Private Banks

WWF-Singapore Private Banking Pilot Study Reveals Promising Prospects for Asian Private Banks to drive Significant Positive Transformation

WWF-Singapore has introduced the Sustainable Private Banking and Wealth Management (SPRING) framework and conducted a pilot study among seven private banks in Singapore.

The framework emphasizes the importance of ESG considerations in private banking and highlights the role of private banks in managing reputational and regulatory risks through the incorporation of ESG factors. It also emphasizes the significance of client engagement and the potential for private banks to promote sustainable investments. With Asia's wealth management revenue projected to grow, the framework and pilot study aim to tap into the interest of younger high-net-worth individuals in sustainable investments and contribute to the transitioning of wealth.

The SPRING framework comprises six pillars and 48 sub-indicators to assess ESG integration in private banks across various areas of their business. The pilot study revealed opportunities for private banks to address ESG risks, enhance risk management practices, and integrate sustainability considerations into their operations.

The study also emphasized the importance of ESG factors in understanding client preferences and mitigating reputational and regulatory risks. WWF-Singapore intends to collaborate with banks, investors, regulators, and stock exchanges in Asia to further integrate ESG into finance and build sustainable financial systems.

To find out more, please click HERE to view the press release by WWF Singapore.