The London Stock Exchange has launched a dedicated sustainable finance innovation unit in Singapore as part of its new LSEG Labs network,
With locations in London and Singapore, LSEG Labs collaborates with customers and technology partners on the use of emerging technology, data science and design thinking to solve pressing problems faced by the capital market industry.
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.
Working with global financial institutions, corporates, universities and industry associations, the London stock market operator says the operation will aim to solve challenges such as accelerating investment into green infrastructure projects, measuring climate risks and making ESG disclosure quicker and easier.
“Technology will play an increasingly vital role in driving the global sustainability agenda," says Kwok Quek Sin, executive director, Green FinTech, FinTech & Innovation Group at MAS. "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 June last year, the Monetary Authority launched a $1.75 million global fintech challenge in search of solutions that can help financial institutions grapple with the existential threats posed by Covid-19 and climate change.
And in October, MAS and nine international banks leant their weight to the establishment of a research institute dedicated to green finance research and talent development.