Maybank has become the first Malaysian bank to win the Outstanding Leadership in Sustainability Transparency (Asia Pacific) award at the Global Finance Sustainable Finance Awards 2023 event, in recognition of its efforts to address climate change issues and to promote a more sustainable future. On top of that, it was crowned the Best Bank for Sustainable Finance (Malaysia).

In a press release, Maybank said that its win for the Outstanding Leadership in Sustainability Transparency (Asia Pacific) award, specifically, can be attributed to its comprehensive Sustainable Product Framework (SPF). In addition to providing clear metrics and guidelines for green, social, and sustainability-linked financing, the framework also included the methodology and procedures used to classify and report on financial products and services that the bank has labelled as “sustainable”.

Maybank further highlighted that its SPF – which was developed in partnership with research firm Sustainalytics – contains a more exhaustive and stringent list of criteria than those used by most of other banks. It is also in line with marketplace best practices.

The Best Bank for Sustainable Finance (Malaysia) award, meanwhile, recognises Maybank’s strong progress in sustainable finance. The bank had initially aimed to mobilise RM50 billion in sustainable finance by 2025, but this target was subsequently revised to RM80 billion in the first quarter of 2023. In 2021 and 2022, Maybank had already successfully mobilised a total of RM34.4 billion in sustainable finance.

“Winning the Best Bank for Sustainable Finance (Malaysia) and the Outstanding Leadership in Sustainability Transparency (Asia Pacific) awards by Global Finance is a tremendous honour for us and is in line with one of Maybank’s M25+ strategic thrust of driving our leadership position in the sustainability agenda,” said the chief sustainability officer of Maybank, Shahril Azuar Jimin. He added that the awards validate Maybank’s commitment to the cause, and serves as another milestone in its journey to create positive impact on the world.

Global Finance – a monthly magazine that sought to provide updated information for corporate leaders, bankers, and investors – was founded in 1987 and is based in New York. It also has several awards that serve to acknowledge and recognise the best financial institutions around the world, with the Global Finance Sustainable Finance Awards being one of such awards. This particular award was first organised in 2021.

(Source: Maybank)

• TAGS:
• Global Finance
• Global Finance Sustainable Finance Awards
• Maybank
• Maybank Sustainable Product Framework (SPF)
• Shahril Azuar Jimin
• Sustainable Financing