Asia is at a different starting point from Europe – millions of people still do not have access to electricity. Fossil fuels are still the cheapest way to generate energy in many parts of Asia. Yet, there is scope for energy-efficient technologies and renewable energy solutions. Asia’s transition to sustainability will be progressive – through deeper shades of green. Let me describe three ways in which Singapore aims to support Asia’s transition towards greater sustainability: Asian Carbon Credit Market Green Finance Action Plan Green FinTech  Asian Carbon Credit Market Given Asia’s continued dependence on fossil fuels, an Asian carbon credit market must be part of the strategy to achieve both development and sustainability in Asia. Carbon credits are increasingly seen as a complement to firms’ de-carbonisation efforts. 6 / 10  BIS central bankers' speeches  Global demand for voluntary carbon credits is expected to grow 10 times over the next 10 years, from 100 million tonnes of CO2 equivalent in 2019 to over 1 billion tonnes in 2030. But today, carbon credit markets are fragmented, liquidity is thin, and carbon prices vary across markets. We need global coordination to scale up the voluntary carbon credits markets. We need more high-quality carbon credits and more trading of such credits across borders to drive convergence towards a global price on carbon. We need to put in place infrastructure and data connectivity to ensure environmental integrity and avoid double counting of credits.

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.