Maybank has launched a self-developed Sustainable Product Framework (SPF) to pave the best way for the rollout of improved inexperienced, social, and sustainable merchandise. It’s the first of such framework to be designed by an area financial institution, and can take impact instantly.
Chairman of Maybank, Tan Sri Zamzamzairani Mohd Isa defined that the SPF is meant as a blueprint to information the financial institution’s enterprise groups in creating sustainable merchandise. It’s going to assist them to have a look at the supposed use of the proceeds from the merchandise or options supplied, and likewise determine whether or not the product meets the group’s sustainable requirements by its life cycle.
Tan Sri Zamzamzairani additional defined that the framework might be carried out throughout the group’s Islamic and standard merchandise – for all retail, non-retail, and huge company clients. These embrace related options supplied underneath company lending, debt and fairness capital markets, commerce financing, retail financing, insurance coverage, asset and wealth administration, derivatives, and deposits.
(Picture: The Edge Markets)
“We need to help them [our clients] by this long-term journey and for that, we not solely should be clear ourselves on what’s outlined as sustainable finance, but additionally know work with our clients to supply them devoted sustainable, sustainably-linked, or transitionary options primarily based on their wants,” mentioned Tan Sri Zamzamzairani, including that a lot of Maybank’s clients are at completely different levels of the sustainability journey.
Other than introducing the SPF, Maybank had additionally highlighted its dedication to long-term sustainable financing again in 2021 by pledging to offer RM50 billion in sustainable financing by 2025. As of the primary half of 2022 (1H22), the financial institution has nearly hit the midway mark of its RM50 billion goal.
“Given our important momentum in mobilising sustainable finance options over the one-and-a-half years coupled with the roll-out of the SPF, we are going to additional consider our capability to do extra sustainable financing within the quick future,” mentioned Tan Sri Zamzamzairani.
In the end, Maybank goals to contribute to the achievement of the Paris Settlement objectives and United Nations’ Sustainable Growth objectives – each of which search to strengthen the worldwide response to the specter of local weather change.