. 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

payments across any corridor to come down to less than 3 % of transfer value. wider access. the model will enable connectivity for all users of fast payment systems : banks as well as non - bank financial institutions. greater transparency. a payment sender will have upfront certainty of fees due, and immediate update on transaction status. high security. the central platform leverages on the strong security and risk mitigation protocols built into national faster payment system. the ten members of the association of southeast asian nations, or asean, have a shared vision of a multilateral network of payment linkages across asean by 2025. mas believes that project nexus can be a key enabler towards realising this vision. asean is well placed to be a first - mover on this multilateral solution. in fact, as this network expands, we hope to see more countries coming onboard as we build connectivity from asean to the rest of the world. linking faster payment systems solves the cross - border payments problem but not settlements. while cross - border payments can be made instantaneous through such linkages, the settlement process for such payments only happens sequentially. it goes through a series of correspondent banks and depends on the jurisdictions'respective settlement cycles. the delays could be aggravated by difference in cut - off time and compliance requirements between different intermediaries. this is where the second solution comes in : a multi - cbdc common platform. a common ledger utilising distributed ledger technology can potentially act as the global settlement layer for participating banks. wholesale cbdcs, which are direct liabilities of central banks, are well suited to be used on such a distributed ledger to support simultaneous settlement, or the exchange of two linked assets in real - time. 3 / 8 bis - central bankers'speeches the bank for international settlements is exploring the setup of a multi - currency settlement network. in such a network, participating commercial banks will be able to transact with foreign counterparties without going through correspondent banks. they do this by exchanging directly with one another the cbdcs they have been issued, thereby reducing settlement time and cost. the bis innovation hub is carrying out different multi - cbdc platform experiments across its swiss, hong kong, and singapore centres. project jura in the swiss centre is exploring the direct transfer of euro and swiss franc wholesale cbdcs between french and swiss commercial banks on a single distributed ledger platform operated by a third party. the project has examined how trades in tokenised assets and foreign exchange are