Hong Leong Bank’s HLB LaunchPad 2024 invites startups to pitch circular economy solutions, offering mentorship and potential partnerships to drive sustainable business innovation. Top winners will receive cash prizes and funding opportunities.
15 May 2024 – Hong Leong Bank (HLB) has announced the return of its HLB LaunchPad program for its sixth edition, aimed at fostering innovative business solutions that contribute to a circular economy. This initiative aligns with the Bank’s long-term commitment to transitioning Malaysia towards a low-carbon economy.
The HLB LaunchPad 2024 program, themed “Circular Economy Solutions for a More Sustainable Tomorrow,” invites startups and impact organizations to pitch their creative ideas focused on the circular economy. The circular economy is an economic system designed to minimize waste and make the most of resources by reusing, recycling, and regenerating materials and products. Participants can choose to address one of three challenge statements: ‘Enhancing Green Building & Sustainable Infrastructure Solutions,’ ‘Reimagining How Goods are Produced for SMEs,’ and ‘Exploring Innovative Solutions in Waste Management.’
Kevin Lam, Group Managing Director and CEO of HLB, highlighted the Bank’s dedication to integrating environmental sustainability with economic viability. He stated, “As a financial institution with a deep-rooted entrepreneurial heritage, we are constantly committed to future-proofing our businesses by ensuring our operations are both economically competitive and climate resilient. This includes implementing sustainability-focused practices such as reducing our operational carbon emissions by 21% since FY2019, providing green financing, and introducing an ESG Assessment Framework for our business banking customers.”
HLB has a history of supporting environmentally conscious business practices. Through programs like HLB Jumpstart, the Bank offers advisory, marketing expertise, and data analysis to sustainability-focused social enterprises, including Refiller Mobile and Green Hero. Additionally, HLB collaborates with the Small and Medium Enterprises Association (SAMENTA) to host Sustainability Roundtables, providing SME customers with industry insights on integrating ESG considerations.
Alice Goh, HLB’s Head of Payments, Partnerships, and Fintech Ecosystems, emphasized the importance of transitioning from a linear economic model to a circular one. “The circular economy presents a powerful solution to resource management and waste reduction. Our current ‘take-make-dispose’ system is unsustainable, leading to resource depletion and increased waste. At HLB, we are committed to building a sustainable future and empowering entrepreneurs to develop solutions that address the limitations of the linear system, creating a responsible and resilient future.”
Participants in HLB LaunchPad 2024 will receive mentorship from HLB’s top executives and senior management, along with industry leaders from MDEC, MBAN, and Cradle/MyStartup. The top three winners will be awarded cash prizes totaling RM50,000, access to funding through the BNM High Tech and Green Facility, and the opportunity to pilot their solutions with HLB.
Sustainability changemakers, entrepreneurs, and startups are encouraged to apply for HLB LaunchPad 2024 before 20 May 2024. This initiative offers startups a chance to gain invaluable experience, refine their solutions, and potentially establish long-term partnerships with HLB.
For more information and to apply for HLB LaunchPad 2024, visit HLB LaunchPad.
