Yahoo Finance ABS launches private banking and wealth management guidelines
The guidelines are principles for private banks to integrate sustainability considerations with their business models & practices.
The Association of Banks in Singapore (ABS) has launched the ABS Sustainable Private Banking and Wealth Management Guidelines on Oct 14.
The guidelines are principles for private banks to integrate sustainability considerations with their business models and practices.
Developed with technical input WWF-Singapore (World Wide Fund for Nature (Singapore) Limited), the guidelines establish a baseline for sustainability practices to be integrated into private banks’ business models. They will cover private banking activities comprehensively, from wealth planning and investments to financing.
Ong-Ang Ai Boon, director, ABS, says, “This set of guidelines will help private banks and their clients in the transition towards a low-carbon economy. The Association will continue to support our members by facilitating capacity building and sharing of best practices in sustainable private banking and wealth management.”
R. Raghunathan, CEO, WWF-Singapore, adds, “Singapore is emerging as a regional leader in sustainable finance, and is well placed to help scale global efforts to shift finance to low-carbon and sustainable activities. WWF-Singapore is committed to working with ABS and the private banks by providing expertise to strengthen their sustainability capabilities.”
At the same time, the Private Banking Industry Group (PBIG) sustainability taskforce has developed a common industry training benchmark to upskill private banking relationship managers in the area of sustainability.
The benchmark, which was done in consultation with the Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS), references from the IBF-MAS developed Sustainable Finance Technical Skills and Competencies (SF TSCs). The SF TSCs are part of the Skills Framework for Financial Services.
Further to ABS’s statement, the four prioritised TSCs are: sustainable investment management, carbon markets and decarbonisation strategies management, non-financial industry sustainability developments and climate change management.
These four TSCs have been endorsed by the IBF Private Banking and Family Office Workgroup for inclusion in the skills map for Private Banking and Wealth Management for Relationship Managers (RMs).
Of the four TSCs, sustainable investment management TSC has been identified by the PBIG sustainability taskforce as the most essential TSC to strengthen the private banking relationship managers’ ability to advise and help clients implement sustainable investment approaches.
Gillian Tan, assistant managing director (development and international), MAS and co-chair of PBIG says, “We are seeing growing demand for sustainable investments among high-net-worth-individuals and family offices. 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.”
She adds: “I encourage all private banks to refer to this benchmark as they identify or develop suitable training to deepen their sustainability talent pool.”
Ng Nam Sin, CEO, IBF says, “IBF is heartened that the industry, comprising the PBIG Executive Committee and Sustainability Taskforce have identified, prioritised, and are committed to upskill private banking relationship managers with these must-have competencies. We strongly encourage finance professionals and financial institutions to tap on IBF-accredited courses to upskill and deepen your competencies in sustainable finance.”
Benjamin Cavalli, head of wealth management APAC, Credit Suisse and lead for the PBIG sustainability taskforce adds, “As banks, we play a key role in advancing sustainability through the products, services and advice that we provide to clients and investors. It is therefore imperative that private banking professionals are well equipped with the knowledge and capabilities to support clients better on their sustainable investment journey.”
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