These service providers are key in ensuring that sustainability targets being set by corporates are material, and to verify that financing proceeds will indeed be channelled to green and sustainable activities. Some of them have established Singapore as their regional hub to support corporates across Asia in building their sustainability capabilities. HARNESSING TECHNOLOGY TO ENABLE TRUSTED SUSTAINABLE FINANCE FLOWS  The third key thrust of our Green Finance Action Plan is to harness technology to enable trusted and eﬀicient sustainable finance flows. FinTech has transformed the delivery of financial services; it can be a game-changer in sustainable finance too. We call it Green FinTech. We are beginning to see interesting examples. https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  9/13  14/10/2020  “Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Finan…  Temasek has partnered the University of Oxford on a project that uses satellite technologies to analyse climate risks for assets in the utilities sector. JP Morgan is applying artificial intelligence to trawl through non-financial data like patent filings to search for keywords for potential sustainable investments. [12]  This year’s Global FinTech Innovation Challenge organised by MAS is seeking solutions to specific challenges faced by financial institutions with respect to sustainability and climate risks. The FinTech Innovation Challenge, organised as part of the Singapore FinTech Festival to be held this December, has received close to 600 submissions from more than 50 countries.
The first report, issued in 2012, set out fresh ways to describe and develop more effective governance at financial institutions. The second report, issued late in 2013, deals specifically with the interactions of boards of directors and supervisors. Both reports place less emphasis on the form of corporate governance – the traditional structures of boards and the like – and focus more on the actual behaviors of the various players involved, be it the chairman, the lead director, the chief risk officer, auditors or senior management. The 2013 report proposes a new kind of relationship, one that involves far more direct contact and ongoing dialogue between directors and supervisors about the key issues confronting firms and the financial system, such as assessing financial institution strategies, business models, risk vulnerabilities, governance effectiveness and corporate culture. The Federal Reserve has growing experience in this area. Nearly three years ago, the New York Fed initiated a program of “enhanced engagement” with directors and senior management at the major firms we supervise, very much along the lines now described in the G30 report. We provided additional training for our senior supervisory officers concerning corporate governance and relationship-building with boards, key directors and senior managers. We also gave direction on how to focus their interactions on the most important supervisory matters, particularly with respect to the firm’s risk profile and risk management  4  BIS central bankers’ speeches  practices. We also reached out to board chairmen and chief executive officers to enlist their cooperation and support.