a net zero economy.
The Green FinTech Challenge is open to start-ups, incumbents and technology providers that meet the eligibility criteria which is further specified on the FCA’s webpage. The FCA is particularly interested in firms that are developing innovations in the area of Environmental, Social and Governance (ESG) data and disclosure. The FCA gives the example of products and services that will:
- enable transparency in disclosure and reporting on sustainability by companies along the investment chain; and
- help consumers better understand the ESG characteristics of relevant products and providers they engage with, as well as provide visibility around alternatives aligned with their needs and preferences.
The deadline for applications is 15 November 2021.
Once the application window has closed, the FCA will assess all applications and select a number of firms that meet the criteria. Successful applicants will be notified in early 2022, and a list of successful Green FinTech Challenge firms will be published on the FCA’s website.
