StanChart launches SGD sustainable time deposit product

Its recent study found ample interest in sustainable investing from affluent Singaporeans.

Standard Chartered Bank (Singapore) has announced its first Singapore Dollar Sustainable Time Deposit for retail and private banking, according to a press release.

This is the bank’s first local currency sustainable deposit product in the local currency.

“Standard Chartered Bank’s 2020 Sustainable Investing Review showed that nearly four in 10 investors in Singapore are considering allocating 5%-15% of their funds to sustainable investments over the next three years,” noted Patrick Lee, CEO of Standard Chartered Bank (Singapore), regarding Singaporean investors’ appetite on sustainable investment.

The study also found that 50% of affluent and HNW in Singapore were either interested or extremely interested in sustainable investing.

The Singappre Dollar Sustainable Time Deposit is governed by the bank’s Green and Sustainable Product Framework. The framework guides the development of green and sustainable products and governs the use of proceeds in an open and transparent manner, according Standard Chartered.

For each sustainable finance product type and category, there are specific selection, verification, assurance and reporting requirements to ensure that funds are used as intended.

The framework was developed by the bank with the support of Sustainalytics–a provider of ESG research and ratings for investor, financial institution and corporate clients.

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