HSBC has joined the funding round of MioTech, a sustainability data and technology provider.
MioTech helps companies in China monitor their ESG (environmental, social and governance) data.
HSBC’s Strategic Innovation Investments Team invested in an additional round to MioTech’s Series B.
Investors include ZenFund, Horizon Ventures, Moody’s and TOM Group.
What does this mean?
ESG is an increasing factor in the decisions of companies – and especially banks – when it comes to investing. Stakeholders are increasingly pushing for more sustainable investing opportunities. MioTech plans to launch more datasets covering Asia and Europe over the coming year, and says it will also develop software to “address the specific climate and sustainability challenges faced by financial institutions, corporations and governments”.