Standard Chartered in Singapore has started offering a sustainable deposit for corporate and individual clients.
Liquidity raised in the sustainable deposits will finance sustainable development goals (SDGs) in developing countries in Asia, Africa, and the Middle East.
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The lender previously launched the world’s first sustainable deposit to European investors in May 2019.
Following a positive reaction, clients in Asia can now address some of the world’s biggest long-term threats. These include climate change, financial exclusion, and also lack of access to health and education.
Patrick Lee, CEO of Standard Chartered Bank Singapore, said: “As a key international financial centre, Singapore is an important hub for capital flows into Asia. As a bank who has been here continuously for the past 160 years, we can use our local and regional network to direct capital flows into areas where they are needed most.”
“While green deposits – dedicated to renewable energy – are increasing in popularity, this is the first time any bank has launched a deposit product linked to sustainability and the SDGs. The Sustainable Deposit offers both retail and corporate clients an opportunity to address global challenges such as poverty and inequality in some of the world’s fastest growing economies.”
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By GlobalDataOn why the sustainable deposit is made available to retail clients based in Singapore,
Lee explained: “In corporate banking and asset management, we have seen a mainstreaming of environmental and social governance in risk management, financing decisions, and investment analysis. From as far back as 1997, Standard Chartered was one of the first banks to incorporate environment and social considerations in our risk management framework. This is now commonly a compliance requirement in more and more markets across the world.”
Standard Chartered’s 2019 Sustainable Investing Review found that 68% of HNW investors want to help create a better future through sustainable investing.
In addition, Singapore has the highest number of HNW investors (43%) in Asia who are knowledgeable about sustainable investing.
