Standard Chartered has launched its Sustainable Account in Singapore that allows corporate clients to embed sustainability into their cash management without having to allocate additional resources to identify, assess or verify projects for sustainable investment.
With the solution, clients retain access to their cash for day-to-day liquidity requirements and invest the surplus to support the United Nations Sustainable Development Goals (SDGs).
The account was first introduced in the UK and the UAE in November 2021. Singapore is the first Asean (Association of Southeast Asian Nations) market to introduce it and the second in Asia after China’s launch in April 2022. The bank plans to unveil it in other markets this year.
The solution, which is referenced against the bank’s Green and Sustainable Product Framework, was developed with the support of Sustainalytics, an independent provider of environmental, social and governance research and ratings. The framework guides what qualifies as green and sustainable and is referenced against the SDGs.
Ankur Kanwar, head of cash products, Singapore and Asean, and global head of structured solutions development, cash management, at the bank says: “Our clients are increasingly showing keen interest in sustainability and sustainable investments, so we want to provide them with an all-encompassing transaction banking solution that enables their businesses to commit to climate action while balancing liquidity management needs.”