StanChart’s Ong: CCIB Singapore doubled its operating profit y-o-y in 1H2023. Photo: Standard Chartered From anti-money laundering to sustainable finance, banks are being scrutinised for the projects they put on their lending books. Singapore’s financial regulator is working with regional and international players to advance transition finance — now a key focus area for the Monetary Authority of Singapore (MAS). Transition finance refers to funding support for businesses and sectors that are not so green, to adopt cleaner technologies, increase energy efficiency and become greener over time, says MAS managing director Ravi Menon at the COP28 Singapore Pavilion on Dec 3.
Owing to The Edge Singapore’s focus on Singapore-listed companies, much attention is given to our three local banks. Within these pages, long-time shareholders of blue-chip banks DBS Group, United Overseas Bank (SGX:U11
) and Oversea-Chinese Banking Corp have come to expect in-depth coverage and analysis of our financial giants, which have grown beyond our shores.
But Singapore’s role as Southeast Asia’s financial hub will involve more than just its homegrown names. Citi and Standard Chartered (StanChart), for example, joined Singapore’s three local banks as joint bookrunners of the $2.75 billion Green SGS (Infrastructure) Bond in August.
“This was a tremendous achievement with a 50-year tenure for the issuance,” says Freddy Ong, head of client coverage, Singapore, for corporate, commercial and institutional banking at Standard Chartered.
