. partior – a commercial joint venture among jp morgan, dbs and temasek - has been able to achieve reductions in settlement time from days to mere minutes for singapore dollar and us dollar exchanges, using a blockchain based multicurrency cross border clearing and settlement platform. these initiatives by the private and the official sector will help to achieve cheaper, faster and more transparent cross border payments and settlements internationally, and ultimately improving the lives of people. the second problem statement crying for a fintech solution is ensuring a highquality, trusted esg data ecosystem. good esg data is foundational for the climate agenda. first, it facilitates effective management of climate - related risks. many central banks, including mas, are very keen to understand the impact of climate risk for financial stability. second, it enables robust sustainability reporting. quality data is foundational in our fight against greenwashing and in enabling relevant stakeholders to make effective esg - investment decisions. third, it helps to catalyse green and transition finance flows. there is a significant gap between esg data needs and the esg data available. we need good data on firms'carbon footprint, historical carbon emission trends, and compliance with their respective transition targets. we also need data on the climate - related risks their physical assets are vulnerable to. but the esg data acquisition process is often manual, tedious and costly. esg data verification is at a nascent stage. this impacts the credibility of reporting. fintech can be a key enabler in addressing these esg data challenges. 5 / 8 bis - central bankers'speeches data acquisition. fintech firms are offering solutions that connect directly via application programming interfaces ( apis ) to sustainability projects, such as waste management systems, to retrieve relevant environmental and energy consumption data more efficiently and directly. data provenance. distributed ledger technology is being explored to address the issue of verifiability and traceability in data. data for reporting. fintech firms are offering automated reporting tools while staying agile to adapt to various reporting standards. for example, matter analytics offers reporting solutions that help asset managers and banks automatically generate customised and comprehensive impact reports for their clients. fintechs are providing financial institutions with good data and analytics to evaluate and compare esg performance. for example, intensel uses artificial intelligence to examine and monitor climate data and satellite imagery to identify financial risks related to climate change. in short, we need fintech to do in the sustainability space what

contingent on these uncertain technological developments. a key dimension that asset managers will need to build into their portfolios is climate resilience. they need to ask some searching questions. how will climate change affect the businesses that the portfolio is invested in? which are the firms in the portfolio that have not made credible efforts to decarbonise their operations? what are the investments that run the risk of being stranded assets in a net - zero world? what are the investment opportunities as the world transitions to a low - carbon economy? there have been significant policy moves on the sustainability front that will attract keen investor interest in the years to come. in us, the introduction of the inflation reduction act will direct nearly $ 400 billion in federal funding to incentivise low - carbon investments – in areas such as clean energy generation and storage, electric vehicle manufacturing, and carbon capture. in europe, the repowereu plan will mobilise up to €300 billion of investment in areas such as renewable energy, storage and energy efficiency, to achieve the 2030 target of a renewables share of 45 % in energy production. there are also significant opportunities for sustainable investing in asia. according to mckinsey ’ s estimates, net zero by 2050 would require about us $ 9. 2 trillion of investment per year. out of which, around one - third or us $ 3. 1 trillion would be in the asia pacific. southeast asia has high potential for climate action. estimates from bain shows that five sectors - renewable energy, electric vehicles, forest conservation, built environment and sustainable farming - account for 60 % of southeast asia ’ s carbon abatement potential [ 7 ]. for example, renewables such as solar and wind will reach an annual us $ 30 billion opportunity by 2030, while electric mobility will be an annual us $ 50 billion opportunity by the same period. to meet these needs, we need to catalyse blended financing. many green and transition projects in emerging markets pose risks that are not commensurate with their expected returns. we need catalytic or concessional capital from multilateral banks, public and philanthropic sources to improve project bankability and crowd in private sector capital. we need to strengthen the financial ecosystem to deploy blended finance at scale. this involves looking beyond the financing of individual projects and moving to a portfolio approach whereby concentration risks can be reduced through a diversified pool of assets. for instance, via multi - asset funds which invest in small scale renewable energy projects in specific markets