Tuesday, Sep 27, 2022
International Finance
Banking Featured

HSBC gives green finance a fillip in Singapore with bespoke SME services

HSBC green finance
The bank's new green loan will be in line with internationally recognised green standards

HSBC Singapore plans to drive bespoke green financing with a new green loan for small and medium-sized businesses in the city-state. The bank’s green loan is in line with internationally recognised green standards — and will accept applications based on industry certifications, a local media report said.

HSBC has supported sustainable finance through  various bond launches in Hong Kong, Ireland and Mexico. In June 2018, the bank on its part decided to ease transition to a low-carbon economy. 

It is reported that HSBC will accept the green loan applications from businesses holding Singapore Green Labelling Scheme (SGLS) and eco-certification schemes, Green & Gracious Award and Green Mark Scheme, product and services certification schemes and Renewable Energy Certification. 

Environmental, social and governance (ESG) is slowly becoming an integral part of mainstream banking. Even DBS bank has completed a total of S$4.3 billion in sustainable financing deals in sustainability-linked loans (SLLs) and green loans, media reports said. 

Last year, HSBC Singapore  completed a S$248 million three-year green loan to SoilBuild, a leading property group in Singapore, for redevelopment of Solaris @ Tai Seng. 

In recent years, green loans have gained momentum across global banks. It was specifically created to fund projects with environmental and climate benefits. In fact, green loans have been growing popular in Singapore. 

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.