I will highlight four ongoing initiatives for the financial and digital inclusion of individuals. pervasive electronic payments affordable cross-border remittances timely health insurance claims holistic financial planning  Pervasive Electronic Payments Fundamental to the digital inclusion of individuals and to the success of a digital economy is the ability to make an electronic payment. By broadening access to a common, inter-operable e-payment infrastructure, we extend the benefits of a digital economy to a wider range of users. Singapore’s retail e-payment infrastructure – FAST – enables 24/7 real-time fund transfers through the banking system. PayNow – which rides on FAST – allows us to send money to the bank accounts of individuals using just their mobile phone numbers or personal ID numbers, and to businesses using their unique entity numbers. This secure, inter-operable e-payment infrastructure has supported a boom in e-commerce and a variety of online services, especially after Covid-19. Four out of five individuals and three out of four active businesses in Singapore have adopted PayNow. PayNow monthly transaction values have crossed the $ billion mark – a four-fold jump from July 2019. From February next year, our e-payment infrastructure will be extended to non-bank ewallet payment providers. E-wallet users will be able to transfer funds in real-time between their e-wallets and their bank accounts, and across different e-wallets. This completes the last mile in Singapore’s journey to create an open and accessible epayment ecosystem. Affordable Cross-Border Remittances But making payments abroad continues to be slow, costly, and inefficient.

Sustainable Singapore 5 / 10  BIS central bankers' speeches  For a sustainable Singapore, we are gradually changing the way we live and work, often with the help of technology. We are making our residential precincts more energy efficient. In the upcoming Punggol Digital District, businesses will be connected to a network of sensors collecting real-time data on solar generation, building occupancy, rainfall and humidity. They can use this information to optimise their energy usage. We are shifting towards cleaner energy. Despite its small size, Singapore is determined to harness more solar energy. We are innovating with applied photovoltaics on building facades and floating solar panels on offshore waters. Singapore is accelerating the deployment of electric vehicles and aims to phase out by 2040 all internal combustion engine vehicles. We are building a Circular Economy where resources are re-cycled. Singapore collects every drop of used water, treats and purifies it, and turns much of it into clean water again. We are beginning to recycle food waste into sustainable animal feed, and waste plastic into alternative fuels. Asia’s Transition to Deeper Shades of Green As a champion of sustainable development, an international financial centre, and a leading technology hub, Singapore is well-placed to support Asia’s journey towards sustainability. Why Asia? Because Asia accounts for about half of global greenhouse gas emissions. But Asia’s transition to a low carbon future has to be consistent with its economic and social development.