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.
Project Greenprint aims to deploy technology at different stages of the supply chain to better monitor commitment to the relevant green standards and requirements. For example, Internet-of-Things (IoT) devices could be deployed on-site to directly capture and assess relevant real-time data, such as energy and water consumption, by borrowers, portfolio companies, and suppliers. Third, measure impact. Investors and financial institutions want to measure the impact generated from their investment and loans against their sustainability targets or goals. 9 / 10  BIS central bankers' speeches  Project Greenprint will explore the application of AI and other technologies on thirdparty data sources, such as ratings services and crowd-sourcing, to quantify the ESG impact of potential investments and loan portfolios. We will establish a consortium of financial institutions, FinTech firms, and industry players with expertise in Green FinTech to drive Project Greenprint. The consortium will help to identify specific use cases where technology can play a role in addressing the three pillars of Project Greenprint. We will be showcasing some of these use cases, as well as the potential solutions, during the Impact Summit tomorrow. MAS will earmark 20% of the Financial Sector Technology and Innovation budget, or $ million out of $ to support Green FinTech projects. The funding can be used to support proofs-of-concept, innovation labs, industry-wide utilities, and technology platforms focused on Green FinTech. Conclusion Let me end where I began. Rising inequality is the major fault line in many societies. Climate change is the existential challenge facing our planet.