The third and last initiative we are working jointly with Shenzhen relates to talent development. You may recall that last year we launched the Fintech Career Accelerator Scheme and, since then, more than 70 Hong Kong students have been working on fintech projects in 12 banks and the HKMA. Building on the success of this scheme, and with the support of the Shenzhen OFDS, we have secured commitments from several high-tech firms in Shenzhen, including Ping An Technology, WeBank, Tencent and others, to offer summer intern positions for Hong Kong students to learn the latest technologies, not only in financial application but also in areas such as big data analytics or artificial intelligence. This people-to-people approach will deepen collaborative ties between Hong Kong and Mainland China in fintech development to our mutual benefit. 3/4  BIS central bankers' speeches  Enhanced research 15. Finally, I want to talk about enhanced research, which is one of the seven initiatives in the package helping Hong Kong to migrate to the new era of Smart Banking. Today we will publish our second whitepaper on DLT. You may recall that we released the first DLT whitepaper around this time last year, in which we explained how the technology works, outlined proof-of-concept projects and, more importantly, identified potential implementation challenges and issues.
Let me highlight three areas we need to get right to catalyse green finance – clear taxonomies to define what is green, what is transition, and what is neither; innovative solutions to unlock and catalyse multiple sources of financing; supervision of how financial institutions are managing their climate-related risks. First, clear taxonomies. We are unlikely to have a single, global taxonomy. Instead, efforts should focus on ensuring that taxonomies across different markets are interoperable and comparable. This means taxonomies that use a common language, such as internationally referenced industry classification systems. Asia needs a taxonomy that supports transition activities while achieving compatibility with existing high-quality international taxonomies. The ten countries of the Association of Southeast Asian Nations are developing a taxonomy with a two-tier architecture, comprising a Foundation Framework and a Plus Standard. The Plus Standard will set out data-backed thresholds for each activity, starting with less ambitious thresholds to facilitate early adoption and leading up to more ambitious “gold standard” thresholds that reference science-based pathways. In Singapore, an MAS-led industry taskforce is developing a taxonomy that encompasses green and transition activities. It adopts a “traffic light” system that helps market participants identify activities that are “green”, “yellow” (or transition) and “red”, with the intent of reaching net 1/2  BIS central bankers' speeches  zero as soon as possible. The calibration of thresholds is important, considering the feasibility and availability of alternative technologies in Singapore and the region. The thresholds will need to be recalibrated at regular intervals to keep pace with technological innovations.