M-DAQ takes the lead in building a sustainable future with carbon net zero pledge by 2023

[30 May 2023, Singapore] - M-DAQ, a Singapore-headquartered fintech company, announced today that it pledges to achieve net zero emissions by 2023 (“Target”) as part of its sustainability strategy. Being among the first in the industry, this milestone not only signifies the company’s commitment towards the transition to a low carbon economy, but also its goal to promote sustainable development in the fintech industry.

For M-DAQ which has a growing global footprint across 8 countries, sustainability is not just a catchphrase, but rather an integral part of its DNA that starts from the top.

“Renewable energy is the common denominator to solving various pressing challenges faced by the world today – from climate change to food supply, ” said Mr. Richard Koh, Founder and Group CEO of M-DAQ. “While we may not be a large carbon emitter, it is still a significant move for us to contribute to a sustainable future with our global presence in 8 countries. We also aim to set an example for our industry peers as it is crucial for us to move forward in the right direction towards addressing climate change together as an industry.”

In his personal capacity, Mr. Koh has been a pioneer in championing for renewable energy use for over a decade and has demonstrated this by switching to electric vehicles and installing solar panels at his personal residence. He has also successfully advocated for solar panel installation at commercial building Novelty BizCentre as the Chairman of its MCST Council, as well as for Kuo Chuan Presbyterian schools as a member of the School Management Committee – paving the way for other similar buildings.

M-DAQ will focus on the following initiatives to achieve a net zero Target for its operational emissions:

• Measurement of Scope 1 and 2 Carbon Emissions. Since 2021, M-DAQ has been monitoring our greenhouse gas emissions based on the Greenhouse Gas Protocol (GHGP) developed by the World Resources Institute and World Business Council for Sustainable Development. M-DAQ is also participating in the LowCarbonSG Programme by UN Global Compact Network Singapore that aims to support local businesses in monitoring and reducing carbon emissions.
• Commitment to Renewable Energy. M-DAQ’s commitment to sustainable practices includes using renewable energy sources, such as solar power generated from solar panels atop its own office buildings and purchasing renewable energy and renewable energy certificates for solar energy generated locally in Singapore.
• Purchasing of Carbon Credits. M-DAQ will be purchasing and retiring carbon credits from reputable and verified sources to offset greenhouse gas emissions from refrigerants and air conditioning.
• Reducing Energy Consumption and Increasing Energy Efficiency. M-DAQ will continue to undertake measures to reduce energy consumption, including but not limited to investing in energy efficient office equipment, and implementing green office policies on electricity and water resources usage.
• Employee Engagement. To foster a culture of sustainability within the company, M-DAQ has established a Sustainability Task Force, comprising members from diverse business functions to work together and engage employees on the importance of climate change, as well other sustainability initiatives.

Through its commitment towards sustainability and climate change, M-DAQ seeks to motivate industry peers to take action on climate change and set targets to transition collectively towards a low carbon economy.