The London Stock Exchange Group has launched a dedicated sustainable finance innovation unit in Singapore as part of its new LSEG Labs network.
Backed by the Monetary Authority of Singapore, the sustainable finance unit will be staffed by a multi-disciplinary team with expertise in data science, data engineering, design thinking and environmental, social and governance (ESG) knowledge.
The multidisciplinary team will also work closely with key players in Singapore including global financial institutions, corporates, universities and industry associations.
“We are excited to gain the backing of MAS to support the business, finance and investor community in accelerating the transition to a net-zero, sustainable economy,” said David Harris, Global Head of Sustainable Finance, Data & Analytics at LSEG.
He added, “This is a powerful initiative given both of our positions at the heart of international capital markets and our combined focus on innovation and global collaboration in sustainable investment and finance,”.
Kwok Quek Sin, Executive Director, Green FinTech, FinTech & Innovation Group at MAS, noted, “Technology will play an increasingly vital role in driving the global sustainability agenda. Greater collaboration will be key for the financial sector to explore innovative solutions that can address climate-related risks and mobilise capital towards greener and more sustainable activities.
To this end, the setup of LSEG’s sustainable finance innovation unit in Singapore can help bring together the capabilities and stakeholders needed to support sustainability and transition efforts both regionally and globally.”
Sustainable finance has been high on the agenda of Singapore’s central bank. In May, MAS established a green finance task force that issued a plethora of initiatives for financial institutions to enhance climate-related disclosures and green capabilities.
These included a guide for climate-related disclosures, a framework to help banks assess eligible green trade finance transactions and a white paper on scaling green finance in the real estate, infrastructure, fund management and transition sectors.
The guide also outlined specific disclosure practices for each of the banking, insurance and asset management sectors, taking into consideration the different approaches that individual sectors could take.
©Markets Media Europe 2021