2nd September 2022 - 2 min read
Maybank has introduced a self-developed Sustainable Product Framework (SPF) to pave the way for the rollout of improved green, social, and sustainable products. It is the first of such framework to be designed by a local bank, and will take effect immediately.
Chairman of Maybank, Tan Sri Zamzamzairani Mohd Isa explained that the SPF is intended as a blueprint to guide the bank’s business teams in developing sustainable products. It will help them to look at the intended use of the proceeds from the products or solutions offered, and also decide whether the product meets the group’s sustainable standards through its life cycle.
Tan Sri Zamzamzairani further explained that the framework will be implemented across the group’s Islamic and conventional products – for all retail, non-retail, and large corporate customers. These include relevant solutions offered under corporate lending, debt and equity capital markets, trade financing, retail financing, insurance, asset and wealth management, derivatives, and deposits.
“We want to support them [our clients] through this long-term journey and for that, we not only need to be clear ourselves on what is defined as sustainable finance, but also know how to work with our customers to offer them dedicated sustainable, sustainably-linked, or transitionary solutions based on their needs,” said Tan Sri Zamzamzairani, adding that many of Maybank’s customers are at different stages of the sustainability journey.
Aside from introducing the SPF, Maybank had also highlighted its commitment to long-term sustainable financing back in 2021 by pledging to provide RM50 billion in sustainable financing by 2025. As of the first half of 2022 (1H22), the bank has almost hit the halfway mark of its RM50 billion target.
“Given our significant momentum in mobilising sustainable finance solutions over the one-and-a-half years coupled with the roll-out of the SPF, we will further evaluate our ability to do more sustainable financing in the immediate future,” said Tan Sri Zamzamzairani.
Ultimately, Maybank aims to contribute to the achievement of the Paris Agreement goals and United Nations’ Sustainable Development goals – both of which seek to strengthen the global response to the threat of climate change.
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