Sustainable Singapore 5 / 10  BIS central bankers' speeches  For a sustainable Singapore, we are gradually changing the way we live and work, often with the help of technology. We are making our residential precincts more energy efficient. In the upcoming Punggol Digital District, businesses will be connected to a network of sensors collecting real-time data on solar generation, building occupancy, rainfall and humidity. They can use this information to optimise their energy usage. We are shifting towards cleaner energy. Despite its small size, Singapore is determined to harness more solar energy. We are innovating with applied photovoltaics on building facades and floating solar panels on offshore waters. Singapore is accelerating the deployment of electric vehicles and aims to phase out by 2040 all internal combustion engine vehicles. We are building a Circular Economy where resources are re-cycled. Singapore collects every drop of used water, treats and purifies it, and turns much of it into clean water again. We are beginning to recycle food waste into sustainable animal feed, and waste plastic into alternative fuels. Asia’s Transition to Deeper Shades of Green As a champion of sustainable development, an international financial centre, and a leading technology hub, Singapore is well-placed to support Asia’s journey towards sustainability. Why Asia? Because Asia accounts for about half of global greenhouse gas emissions. But Asia’s transition to a low carbon future has to be consistent with its economic and social development.
To enable more efficient claims processing, we are building a technology platform to securely share data with patient consent. MAS, the Ministry of Health, and the Integrated Health Information Systems are collaborating with the insurance and healthcare sectors to build this platform. It will help to reduce duplicate claims, manual errors, and processing time. We will conduct a live pilot next year. Holistic Financial Planning Financial inclusion is not just about having access to financial services. It is also about empowering individuals with information and tools to make best use of financial services. Today, our personal financial information – our deposit accounts, investment holdings, pension statements, insurance coverage, and so on – is fragmented across multiple entities. Putting together this information is not easy. But if we don’t have a consolidated view of our financial portfolio, how can we do holistic financial planning? Yesterday, Deputy Prime Minister Heng Swee Keat announced the launch of the Singapore Financial Data Exchange, or SGFinDex for short. SGFinDex is jointly developed by MAS and the Smart Nation and Digital Government Group, together with the key retail banks in Singapore. It will enable individuals to consolidate their financial information residing in different banks and government agencies. 3 / 10  BIS central bankers' speeches  This is only the first step. We are working to expand SGFinDex to include data from the Central Depository as well as data from insurance companies to enable individuals to have a more complete view of their financial status.