DBS to launch a tool on a banking application that allows customers to track their carbon footprint, Banking News & Top Stories


SINGAPORE – DBS Bank customers will be able to track their carbon footprint when a new calculator function on the lender’s digital banking app is rolled out by January.

The calculator will be able to automatically generate carbon footprint profiles and information based on DBS credit and debit card spending.

The bank is also developing a function that will allow customers to purchase carbon credits to offset their carbon footprint.

The tool will be released as part of DBS’s digital platform LiveBetter, which aims to facilitate access to educational resources, services and products focused on sustainability.

DBS / POSB customers in Singapore can access the platform, which launched on Sunday, October 31, through the bank’s digibank app.

Users can already access educational resources on climate change and what they can do to mitigate it.

They can also donate to sustainable development causes such as the Food Bank of Singapore, the World Wide Fund for Nature and the Mandai Nature Fund.

The process takes less than five seconds from transferring the funds to filing the tax deduction, DBS said, adding that there were no fees to pay.

Clients can also use the LiveBetter platform to learn more about sustainable investing and invest in sustainability-themed funds.

Users can already invest in two funds – the BNP Paribas Global Environment and the Ninety One GSF Global Environment Fund – with exchange-traded funds available from next year.

Mr. Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS, said: “Climate change affects us all, and we believe that everyone has a role to play in building a better world.

A July survey by DBS of 1,000 Singapore residents aged 18 and over found that 73 percent of them were willing to change their lifestyles to live more sustainably only if it was right for them.

Mr Soo said: “By integrating LiveBetter into DBS digibank, our customers can now easily access green living with just a few clicks.”

DBS also provided an update on the adoption of its green retail offerings introduced this year.

The volumes of its green auto loan – introduced in February for customers purchasing new and used electric and hybrid vehicles – represented 10% of the bank’s auto loan volumes as of September 30.

“As more models of electric vehicles enter the market, green car loan volumes are expected to continue to increase,” DBS said.

Green renovation loans accounted for about 85% of the bank’s new renovation loan bookings as of September 30.

Customers must complete three items on a checklist, such as having lighting and energy efficient systems, to be eligible for the Green Loan, which launched in April.

About two-thirds of DBS clients who take out green renovation loans live in Housing Board apartments.

Singapore’s largest bank is not alone in its efforts with other industry players who are also rolling out green products for consumers and businesses as part of the push towards sustainability.

UOB Asset Management launched the United Smart Sustainable Singapore Bond Fund on Monday to attract investors looking to invest in Singapore’s sustainability efforts.

The fund will invest in high quality green, social and sustainability bonds with strong environmental, social and governance mandates.

The OCBC extended its first green loan last Tuesday by taking advantage of the new building energy efficiency assessment tool launched by Singapore’s Building and Construction Authority.

The collaboration between the OCBC and the authority aims to enable a smoother transition to sustainability for building owners, developers and small and medium businesses in the real estate value chain.

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