The London Stock Exchange (LSEG) has initiated a specialized sustainable finance innovation unit in Singapore as part of its newly established LSEG Labs network.
With operations in both London and Singapore, LSEG Labs engages with clients and technology partners to leverage emerging technologies, data science, and design thinking in addressing critical challenges within the capital markets sector.
Supported by the Monetary Authority of Singapore (MAS), this sustainable finance unit will comprise a diverse team proficient in data science, data engineering, design thinking, and Environmental, Social, and Governance (ESG) principles. The London Stock Exchange plans to collaborate with global financial institutions, corporations, educational institutions, and industry associations to tackle significant issues such as expediting investments in green infrastructure, assessing climate risks, and streamlining ESG disclosures.
Kwok Quek Sin, Executive Director for Green FinTech at MAS, emphasized the importance of technology in advancing the global sustainability agenda, stating, “Increased collaboration is essential for the financial sector to explore innovative solutions that address climate-related risks and direct capital towards more sustainable initiatives. The establishment of LSEG’s sustainable finance innovation unit in Singapore will facilitate the collaboration of necessary capabilities and stakeholders to bolster sustainability and transition efforts regionally and globally.”
Sustainable finance is a priority for Singapore’s central bank. In June, MAS launched a $1.75 million global fintech challenge to discover solutions that assist financial institutions in navigating the significant challenges posed by the COVID-19 pandemic and climate change. Additionally, in October, MAS, along with nine international banks, supported the creation of a research institute focused on green finance research and talent development.