SINGAPORE, May 29, 2020 /PRNewswire/ -- Singapore Space and Technology Limited (SSTL) is pleased to announce its collaboration with the World Bank Group for the Humanitarian Assistance and Disaster Relief (HADR) Challenge. This challenge supports the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), which has developed a regional catastrophe risk pool for flood risks developed by and for Cambodia, Lao PDR, and Myanmar.
In 2019, the World Bank partnered with Singapore and Japan to support the establishment of SEADRIF, a platform for ASEAN countries to access disaster risk financing solutions and increase financial resilience to climate and disaster risks.
Launched to stimulate and tap into the creativity of companies, start-ups, research groups, or even students, the challenge seeks functioning solutions using satellite imagery to improve real time information about the risk and extent of flooding across ASEAN.
Through this challenge, SSTL hopes to foster relationships between countries in Southeast Asia to build a thriving and collaborative regional space ecosystem.
"Remote sensing satellite technology has become a critical tool for real-time disaster management. We launched the HADR Challenge to tap into the ingenuity of space tech companies to find novel and translatable solutions. We want to show how space tech can help humanity, and in the process build bridges between communities," said Ms Lynette Tan, Chief Executive, Singapore Space and Technology Limited.
SEADRIF also provides ASEAN countries with advisory and financial services for post disaster rapid financing to reduce their impact on people and their livelihoods. The challenge aims to better deploy satellite data for improved flood monitoring across ASEAN and inform SEADRIF financial instruments.
"This partnership is a great opportunity to leverage the strong space and technology expertise in ASEAN and beyond, to continue supporting SEADRIF in developing technical and financial solutions for its member countries to better manage the impact of disasters and climate shocks. We look forward to seeing new solutions emerge through the HADR Challenge," said Olivier Mahul, Practice Manager, Crisis and Disaster Risk Finance, World Bank.
Registrations for HADR Challenge 2021 opened on 18 May 2020. To-date, the Challenge has on board Kayrros (France), SatSure (India), Synspective (Japan) and organisations from Italy and Singapore. SSTL and World Bank are expecting more international companies to sign up in the coming weeks.
About Singapore Space and Technology Limited (SSTL)
Singapore Space & Technology Ltd (SSTL), previously Singapore Space and Technology Association (SSTA), is a leading non-government space organization in southeast Asia.
As a resource for government and business community, SSTL serves as an advocate and thought leader, spearheading the adoption of space-related technologies, and fostering partnerships between various stakeholders to promote and grow the regional space ecosystem. www.space.org.sg
SEADRIF is a regional catastrophe risk pool akin to a reinsurance-based disaster liquidity facility, designed to provide participating countries in Southeast Asia affected by natural disasters with immediate rapid response financing. Countries participating in the SEADRIF also benefit from advisory services at the national level to build and implement comprehensive disaster risk finance strategies as well as the development of innovative joint regional financial solutions. Initially focused on Cambodia, Lao PDR, and Myanmar, SEADRIF could expand to other countries to strengthen regional cooperation and financial resilience.
SOURCE Singapore Space and Technology Limited