PIMFA WealthTech, Morningstar unveil ESG tech sprint for FinTech innovators


PIMFA WealthTech, in partnership with Morningstar, has announced its latest Tech Sprint, inviting FinTech companies to demonstrate their new solutions.

This initiative, announced on 5 March 2024, seeks to galvanize high-growth FinTechs, particularly those in the post Seed/Series A funding stage, to showcase how their innovative technologies can contribute to the ESG landscape. A notable emphasis is placed on the integration of Morningstar datasets within these technologies, leveraging APIs, Open Data, and Artificial Intelligence (AI) to advance sustainable finance.

Scheduled to be highlighted at the Morningstar Investment Conference on 1 May, this initiative underscores the growing imperative for wealth managers, advice firms, and regulatory bodies like the Financial Conduct Authority (FCA) to pivot towards transparent and consistent ESG practices. The move aims to counteract ‘greenwashing’ and foster trust in sustainable investments. Research underscored by PIMFA last year illuminates the burgeoning challenges and opportunities within the ESG data market, highlighting the indispensable role of innovative technology in refining climate-related disclosures and ESG integration within the financial services sector.

The collaboration between Morningstar and PIMFA WealthTech over the past year, through various Tech Sprints, has aimed at addressing key issues within the wealth management and advice sector. These efforts are directed towards enhancing customer-centric technologies to meet the evolving needs of wealth managers under the Consumer Duty guidelines and facilitating efficient client profiling, onboarding, and experiences.

Richard Adler, Executive Director of PIMFA WealthTech, emphasizes the critical role of technology in meeting FCA sustainability disclosure requirements and investment labels policy, to better serve their clients and increase trust in sustainable investments. Anastasia Georgiou, Director of Client Solutions, Adviser Segment, EMEA at Morningstar, echoes this sentiment, highlighting the partnership’s goal to foster innovative solutions that address the challenge of managing vast ESG data for accurate reporting and disclosures.

As this initiative unfolds, it represents a pivotal moment for the FinTech sector, showcasing the potential of technology in revolutionizing ESG and sustainable finance, ensuring that the industry remains at the forefront of ethical and responsible investment practices.

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