providers of verification, review and rating services. these service providers are key in ensuring that sustainability targets being set by corporates are material, and to verify that financing proceeds will indeed be channelled to green and sustainable activities. some of them have established singapore as their regional hub to support corporates across asia in building their sustainability capabilities. harnessing technology to enable trusted sustainable finance flows the third key thrust of our green finance action plan is to harness technology to enable trusted and [UNK] sustainable finance flows. fintech has transformed the delivery of financial services ; it can be a game - changer in sustainable finance too. we call it green fintech. we are beginning to see interesting examples. https : / / www. mas. gov. sg / news / speeches / 2020 / harnessing - the - power - of - finance - for - a - sustainable - future 9 / 13 14 / 10 / 2020 “ harnessing the power of finance for a sustainable future ” - keynote speech by mr ravi menon, managing director, mas, at the finan … temasek has partnered the university of oxford on a project that uses satellite technologies to analyse climate risks for assets in the utilities sector. jp morgan is applying artificial intelligence to trawl through non - financial data like patent filings to search for keywords for potential sustainable investments. this year ’ s global fintech innovation challenge organised by mas is seeking solutions to specific challenges faced by financial institutions with respect to sustainability and climate risks. the fintech innovation challenge, organised as part of the singapore fintech festival to be held this december, has received close to 600 submissions from more than 50 countries. some of the shortlisted solutions are really interesting : an online do - it - yourself platform for small and medium enterprises to assess their environmental impact easily and [UNK] ; an ai platform matching institutional investors with a range of social and environmental business opportunities ; and an api - based modelling engine that utilises existing climate - related data ( e. g. weather pattern predictions, sea level, etc. ) to facilitate investment decisions. building knowledge and capabilities in sustainable finance the fourth thrust of our action plan is to build knowledge and capabilities in sustainable finance. we are encouraging financial institutions in singapore to grow their sustainable finance teams here. global banks and asset managers like ing, standard chartered and aberdeen standard investments have dedicated asia - pacific sustainable finance teams based in singapore. deutsche bank has recently located its asia - pacific esg head in singapore ; fidelity global ’ s head of steward

a long period of time have pushed up prices, there is also a considerable risk that the fall from the inflated price level will be very hard once the mood changes. and this will probably have a negative effect on the rest of the economy. it is probably necessary to be most on our guard regarding what developments can be considered sustainable when things appear to be going well. by this i mean times with a high level of growth in the economy and in household incomes, good investment opportunities and low loan losses in the banks. it has happened more than once that a normal economic upturn inspires excessively optimistic expectations of economic developments and the price of risk thus becomes unreasonably low. afterwards it often appears fairly obvious that certain price movements were not rooted in reality. however, during an upturn phase in the economic cycle it is obviously easy to get carried along on a tide of optimism and leave common sense on the shore. many may be pulled in by others acting as though the trend of large profits will continue – assuming that “ so many ” investors surely can ’ t be wrong, even though the fundamental forces indicate otherwise. an investor may also consider it costly to go against the tide and act on the basis of a view that does not appear to be shared by others. in this situation, being the one who points out that current developments are not sustainable and that the expectations are unrealistic may be rather like trying to stop a runaway train with your bare hands. at least, if one lacks the right tools. … the consequences can be severe when the bubble bursts. not all bubbles that arise have serious consequences for the rest of the economy. so are there any common denominators in the worst scenario cases? yes, these cases often involve a loan - financed price upswing in the property market that has accelerated at an untenable rate over a long period of time. and when this kind of bubble bursts, it almost always does so with a bang rather than with a whimper. compare, for instance, the it bubble at the beginning of the 2000s with the current crisis, where a bubble in the us housing market played a key role. although the it bubble resulted in heavy stock market falls and hit many investors hard, the crash did not have major effects on the real economy, which stands in sharp contrast to the effects of today ’ s crisis. the same applies in a comparison with the swedish financial crisis at the beginning of the 1990s. a decisive difference between a stock market bubble