The Launching of Sustainable Product Framework at Maybank Marathon 2022

The Maybank Group held a Sustainable Day on the 2nd day of Maybank Marathon, Saturday, August 27, 2022. In this event, Maybank Group, represented by the Chairman of Maybank Group, Tan Sri Dato’ Sri Zamzamzairani, also launched the Sustainable Product Framework.

The Sustainable Product Framework aims to promote the development of green, social, and sustainable products as well as mobilising RM50 billion (approximately Rp166 trillion) in Sustainable Finance by 2025. “ The Sustainable Product Framework will be implemented in all Maybank Groups, both in Sharia and conventional products, including in Maybank Indonesia, as of September 1, 2022,” said Tan Sri Dato’ Sri Zamzamzairani. 

The implementation of The Sustainable Product Framework, he continued, has become important aligned with the commitment of Maybank Group to drive all sustainable practice as the implementation of Sustainable Development Goals (SDGs) and Paris Agreement.

Therefore, Sustainable Product Framework covers products offered under corporate loans, debt and equity capital market, trade finance, retail finance, insurance, asset and wealth management, derivative and deposit. With Sustainable Product Framework, Maybank’s business team has clear guidelines to develop green, social, and sustainable products.

Apart from the commitment in sustainable finance, The Maybank Group also commits to improve the lives of 1 million households across ASEAN in 2025. Up to now, the effort has reached 718,704 households.

The achievements are the result of Maybank Foundation’s social responsibility programs such as Reach Independence and Sustainable Entrepreneurship (R.I.S.E) program, and Maybank Women Eco-Weavers (MWEW) which has reached 48,891 beneficiaries.

Furthermore, there is also the Maybank zakat initiative which has benefited more than 52,840 recipients of zakat through programs such as Clean Water Program and Water Filter run by Etiqa, an insurance and Tafakul unit under Maybank Group. Etiqa has recorded 361,512 recipients. Maybank Group through mortgage finance and vehicle loan has also benefited 255,461 indigent customers.

Maybank Group has also contributed to the carbon neutral target or zero emission in 2050 (according to Long-term Strategy on Low Carbon and Climate Resilience 2050 in the mitigation of climate change).

“We have worked hard in the Group and required our external suppliers/vendors to accelerate our sustainable effort and to minimize the environmental impact of our operation throughout all value chains. In addition, we are also committed to reduce emission financed from our own business portfolio,” said Dato’ Khairussaleh.

“Thus, we have determined the parameter for emission cost regarding Scope 3 and begun designing the framework of transition strategy which will become our business portfolio in the future and set a target to reduce emission cost regarding schedule - the first bank in Malaysia who did so”.

The ultimate commitment of Maybank Group is to achieve 1 million hours per annum on sustainability and to deliver 1,000 significant SDGs’ related outcomes in 2025. This target achievement is driven by main activities centred on sustainable workforce, Supporting Business, Transparency, and Management, empowering Workforce and People.

The Finance Director of Maybank Indonesia, Thilagavathy Nadason, added that all sustainable efforts made by the company, including Sustainable Product Framework, are entwined with the regulations issued by The Government of Indonesia and M25 Strategy.

Some of Maybank Group’s achievements, said Thilagavathy, are improving the community’s economy through tax payment and financial aid programs, accelerating the provision of digital service, supporting the development of human resources, improving environment oriented credit distribution and continuing the implementation of green office in the bank operations.