A private sector led coalition in Singapore has identified an opportunity to develop an Asian voluntary carbon credit market at large scale. The Sustainability Alliance for Action, set up under the Ministry of Trade and Industry’s Emerging Stronger Taskforce, has proposed developing a market ecosystem for voluntary carbon credits. Such an ecosystem can facilitate price discovery, improve liquidity, and verify the integrity of carbon credits. The Sustainability Alliance has proposed focusing on carbon credits generated through nature-based solutions. Nature-based solutions are measures taken to protect, sustainably manage, and restore ecosystems …. … measures such as re-forestation and restoring peatlands and mangroves, to sequester carbon and improve biodiversity. Nature-based solutions are an attractive proposition. They can contribute significantly to climate change mitigation and adaptation. Studies show they can potentially provide more than 30% of the carbon mitigation needed globally between now and 2030. Nature-based solutions also contribute to positive social outcomes such as biodiversity, job creation, and improved public health. There is potential in Southeast Asia to generate a large volume of good quality carbon credits through nature-based solutions. According to a study by the National University of Singapore, Southeast Asia has about 120 million hectares of land suitable for re-forestation. The Sustainability Alliance has also prototyped technology solutions to address problem statements in the voluntary carbon credit market. Some examples: Testing the use of artificial intelligence to extract key data from lengthy project documents into more accessible and comparable formats.

SGFinDex underscores an important principle:your personal financial information belongs to you, and you should be able to have a consolidated view of that information. SGFinDex could well transform financial planning in Singapore. By breaking down information silos, it will enable more holistic financial planning. Authorised financial institutions will have to compete harder among themselves to provide quality financial planning services to their customers. It will empower and enable Singaporeans to enhance their financial well-being. FINTECH FOR AN INCLUSIVE SOCIETY – SMALL AND MEDIUM ENTERPRISES Besides individuals, small and medium enterprises are the other focus of Singapore’s FinTech agenda for a more inclusive society. An effective way to enhance the digital inclusion of SMEs is to get them plugged into common digital platforms that will enable them to enhance efficiency and expand their business opportunities. I will highlight how digital platforms are helping Singapore SMEs in three areas: seamless cross border trade enhanced access to global opportunities efficient multi-currency payments and settlements  Seamless Cross Border Trade – Networked Trade Platform In a small market like Singapore, to achieve scale, SMEs will have to sell their goods or services overseas. But cross-border trade can be painfully complicated. It involves multiple parties: from government agencies, logistics and services providers to trade financiers and insurers, and countless documents often with duplicative data. Singapore Customs has developed the Networked Trade Platform, or NTP for short. NTP is a one-stop trade and logistics ecosystem which digitally connects players across the trade value chain – in Singapore and abroad.