The Monetary Authority of Singapore (MAS) will allocate US$1.8 billion ($2.4 billion) to five asset managers to help establish their Asia Pacific sustainability hubs in Singapore. And as Singapore’s central bank continues to nudge the financial services industry on the sustainability journey, MAS is hinting that additional money will be allocated down the road.

The five asset managers, who have yet been named, will launch new thematic funds focused on environmental, social and corporate governance (ESG) metrics. These funds will manage new equity and fixed income mandates focused on climate change and the environment.

The appointed managers will also invest in upskilling, building capacity plans on sustainability and furthering ESG research and green FinTech efforts, says Ravi Menon, managing director of MAS.

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