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"Singapores financial and fintech sectors can play a pivotal role in the efficient channeling of private capital toward sustainable projects and businesses focusing on their long-term sustainability impact," said Dr Darian McBain, MAS' chief sustainability officer.

She was appointed in September last year as head of a new sustainability group in the regulator, which has described green finance and climate resilience as growing areas of priority and invested more than S$2 billion in related investment opportunities.

Dr McBain said on Tuesday that effectively employing technology can enhance the quality ofenvironmental, social and governance (ESG) data needed for financial flows, in turnaccelerating Singapore's transition to a low-carbon economy.

"We see the Point Carbon Zero Programme as a key enabler for bridging ESG fintechs, finance and real economy businesses through a shared data and innovation platform," she added.

Point Carbon Zero Programme is a collaboration under MAS Project Greenprint initiative, which was launched in December 2020 to promote a green finance ecosystem by harnessing innovation and technology.

Under Point Carbon Zero, Google Cloud's dedicated platform will operate out of Singapore andenable fintechs to work with financial institutions to build, host, and scale their climate solutions.

Shortlisted participants will also be mentored by Google Cloud and receive funding to further develop their solutions.

They can tap on climate disclosure, environmental and public utilities data collected under Project Greenprint and over 200 datasets hosted by Google Cloud. These include census and weather data.

Google Cloud's Singapore and Malaysia country director Sherie Ng said the collaboration with MAS aims to "combine the collective powers of the industry with Google Clouds capabilities and innovation ecosystem to orchestrate impactful climate action".

"Our goal is to fuel an international movement with data enabling and informing green financial flows, to help countries and companies make quantifiable and meaningful progress, and hasten their transition into a carbon-free future," she said.

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MAS, Google Cloud team up to drive climate financing solutions in Asia - CNA