HSBC boosts its ability to meet demand for green living

HSBC Bank (Singapore) Limited (HSBC Singapore) today announced the launch of Green Mortgage, which is applicable to residential properties in Singapore that have been certified by Building and Construction Authority (BCA) and received the Green Mark GoldPLUS or above awards.

Green Mortgage supports the financing of residential properties in Singapore that have attained BCA’s Gold^PLUS or above awards, which are well recognised and widely adopted by property developers. Green Mortgage offers customers with exclusive interest rate discount throughout the loan tenor and conversion fee waiver for re-pricing.

Green Mortgage is part of a suite of banking solutions and initiatives that HSBC has launched in Singapore this year which aims to help its customers to not just build sustainable wealth, but also understand the impact that environmental, social, and governance (ESG) issues has on the community and the role that they can play.

Earlier this year, HSBC Singapore started to offer new recycled plastic credit and debit cards¹. The bank has also expanded its suite of sustainable investment products, most notably, HSBC Asset Management’s first sustainable healthcare fund, which is offered to retail and private banking clients in Singapore².

HSBC Singapore’s drive to offer more ESG-themed funds are starting to bear green shoots. To date, HSBC customers’ investments into such ESG-themed funds have grown four-fold, as compared to last year.

Mr Anurag Mathur, Head of Wealth and Personal Banking, HSBC Singapore said, “HSBC has a global ambition to build a thriving and resilient future, and a clear direction to transition into a net zero business by 2030 or earlier. Central to this would be to give our customers a suite of solutions that reflects their desire to live and invest sustainably.”

Mr Ranojoy Dutta, Head of Retail Products and Customer Journeys, HSBC Singapore added, “In Singapore, buying a residential property is one of the key investments that our customers make. Green Mortgage is developed for customers who chose to buy homes that are designed to be more energy efficient and carbon-neutral.”

Increasingly, societies around the world expect banks to help nudge new behaviours among its customers and partners.

Global research conducted for HSBC by Mintel found a majority (77%) of consumers agree that ‘financial services firms have an important role to play in creating a more sustainable society’. Similarly, a recent HSBC Asset Management survey³ shows that 80% of investors believe sustainable, environmental and ethical issues are central to managing their investments. The study also found that almost half of investors in Singapore believe their portfolio will comprise of 100% sustainable investments within the next three to five years.

HSBC Singapore will continue to focus on building out its suite of banking and investment solutions that will support its customers’ pivot towards a more sustainable future and making a positive impact on the environment.

In addition, HSBC Singapore will also focus on investor and frontline employee education to raise awareness of ESG issues. Some recent initiatives include:

1. Incorporated sustainability approach to corporate gifting, events and rewards targeted at retail banking customers.
   1. This year, HSBC offered sustainably made red packets, which include a “plantable” greeting card to retail banking customers.
   2. Curated a series of lifestyle events with strong sustainable themes, the most recent being a Lunar New Year virtual event where HSBC shared tips on how customers can repurpose existing decorative items to transform their home for the festivities.
   3. HSBC Jade’s clients were offered insights and support on how they can set up their own urban farm at home (Partnership with Edible Garden City).
   4. Added more ESG conscious merchants and partners to HSBC Credit Card Rewards and Promotion platform
2. Introduced more than 60 remote-enabled processes and customer servicing journeys, which includes moving away from the issuance of “paper-based” redemption vouchers to Credit Card eRewards.

Media enquiries to:

Betty Fong, HSBC Singapore | betty.c.y.fong@hsbc.com.sg | +65 6658 4103