The restrictions on mobility have affected small businesses more than large firms – which typically have recourse to digital platforms and are able to implement remote working. The pandemic has also sensitised us to how vulnerable we all are to the forces of Nature. If we do not act decisively to limit the increase in global temperatures, we are putting at risk the future of our children and grandchildren. It is perhaps this realisation that has helped to make 2020 a record year for climate pledges – despite being in the midst of the Covid-19 pandemic and economic crisis. The number of commitments by governments and businesses to reach net zero emissions has almost doubled in less than a year. The crisis has also demonstrated the power of technology to help find solutions to difficult problems. From making vaccines to contact tracing, from online learning to telemedicine, technology has been at the forefront in the fight against Covid-19 and its effects. Likewise, technology can play a potent role in shaping the post-Covid world. FinTech in particular has great potential to be a force for good. 1 / 10  BIS central bankers' speeches  We can bring together the power of finance and technology, to help create a more inclusive society and a more sustainable planet. FINTECH FOR AN INCLUSIVE SOCIETY – INDIVIDUALS Let me begin with what FinTech can do for an inclusive society, using Singapore as an example. This is the vision: every citizen and every enterprise digitally enabled and financially included.
Singapore is home to many foreign nationals and migrant workers who send money back to their home countries frequently. If we can make cross-border remittances cheaper and faster, our migrant workers can provide better and more timely support for their families. 2 / 10  BIS central bankers' speeches  Three years ago, the Monetary Authority of Singapore (MAS) embarked on a pioneering journey with the Bank of Thailand: to link our respective national faster payment systems – PayNow in Singapore, and PromptPay in Thailand. I am happy to say that the PayNow-PromptPay linkage will go live by mid-2021. Anyone who registers for PayNow or PromptPay will be able to send money directly from Singapore to Thailand, or vice versa, using just their mobile phone numbers – instantly, securely, at competitive rates, and at any time of the day. This linkage between two countries’ national faster payment systems will be the first-of-itskind in the world. We will start off with a small group of banks on both sides, and scale up participation to include more banks and non-bank providers over time. MAS is keen to partner other central banks in the region to expand the linkage, so that more people across Southeast Asia can benefit. Timely Health Insurance Claims Next, pain points relating to making an insurance claim for hospitalisation. Today, an individual being hospitalised may face uncertainty over his claimable insurance amount. Hospitals have to access multiple systems to request for or provide information to different insurers; and some of these processes are still paper-based.