Bank of Singapore has emerged as Asia's leader in sustainable wealth management, transforming its approach to ESG in just five years. Through a detailed strategic plan and actionable measures, it showed the judges tangible proof of its leadership in the space.
Its sustainability strategy includes pioneering practices that set new regional standards. It includes being the first bank to incorporate ESG assessment into its loan risk assessment process. This innovative approach demonstrates its commitment to incentivising sustainable practices among clients.
Bank of Singapore's collaborative leadership is demonstrated by its co-chairing the private banking sustainable investment taskforce with the Association of Banks in Singapore, which developed Asean’s first guidelines for sustainable private banking and wealth management – a global first for the industry. The bank also contributed to Singapore's sustainability jobs transformation roadmap through consultations with the government via, among others, KPMG.
Investment offerings include its proprietary World ESG Equity mandate and various green thematic funds. Sales of ESG products are up substantially, reflecting rising client demand. The bank was the first in Asia to integrate ESG portfolio ratios with client ESG preferences into its advisory process.
Educational leadership is demonstrated through its partnership with the World Wide Fund for Nature’s ASFI Academy to develop e-learning programmes for its global workforce – a programme subsequently adopted by the broader industry across the region. Its annual Sustainability Summit features prominent speakers, including former New Zealand prime minister Jacinda Ardern.
Bank of Singapore's holistic approach extends to philanthropic advisory through a strategic partnership with the Community Foundation of Singapore, providing clients with opportunities to donate to over 400 charities via various donor-advised funds. This integration of philanthropy into client advisory represents another industry first.
The bank was the first in Asia to integrate ESG portfolio ratios with client ESG preferences into its advisory process
Its thought leadership includes a four-year collaboration with EY, producing sustainability publications for business owners, investors and philanthropists alongside robust ESG research capabilities, with over 40 research pieces published in the past four years.
As the first private bank to become a signatory of the Singapore Stewardship Principles and through its comprehensive strategic partnership with WWF covering conservation, carbon management and community engagement, Bank of Singapore has established itself as Asia's definitive sustainability leader in private banking.
The judging panel praised the extremely comprehensive account of the focus, strategy, framework and detailed progress across dimensions, targets and specific measurement metrics and scoreboards on each element of the sustainability agenda.
Jacky Ang is Bank of Singapore's global chief operating officer.