Singapore unveils framework for private bank sustainability


A set of guidelines released by an industry taskforce has outlined how private banks in Singapore can integrate sustainability practices into their business models.

According to The Straits Times, the new framework was developed by an industry task force in Singapore and covers a wide range of financial activity, from wealth planning to investments and financing.

Bahren Shaari – Bank of Singapore CEO – so it is timely to set a common language and framework so clients can better understand the key considerations to ESG investing.

Shaari added that investors increasingly expect more transparency, clarity and advice on how they can approach sustainable investments, which tend to be guided by principles such as excluding sectors and firms that do not fit ESG criteria.

The Association of Banks in Singapore (ABS) – which launched the new guidelines – said each bank is at a different stage regarding sustainability so they should apply the guidelines progressively, starting with areas that they are well established in and then enhancing processes in other areas.

In addition, the Private Banking Industry Group (PBIG) Sustainability Taskforce has developed a training benchmark to upskill private banking relationship managers in the area of sustainability.

Singapore-based FinTech banco recently raised $6.7m in a Series A funding round led by SBI Group.

The round also saw participation from Sumitomo Mitsui Banking Corporation, KZM & Company, R3, Savills and a number of other investors.

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