subimpact.net

Category: #bank

  • Maybank Achieves Half of $17.3 Billion Green Loan Target

    Driving Sustainable Finance in Malaysia

    In a significant stride towards a greener future, Malaysia’s largest bank, Malayan Banking Bhd., commonly known as Maybank, has successfully reached fifty percent of its goal to invest MYR 80 billion ($17.3 billion) in sustainable finance by the approaching year 2025.

    The financial institution has played a pivotal role in promoting environmentally-conscious practices by extending a substantial sum of green loans to support companies based in Singapore in their pursuit of transitioning to low-carbon resources.

    Maybank stands out as one of the prominent Malaysian banks that has pledged to channel funds into green loans, contributing to the broader sustainable finance movement.

    CIMB Group Holdings Bhd., with Khazanah Nasional Bhd. as its largest shareholder, is aiming to allocate MYR 60 billion to sustainable financing by the year 2024. This commitment is twice the initial target. Likewise, RHB Bank Bhd. has strategized to invest MYR 20 billion in sustainable financing by the year 2026.

    Though these figures are noteworthy, they still fall short of entirely curbing businesses’ reliance on fossil fuels and comprehensively addressing other sustainability objectives.

    To substantially curb reliance on traditional energy sources and achieve a 70% clean energy mix by the year 2050, Malaysia is estimated to require MYR 637 billion worth of investments over the next three decades. Acknowledging this need, the nation acknowledges that seeking financial support from international partners is crucial to attain these sustainability goals.

    As the global push for sustainability gains momentum, Maybank and other leading banks in Malaysia are showcasing their commitment to sustainable finance through substantial investments in green loans. However, the road to a fully sustainable future requires collaborative efforts and increased financial backing, both domestically and from the international community. By aligning financial interests with eco-conscious endeavors, Malaysia is taking steps in the right direction, working towards a greener and more sustainable future for generations to come. 

  • Standard Chartered to launch institutional crypto custody solution

    Standard Chartered to miss growth targets amid coronavirus fears | Standard Chartered | The Guardian  

    Standard Chartered is the latest bank to get into the crypto custody
    business, unveiled that its innovation, ventures and fintech investments
    unit, SC Ventures, has been working on a solution for the institutional
    market that would support cryptocurrencies such as bitcoin but also
    security tokens. The first pilot of the service could launch before the end
    of the year. The firm has been developing “one of the most secure crypto
    custody solutions on the market,” adding that as many as 20 institutions
    had expressed interest in the solution. Though the venture will be based
    in the UK, it will be open to clients from around the world. With this new
    offering, the firm was looking to provide institutional investors with a
    custodial solution that caters to this segment’s specific needs notably in
    terms of security, citing features such as segregated accounts. This could
    potentially kick-start the institutional adoption of cryptocurrencies. SC
    Ventures has been “developing a venture to meet the demands of
    institutions for an end-to-end institutional grade custodian of digital
    assets, which meets regulatory standards.