Market participants can then use this standardised information to assess the value of projects and price them better. Testing the use of remote sensing technology combined with satellites to more 7 / 10  BIS central bankers' speeches  accurately verify carbon sequestration. This is important to ensure that credits issued from a project represent real and measurable reductions in emissions. Complementing the Sustainability Alliance, DBS Bank, Temasek, the National University of Singapore, and Conservation International have come together to research nature-based solutions. I am pleased to share that they launched just this morning a joint report studying the commercial viability of nature-based solutions. Temasek and DBS Bank are leading a six-month Technology Accelerator for start-ups interested to use technology to scale nature-based solutions. The National University of Singapore, the World Bank, and Google have come on board as partners to the Accelerator. International co-operation remains key to growing the Asian carbon credits market. The Task Force for Scaling Voluntary Carbon Markets, sponsored by the Institute of International Finance, has launched a consultation paper outlining 17 very sensible recommendations. Singapore is keen to work with like-minded countries and businesses to test-bed the recommendations of the Task Force… … and to start laying the foundations for a viable carbon credits market in Asia. Green Finance Action Plan The second way in which Singapore seeks to facilitate Asia’s transition to a sustainable future is through the Green Finance Action Plan, which MAS launched at the FinTech Festival last year.

Efficient Multi Currency Payments and Settlements – Project Ubin Next, making cross-border payments and settlements cheaper and faster for SMEs. This has been MAS’ clarion call since five years ago, when we embarked on Project Ubin to explore the use of blockchain technology to solve one of the biggest pain points for SMEs. The industry consortium and MAS completed the final phase of experimentation in July this year, when we successfully tested a blockchain-based prototype for multi-currency settlement. We have also integrated commercial applications, such as trade and supply chain financing, with blockchain-based payment functionalities. Industry players are now moving from experimentation towards commercialisation. DBS Bank, JP Morgan, and Temasek are leading the development of a digital multi-currency payments network aimed at enhancing commercial cross-border clearing and settlements globally. Pilot trials will commence next year. The goal of cheaper cross-border payments that settle round-the-clock and in realtime is drawing closer. SMEs will greatly benefit when this becomes a reality. FINTECH FOR A SUSTAINABLE PLANET Let me move on to my second big theme: ensuring a sustainable planet FinTech can play an influential role in helping to advance the sustainability agenda. Finance fuels the economy, shapes investment decisions, and drives action. Technology provides solutions to channel finance towards the cause of sustainability. Singapore is deeply committed to global efforts to mitigate climate risk. We contribute in two ways: making Singapore more sustainable; and helping Asia become more sustainable.