KUALA LUMPUR: Maybank has been recognised for its excellence in sustainable financing and sustainability transparency for its exceptional initiatives on addressing the adverse effects of climate change and promoting a more sustainable future for humanity.
Announced recently in July 2023 by Global Finance, Maybank won the Best Bank for Sustainable Finance – Malaysia and received the Outstanding Leadership in Sustainability Transparency – Asia Pacific award.
On the ‘Outstanding Leadership in Sustainability Transparency – Asia Pacific’ category, Maybank was recognised as the first Malaysian bank to receive this award by Global Finance for its comprehensive Sustainable Product Framework (SPF), which provides clear metrics and guidelines for green, social, sustainable and sustainability-linked financing.
Maybank’s SPF clarifies its metrics for green, social, sustainable and sustainability-linked financing and was designed to bolster its thought leadership in the green arena, to demonstrate the Bank’s authenticity of commitment and to avoid even the appearance of greenwashing.
The framework outlines the methodology and associated procedures used to classify and report on financial products and services labelled by Maybank as “sustainable.”
The framework was developed in partnership with Sustainalytics, an independent ESG and corporate governance research, ratings, and analytics firm. The bank maintains that the criteria set forth in the framework is more exhaustive and stringent than those set forth by many other banks, and in line with marketplace best practices.
On receiving the ‘Best Bank for Sustainable Finance – Malaysia’, Maybank was recognised for its strong progress in sustainable finance.
In 2021, Maybank had initially announced a target of mobilising RM50 billion in sustainable finance by 2025 and had revised upwards this target to RM80 billion in 1Q2023. The depth and breadth of the Bank’s experience in structuring bespoke sustainable products and solutions for clients resulted in it successfully mobilising a total of RM34.4 billion in sustainable finance in FY2021 and FY2022.
Maybank chief sustainability officer Shahril Azuar Jimin said “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. It clearly validates our unwavering commitment to sustainability and showcases our position in sustainable finance for being transparent. This recognition is another milestone on our continuous journey on creating a positive impact to the world and driving greater sustainability outcomes.”
In addition to this prestigious recognition within the sustainable finance space, Maybank has been accorded with Global Finance awards in the past, including World’s Best Consumer Digital Banks in Asia Pacific, Best Islamic Trade Finance Provider, Best Islamic Bank in Asia, Best Islamic Bank in Malaysia, Best Islamic Fund Manager and Best Private Bank in Malaysia.
