Cogo, the sustainability fintech that works with banks to help customers lower their carbon footprint, has played a key
role in ensuring the latest update to Bank of China (Hong Kong)’s Personal Finance Management offering was built with
the planet in mind. As of today, a number of pilot customers now have the ability to measure their carbon emissions and
understand their carbon footprint off the back of spending habits directly via their banking app.
“Global markets are primed for a dramatic shift towards sustainability as consumer expectation and regulatory pressure
for more responsible behaviour increases. Banks and large corporates in Asia are realising that now is the time to focus
on partnering with innovative fintechs as a way to accelerate these efforts using proven innovation. We’re excited to be
working with Bank of China (Hong Kong) to offer their customers cutting-edge solutions that help them to take meaningful
action on their desire to reduce their impact on the planet,” comments Ben Gleisner, Cogo’s Founder and CEO.
This is the customer-facing launch of Cogo’s carbon calculation smarts in the Greater China region, after two successful
proof-of-concepts with leading banks in the region.
Cogo established its first banking partnership with NatWest in November 2021, and now works with 20 banking partners
globally, with an estimated reach of 30 million potential users.
How it works
The Cogo Personal and Business Carbon Manager solutions calculate carbon footprints for both individuals and businesses,
and can provide personalised recommendations on ways to lower carbon footprints. It does this by assigning an ‘emissions
factor’ to each categorised transaction.
Unmatched accuracy
Cogo uses country-specific emissions data and carbon models to calculate customers’ carbon footprint in real time
(whether for an individual or business) including each industry’s direct emissions and supply chain emissions (the
embodied carbon of products and services).
“Supported by the world’s leading experts, academics and institutions, including Mike Berners Lee and Industrial Ecology
Lab, we’re delivering the most granular-level market emission factor data. This accuracy has been built into the carbon
tracker created for Bank of China (Hong Kong)’s personal mobile banking app and is set to become a key driver of
customer engagement,” explains Ben.
Continued growth into Asia
Cogo recently celebrated placing first in the Hong Kong Monetary Authority's Green Fintech Competition in the ‘Net-zero
Transition / Transition Planning’ category; achieving the same victory late last year, with the judging panel commented
on Cogo’s potential to address the pain points of the Hong Kong banking sector; and exceptional efforts and contribution
to the green fintech space. The awards align with the company’s belief that Asia will soon become one of its biggest
markets, in addition to Europe, the UK, NZ and Australia.
Changing the world for good
Climate action, if taken decisively and strategically, can truly change the world for good.
“We’re encouraged by Bank of China (Hong Kong)’s willingness to actively invest in promoting technology that will help
the country transition to a lower carbon economy; and we’re proud of the growing recognition of Cogo's potential to
leave the next generation a more sustainable and fairer world by helping everyone better understand how their spending
affects the climate crisis,” concludes Ben.
About Cogo
Cogo is a carbon footprint management product that helps individuals and businesses to measure, understand and reduce
their impact on the climate. Cogo does this through partnerships with some of the world's largest banks to integrate
leading carbon-tracking functionality into their banking apps.
Cogo uses best-in-class models to provide accurate ways to measure carbon emissions specific to local markets and
cutting-edge behavioural science techniques to nudge customers to make more sustainable choices.
Cogo currently works with 20 banks, with plans to double this in the next twelve months. Founded in 2016, Cogo, operates
in 12 countries across Europe, Australasia and North America (including the UK, Netherlands, New Zealand, Australia,
Japan, Singapore and Canada).
To find out more information about Cogo, please visit cogo.co.