One developing area is the need for common green financing language that can crowd in private financing required to green Asia’s economies. Concerns about green washing and the lack of clarity on what constitutes green or transition activities can impede financing flows to these activities. MAS is therefore working with the financial sector to assess the potential of a taxonomy for Singapore-based financial institutions, to facilitate the financial sector to channel capital more eﬀectively to support Asia’s green and transition needs. We are also a member of the International Platform on Sustainable Finance, and will contribute to global eﬀorts in establishing greater inter-operability between existing taxonomies. 23. I note that one of the three panels today will discuss sustainability issues. I believe that this will be the start of the many more useful sessions that the Asian Financial Markets Forum will put together, and this will provide us valuable insights as we continue to progress on the sustainability agenda. Conclusion 24. To conclude, Asian financial markets are in good stead to support the positive growth momentum in Asian economies in this new decade, and the building of a more sustainable world. 25. I thank ACI for organising this event, providing us a front seat and a chance to contribute to the meaningful conversations on important issues to the region. 26. I wish you a fruitful discussion ahead. Thank you. ***  [1] World Bank, January 2021, “Global Economic Prospects.” [2] IMF, October 2020, “World Economic Outlook.” [3] See footnote 1.
[12] Ernst & Young, 2019, “The Impact of Wider Integration of Data Analytics and Automation on  Manpower in the Singapore Financial Services Sector, commissioned by the Institute of Banking and Finance Singapore (IBF) and MAS” [13] Global Climate Risk Index 2020 (data from 1999 to 2018). [14] Median of 2.2% to 2.4% -2020 – Preqin Global Infrastructure Report 2020 [15] Swissre, 2010-2019, Protection Gap Tracker Map [16] Reuters, January 2020, “Green Bond Issuance Hit Record $ billion Last Year [17] OCED, April 2017, “Mobilising Bond Markets for a Low-Carbon Transition” [18] HSBC, November 2020, Asia’s Green Finance Booms  Related News Media Releases https://www.mas.gov.sg/news/speeches/2021/riding-the-growth-momentum-in-asia  10/11  12/02/2021  "Riding the Growth Momentum in Asia" – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), …  Published Date: 10 December 2020  MAS Announces Winners of the 2020 Global FinTech Innovation Challenge Under the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger”, three winners for the Global FinTech Hackcelerator and twelve winners for the FinTech Awards have been selected for their solutions that address the challenges faced by the financial industry due to the COVID-19 pandemic and climate change. Media Releases Published Date: 09 December 2020  Singapore and Hungary Strengthen Cooperation in FinTech MAS and the Magyar Nemzeti Bank (MNB) have signed a Co-operation Agreement to strengthen cooperation in FinTech innovation between Singapore and Hungary.