We aim to: Strengthen our financial sector’s resilience to environmental risks Develop green finance solutions and markets Harness technology to facilitate sustainable financing flows Build knowledge and capabilities in sustainable finance 21. Under the Green Finance Action Plan: Banks, insurers and asset managers are required to factor in environmental risks as part of their business and risk management decisions; Businesses can access grants to defray the incremental expenses of taking up green or sustainability-linked loans and bonds to support their investments in green projects and adoption of more sustainable business practices; We encourage Fintechs and financial institutions to develop green fintech solutions, and partner MAS’ eﬀorts to leverage fintech to facilitate the mobilisation of capital, monitoring of commitments and measurement of impact to promote a green financial ecosystem; and We are building a deep pool of Asia-centric green finance expertise in Singapore, beginning with the establishment the Singapore Green Finance Centre, a collaboration between the Singapore Management University and UK’s Imperial College, to undertake green finance research, training and talent development programmes; we welcome corporates and financial institutions to co-create research and benefit from the training programmes available. These are not exhaustive, and work is ongoing to broaden and deepen the green finance ecosystem along the four key pillars. https://www.mas.gov.sg/news/speeches/2021/riding-the-growth-momentum-in-asia  8/11  12/02/2021  "Riding the Growth Momentum in Asia" – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), …  22.
There has also been increased treasury and risk management activities carried out in Singapore to meet the needs of global investors and businesses in this time zone. Besides increasing fund flows, more regional and global MNCs have been setting up their corporate treasury centres in Singapore to facilitate capital raising, cash management and risk hedging, as their regional businesses grow. Singapore is a major derivatives trading hub in the region, with three derivatives exchanges oﬀering multi-asset class risk management products. We are also Asia Pacific’s largest FX centre, third largest globally, with average daily trading volume reaching $ billion in 2019, as we intermediate flows between regional teams of buy-side and sell-side players in Singapore and beyond. 10. Looking ahead, Asian financial markets are expected to become even more vibrant as the world economy’s centre of gravity shi s further towards Asia. Market participants in the region should embrace this opportunity to shape the future of Asian markets. While the growth trajectory has been very encouraging, more work needs to be done to develop deep and liquid capital markets in Asia, so that they can play a key role in financing economic growth, alongside continued development in the banking segments. 11. I will highlight a few additional areas of focus for Singapore: In foreign exchange, trading volume of Asian currencies, including that of Asian emerging markets currencies, has risen.