London | Hong Kong – November 24th, 2020
V.E, a Moody’s Affiliate, has provided a Second Party Opinion (SPO) on OCBC Bank’s SME Sustainable Finance Framework. The framework has been designed to make it simpler and less costly for Singapore’s small and medium enterprises (SMEs) to access financing to accelerate their sustainability plans. The framework is the first of its kind in Singapore and was developed with support from the Monetary Authority of Singapore’s Green and Sustainability-Linked Loan Grant Scheme. The sustainable financing provided through this new framework can be in the form of solutions such as green loans, green letters of credit and green banker’s guarantees.
Eight Green Project Categories
- Clean transportation
- Eco-efficient and/ or circular economy adapted products, production technologies and processes
- Energy efficiency
- Green buildings
- Environmentally sustainable management of living natural resources and land use
- Pollution prevention and control
- Renewable energy
- Sustainable water and wastewater management
Mr Linus Goh, Head, Global Commercial Banking, OCBC Bank, said: “We are pleased to launch the OCBC SME Sustainable Finance Framework, developed with the support of the newly-launched MAS grant scheme for green and sustainability-linked loans. We believe this framework will help our SME customers accelerate their sustainability plans — both the SMEs which are enabling the change of industries and businesses as service providers in sustainability-linked efforts such as renewable energy, sustainable water and waste water treatment, as well as SMEs across all industries which are beginning to evaluate and adopt sustainability practices in their businesses, directing investments into green businesses, technology and infrastructure.“
“SME’s contribute significantly to growth, employment and innovation and supporting their efforts will be vital in order to reach the United Nations’ Sustainable Development Goals and post-COVID recovery. We are proud to have supported OCBC in this innovative mission which will help mobilise the flow of sustainable finance towards regional SMEs,” stated Adriana Cruz, Head of Sustainable Finance Research at V.E.
For more information on this mission and V.E’s SPO services for Bonds and Loans:
Head of Communications
Head of Sustainable Finance Business Development
V.E is a global leader in ESG assessments, data, research, benchmarks and analytics. Leveraging our extensive proprietary database, we equip market players with the ESG insight they need to manage risks and better understand and address their social and environmental impact. Since 2019, V.E has been an Affiliate of Moody’s Corporation. V.E has an industry unique ISO 9001: 2015 quality certification for its processes relating to methodology, assessments, sale and delivery of its data to all types of investors and issuers. V.E is a Climate Bonds Initiative Verified Provider of Second Party Opinions. With a team of nearly 300 experts of 30 different nationalities, V.E is present in Paris, London, Brussels, Casablanca, Hong Kong, Milan, New York, Rabat and Santiago.
For more information about V.E: vigeo-eiris.com
For more information about Moody’s ESG Solutions: moodys.com/esg
About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 480 branches and representative offices in 19 countries and regions. These include over 230 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 70 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC Bank’s insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.
For more information, please visit ocbc.com.
BecauseESGmatters, ESG, SPO, SUSTAINABLE FINANCE