Following the successful global launch in November 2021, Standard Chartered Malaysia and Standard Chartered Saadiq have launched Sustainable Account for corporate clients.
Cash placed into the Sustainable Account will be referenced against projects aligned with the Bank’s Green and Sustainable Product Framework.
The solution caters for corporates who are looking to use their surplus cash to contribute to
sustainable development, while maintaining daily access to that capital for liquidity needs.
The Green and Sustainable Product Framework of StanChart, developed with the support of Sustainalytics – a leading independent provider of environmental, social and governance (ESG) research and ratings – guides what qualifies as ‘green’ and ‘sustainable’ and is mapped against the SDGs.
Clients can see the impact of Standard Chartered’s sustainable finance asset base every year in the Sustainable Finance Impact Report.
“There’s an opportunity for the public and private sectors to work together to drive a just transition to net zero by moving assets to where they are needed to plug a USD94.8 trillion financing gap. Our Sustainable Account allows corporates to get involved by embedding sustainability into cash management, while balancing their liquidity needs,” Samuel Ding, Head of Transaction Banking at Standard Chartered Malaysia remarked.
“By understanding the impact of the sustainable finance assets where their deposits are referenced against are making, corporates can make more informed decisions to accelerate their sustainability agenda. Furthermore, with the Islamic version of the solution, clients can maintain Shariah compliance,” Samuel Ding added.
In 2022, Standard Chartered recorded USD12.9 billion of Sustainable Assets in its Sustainable Finance Portfolio – a growth of 40% year on year. Its operational green assets have helped avoid 1.3 million tonnes of carbon emissions in the past year.
The Bank has also been at the forefront of several market-leading deals in Malaysia. This includes the world’s first ringgit-denominated sustainability-linked derivative transaction, the country’s first fast-moving consumer goods ESG-linked derivative transaction, and a landmark sustainable Shariah-compliant Collateralised Commodity Murabahah transaction.
Professional services firm KPMG is the first of Standard Chartered Malaysia’s clients leveraging this new product in the country to align with the firm’s sustainability initiative.
“At KPMG, we strive to align our business activities with protecting our people and also our planet. Business leaders must respond to environmental and social changes, from population growth, urbanisation and expanding wealth to resource scarcity, declining ecosystems, and climate change,” KPMG’s Managing Partner in Malaysia, Datuk Johan Idris said.
“If a company is to successfully manage the risks and opportunities of these changes and build a business that is sustainable in the long term, it needs to go on a journey. KPMG recognises that we have a duty to lead the way and will work together with our alliance parties and key stakeholders that share the same commitment in prioritising sustainability,” he added.
