WealthGreen, Singapore’s startup, has launched its new app to disrupt sustainable investing and give retail investors access to the carbon credit market.
The move has generated significant interest from consumers and highlights Singapore's emergence as a key hub for the carbon market. The business was exemplified by Singapore’s Climate Impact X.
As the international community grapples with climate change, carbon credits have become one of the fastest-growing asset classes. WealthGreen’s new app allows users to invest in carbon credit, thereby contributing to global carbon reduction efforts while potentially receiving financial rewards.
The app provides a user-friendly interface, enabling experienced investors and newcomers to participate in carbon credit trading.
Traditionally, users can only purchase carbon credit to offset their emissions. However, as the market predicts demand and prices rise, WealthGreen allows users to buy and resell. The fixed transaction fee is 0.75 USD per order.
Founder Derrick Dao said that the global carbon credit market is expected to grow significantly in the next few years, with projections of reaching between 50 billion and 250 billion USD by 2030, up from the current 2 billion USD.
WealthGreen also stated that every carbon credit on its platform has been verified by third-party organizations such as Sylvera or BeZero and comes from real forests or jungles.
The startup plans to launch the platform in the fourth quarter of 2023, initially in Singapore and Indonesia. Thereafter, the program will be launched in other Southeast Asian markets as well as Hong Kong and Australia. WealthGreen hopes to attract at least 30,000 users by the end of the year.