TRACE blockchain by IFAD wins Sustainable FinTech Award
TRACE blockchain by IFAD has won the Sustainable FinTech Award at The Global FinTech Awards.
The International Fund for Agricultural Development (IFAD) has developed TRACE, a blockchain-based solution that integrates Environmental, Social, and Governance (ESG) factors to promote sustainable finance in developing regions.
TRACE operates across seven countries, providing real-time tracking and reporting of funds, enabling IFAD to support projects that focus on climate adaptation, women’s empowerment and sustainable farming.
With over USD$23 billion invested to date and an active portfolio of 250 projects, IFAD’s TRACE platform ensures that 45 cents of every dollar goes towards climate resilience and that 50% of every project benefits women, enhancing the impact of financial interventions.
TRACE operates on the Ethereum blockchain, which, following its transition to a proof-of-stake model, reduces energy consumption and transaction costs, making it more eco-friendly than other blockchain platforms.
The system enables smallholder farmers to request loans and grants digitally, ensuring funds are directed towards sustainable agriculture practices.
It further enhances transparency by automating the traceability of funds, moving away from traditional paper-based reporting to a fully digital process. This ensures that all investments are tracked in real-time, with clear accountability for their environmental and social impact.
The platform’s success is evident in projects like those in Kenya and Bangladesh, where TRACE has helped manage funds for climate-smart agriculture and sustainable fisheries, benefiting millions of smallholder farmers.
The integration of IoT devices enables the logging of environmental data, providing metrics on carbon emissions and verifying sustainability claims.
TRACE also fosters collaboration across public, private and non-governmental sectors, strengthening partnerships and driving innovation in sustainable finance.
By providing a transparent and accountable framework for green finance, TRACE is setting new standards for ESG-driven financial activities in developing regions.
The awards
Launched in 2024, The Global FinTech Awards 2024 debuted at FinTech LIVE London Global Summit 2024.
Across 14 categories, the awards celebrated those companies, professionals and projects that consistently ensure that excellence and innovation lie at the forefront of their work.
The awards set a benchmark for excellence across the industry and drive innovation in payment technology, digital banking, fraud verification and more.
“It was an honour to spotlight such a wide range of incredible companies at the inaugural FinTech Awards,” said Glen White, CEO of BizClik, FinTech Magazine.
“At a time where digital inclusion and easy access to finance is crucial for fostering economic growth, reducing poverty, and promoting social equity, it is important to celebrate the success of those in the fintech industry that are revolutionising traditional financial services through the integration of technology.
“To host the awards during FinTech LIVE London is an incredible moment for the sector to celebrate, we encourage many more companies to enter our awards for 2025.
“Thanks to every company that entered - it's important that you stay focused, motivated and continuously innovate and I am excited to see so much more of Generative AI when we meet again in a year’s time.
And a big congratulations to every company who entered, those that are highly commended and of course to our 14 winners – we appreciate your input more than you know.”
The Sustainable FinTech Award
The Sustainable FinTech Award celebrates companies that demonstrate excellence in leveraging financial technology to drive sustainable and responsible practices.
- How does your Sustainable FinTech solution integrate ESG factors to promote sustainable investments and financial decision-making?
- What innovative features or functionalities does your platform offer to facilitate green financing or sustainable investing?
- How does your solution measure and report the environmental and social impact of financial activities?
- How does your platform foster collaboration and partnerships to drive sustainability within the financial industry?
Shortlisted companies included-
- auxmoney
- Ethic
- Manaos
- TRACE blockchain by IFAD
- Wells Fargo
Highly Commended: auxmoney & Ethic
auxmoney and Ethic are making notable strides in sustainability, leveraging fintech innovations to integrate ESG factors and promote responsible financial decision-making.
auxmoney, a frontrunner in financial inclusion, operates a leading digital lending platform in Europe, with a cumulative volume of approximately €6 billion by mid-2024.
At the heart of its sustainability strategy is the issuance of Social Bonds, designed to provide institutional investors with an attractive asset class that drives social impact.
These bonds help fund loans for underserved groups such as students, pensioners, low-income households and the self-employed—borrowers often excluded from traditional banking systems.
auxmoney has issued four Social Bonds, totalling €1.325 billion, contributing to the development of the European market for sustainable Asset-Backed Securities.
With transparent ESG reporting and a dedicated Social Bond Report, auxmoney demonstrates the tangible social benefits of its lending activities, such as improving borrowers' financial health and resilience.
Additionally, the company’s commitment to reducing its carbon footprint through green energy initiatives and participation in the Düsseldorf Climate Pact reinforces its focus on environmental sustainability.
Ethic, meanwhile, is revolutionising sustainable investing by offering a personalised platform that aligns investors' values with its financial goals.
Its multi-asset portfolios allow wealth advisors to construct investments that prioritise environmental and social concerns.
A key innovation in 2023 was the launch of Ethic’s Biodiversity & Ecosystems investment solution, which integrates cutting-edge research to promote investments that support ecological sustainability.
Ethic’s platform also includes proprietary data models that improve the impact of portfolios by around 15% relative to benchmarks, allowing clients to see the real-world effects of their investments.
Additionally, Ethic’s educational initiatives, such as its new video studio and interactive portfolio reports, help advisors communicate the value of sustainable investing, fostering deeper engagement with responsible financial practices.
Both companies exemplify how fintech can drive sustainability, offering solutions that combine financial inclusion and environmental responsibility with cutting-edge technology.
The Global FinTech Awards 2024
Thanks to our esteemed panel of industry leaders who judged the awards:
- Stephen Roche, President and Co-Founder of Saphyre
- Nick Levy, Partner at IBM Consulting
- Daniel Yubi, Chief Executive Officer at Payable
- Jaideep Pawar, Founder & CEO of GRAMePAY
- Steve Suarez, External Advisor at Bain & Company
- Georgios Samakovitis, Professor of FinTech at University of Greenwich
- David Palmer, Blockchain Lead Vodafone Business IoT at Vodafone Business
- Russell Fisher, COO Admiral Pioneer at Admiral Group
- Jsmeet Narang, Chief Transformation Officer and Director of Financial Crime at Santander
The full list of awards categories for 2024 is:
- Digital Banking Award
- Payment Technology Award
- Financial Services Award
- AI in FinTech Award
- Fraud & ID Verification Award
- Sustainable FinTech Award
- Finance Technology Award
- FinTech Consultancy Award
- Future Leader Award
- Executive of the Year Award
- Project of the Year Award
- Lifetime Achievement Award
- Social Enterprise Award
- Start-Up Award
Essential diary dates for 2025
FinTech LIVE continues to expand its LIVE events with more to come in 2025 discover the essential diary dates below.
2025:
- FinTech LIVE Singapore | 25 February
- InsurTech LIVE | 1 May
- FinTech LIVE Dubai | 6 May
- FinTech LIVE New York | 17 June
- FinTech LIVE London | 7-8 October
- FinTech Awards | 7 October
Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.
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