With greater certainty over the provenance of the data, financial institutions and corporates are better able to mitigate the risks of greenwashing. Third, data for monitoring commitments. Technology solutions can help financial institutions and project owners in monitoring and meeting their commitments to ESG targets. FinTechs are providing financial institutions with good data and analytics to assess and benchmark ESG performance against peer companies. Intensel, a winner of the MAS Global FinTech Hackcelerator last year, uses artificial intelligence to analyse climate data and satellite imagery and assess the physical risks faced by assets to floods, typhoons, storm surges, and extreme heat. Fourth, data for reporting. FinTechs are offering tools to automate the reporting process, while being nimble enough to adapt to various standards, such as the Sustainable Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI). Matter Analytics, another winning solution at last year’s MAS FinTech Hackcelerator, offers reporting solutions that help asset managers, asset owners and banks automatically generate customised and comprehensive impact reports for their clients. The technologies are promising, but that is not to say there are no challenges in this space. First, the ESG landscape continues to evolve. Taxonomies are still being defined and harmonised. These are important efforts that will take some time. Disclosures and reporting requirements are also being formulated by governments and regulators. But financial institutions cannot adopt a wait-and-see approach. They should not look at ESG only from the lens of regulatory requirements.
I do see the enhancement of international cooperation as a seed towards success in policy preparation for our region. I believe that, in the middle of a dark tunnel, with each of us holding a torch focusing in the same direction, we could see better along the way and can be sure that it is the right way out. Thank you. 4  BIS central bankers’ speeches