From the Green Finance Industry Taskforce convened by the Monetary Authority of Singapore to the Green Finance Action Plan 2.0 in Taiwan, governments and regulatory authorities worldwide are addressing concerns over the impact of the sector on the environment and economy. As a result, banks throughout Asia are taking steps to turn their portfolios green and innovate to limit their environmental impact.
To support our banking customers in their efforts, Thales brings the industry’s most complete portfolio of sustainable banking products and solutions to the table. From using alternative, bio-sourced materials, to helping banks compensate for the carbon footprint of their cards in a comprehensive manner, Thales is partnering with leading banks like DBS, UOB and Standard Chartered to provide greener solutions to their customers.
Launching Asia’s First Bio-sourced Card for DBS Bank Taiwan
“Responsible Banking”, “Responsible Business Practices” and ‘Creating Social Impact” are the three main axes of sustainable development for DBS Group. In Taiwan, DBS took this a step further in July 2020, when DBS Bank Taiwan issued Asia’s first bio-sourced credit card, the DBS Eco Card in their aim to promote customer awareness and use of environmentally-friendly banking solutions. The launch of this card, together with DBS’ other sustainable practices, resulted in DBS Bank Taiwan being awarded the “2020 Taiwan Corporate Sustainability Award” from the Taiwan Institute for Sustainable Energy, in recognition of their commitment to the environment.
Supporting UOB in its goal to make sustainable financial products accessible to all
As one of Asia’s largest banks, UOB is committed to forging a sustainable future for its regional customers and communities. As part of its commitment, UOB’s environmental, social and governance (ESG) approach is embedded across its suite of financial solutions and services to make it simpler for customers to adopt a greener lifestyle. In addition to offering green financing solutions for electric vehicles and eco-friendly homes as well as sustainable investment solutions, the Bank launched this year Singapore’s first bio-sourced credit card for its sustainability-oriented Generation Z customers. The UOB EVOL Card is the Bank’s first card to use Polylactic Acid (PLA) and bio-sourced, corn-based materials which are safe for incineration. Compared with traditional plastic credit cards which are typically made up of Polyvinyl Chloride (PVC), the UOB EVOL Card cuts down on plastic use by 82 per cent and reduces UOB’s carbon footprint by 10 grams per card. UOB also plans to replace the rest of its plastic debit and credit cards with environmentally-friendly options in the future.
Helping Standard Chartered offset the carbon footprint of their cards
To be the world’s most sustainable and responsible bank, Standard Chartered Bank is committed to sustainable social and environmental development through its business, operations and communities. For its consumer business, Standard Chartered has taken the bold move to reduce its carbon footprint, starting with the launch of its first CarbonNeutral credit card in Malaysia in November 2020. From November this year, Standard Chartered is rolling out the programme on a global basis, targeting carbon neutrality for its credit and debit card issuance. Assuming the average bank card has a carbon footprint of about 150 CO2eq (carbon dioxide equivalent) or approximately five plastic bags, Standard Chartered’s annual issuance of 3 million cards translates to 15 million plastic bags. As part of the Thales carbon offsets programme, Thales works with leading consultancies, auditors and non-governmental organisations to help Standard Chartered measure the emissions from its cards and offset their carbon footprint through a variety of carbon mitigation programmes worldwide. With the CarbonNeutral® card, Standard Chartered is contributing to credible and sustainable carbon reduction programmes from the Acre Amazonian Rainforest in Brazil, to the Rimba Raya Biodiversity reserve in Indonesia, while reinforcing commitment to its customers in the area of climate change.
Thales’ sustainable banking offer is built around the pillar of various environmentally-friendly cards and the carbon offset programme. In addition to bio-sourced PLA cards, the Thales Reclaimed Ocean Plastic card is made using 70% discarded plastic waste cleared from coastal areas, with one card containing the equivalent of one reclaimed plastic PET bottle. The Thales Recycled PVC card is made using post-manufacturing plastic waste from different industries, such as the packaging and printing sectors, containing 85% less plastic than first-use PVC. By combining the green offer with Thales’ technology in contactless banking solutions and cybersecurity, Thales offers the financial industry the widest portfolio of products and solutions to help their customers transact safely and deliver on their environmental commitments.
“As the global financial sector looks for ways to bounce back post-pandemic, there is greater emphasis on building back better and greener. As a pioneer in the industry, we’ve seen that our customers deeply value a holistic and comprehensive portfolio of sustainable banking products to make a positive contribution to society. In addition, contactless technology for transactions, mobility and authentication are part of our daily lives. Thales’ broad portfolio of solutions are helping the financial sector, not just in how they operate efficiently but also in how they’re perceived by their customers and the values that their company stands for.” Michael Au, Senior Vice President, Thales Banking and Payment Solutions, Asia