OCBC calls for pitches with waste management, reduction solutions for Sats; winners get S$80k each

OCBC launched an inaugural sustainability challenge on Monday (Jun 6) calling on companies worldwide to pitch solutions that can address waste management and reduction challenges identified by food solutions provider SATS. 

The challenge will have 3 winners, who will each get a S$80,000 grant from the bank to pilot prototypes for the solutions they pitched at SATS in Singapore, with a view to scaling the solution across its global operations. 

The money may go towards the purchase and development of waste management software and technologies, machinery, and implementation costs, OCBC said in a statement.

The bank also said it will consider providing further support, including additional financing, for the commercialisation of the most promising solutions beyond the initial testbed provided by the challenge.

SATS, which is OCBC’s corporate customer, manage over 250 tonnes of mixed waste each month between January and September last year. The waste includes those from inbound flights at the Changi Airport hub, as well as those generated from its institutional and other catering businesses.

The issues drawn up by SATS relate to the segregation of different types of waste, conversion of waste into byproducts of value, and the design of a business-to-consumer circular waste ecosystem.

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OCBC said the OCBC Sustainability Innovation Challenge was to accelerate the agri-food industry’s shift to more sustainable practices, including the adoption of circular economy practices to reduce or better manage waste.

Subsequent editions of the challenge will delve into sustainability-related issues faced by other industries, it pointed out.

The initiative came as the bank aims to capture green opportunities as its clients and communities transition to a low-carbon world, and establish itself as a regional leader in sustainable finance and investing, it stated.