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StanChart to offer Asia’s ‘first’ Sustainable Deposit

renewable energyStandard Chartered Bank is set to offer corporate and individual clients in Singapore a sustainable deposit – Asia’s first, according to the firm. The liquidity that is raised will be used to help finance activities that support Sustainable Development Goals (SDGs) in developing countries in Asia, Africa and the Middle East, Standard Chartered Bank said in a statement on October 8. With more than $2.5 trillion a year required to achieve SDGs in developing countries alone, private capital is essential to plugging the funding gap. “While green deposits – dedicated to renewable energy – are increasing in popularity, this is the first time any bank has launched a deposit product linked to sustainability and the SDGs,” commented Patrick Lee, chief executive of Standard Chartered Bank Singapore. “The Sustainable Deposit offers both retail and corporate clients an opportunity to address global challenges such as poverty and inequality in some of the world’s fastest growing economies,” added Lee. In May 2019, Standard Chartered Bank launched the world’s first Sustainable Deposit for European investors aimed at financing sustainable assets in developing countries. ©2019 funds global asia

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