SINGAPORE - Standard Chartered Bank on Tuesday launched its sustainable deposit offering for both corporate and retail clients in Singapore, said to be Asia's first.
Liquidity raised will be referenced against sustainable assets supported by the United Nations' Sustainable Development Goals , and can be used to finance climate-friendly projects, small and medium-sized enterprises in developing countries, undertake microfinance and provide funds for a variety of sustainable projects.
Patrick Lee, CEO of StanChart Bank Singapore, said that 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. According to an earlier StanChart survey, Singapore has the highest number of high net worth investors in Asia who are savvy about sustainable investing, and this is expected to grow.
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