News

Singapore associations publish sustainable wealth guidelines

Singapore associations, A number of trade associations, industry bodies and regulators in Singapore have published guidelines designed to promote sustainability among private banks and wealth managers. The Association of Banks in Singapore has launched the Sustainable Private Banking and Wealth Management guidelines designed to help firms integrate sustainable practices into their business models. These have been developed in cooperation with the World Wide Fund for Nature (Singapore) and will cover wealth planning, investment and financing. Meanwhile, the Private Banking Industry Group (PBIG) Sustainability Taskforce has collaborated with the Institute of Banking and Finance Singapore and industry regulator the Monetary Authority of Singapore, to develop a standardised benchmark for training staff in sustainability practices. Gillian Tan, assistant managing director (development and international), MAS and co-chair of PBIG, said that the launch of the benchmark was designed to meet the growing demand for sustainable investments among high-net-worth investors. “The launch of a sustainable finance training benchmark for private banking professionals will further enhance their ability to advise their clients on sustainable investments and facilitate the channelling of wealth towards purposeful causes,” said Tan. © 2022 funds global asia

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