Financial institution Standard Chartered introduces the initial escrow and account banking solution tailored for sustainability within the United Arab Emirates.
Standard Chartered Introduces Sustainability-Linked Escrow and Account Banking Solution in the UAE
Standard Chartered, a leading international bank, has unveiled a pioneering financial tool in the UAE - a sustainability-linked escrow and account banking solution. This innovative offering is designed to help businesses align their financial operations with sustainability goals, supporting the transition to a low-carbon economy while meeting both financial and sustainability objectives.
The solution allows clients to hold funds in escrow or secured accounts that are directly linked to Standard Chartered's portfolio of verified green and sustainable loans and projects. This ensures that financial transactions support environmentally friendly initiatives, promoting transparency and accountability.
Key Features
- Sustainability Alignment: Funds are tied to a portfolio of sustainable projects and loans, ensuring that financial transactions support environmentally friendly initiatives.
- Transparency and Accountability: Standard Chartered acts as an independent Escrow Agent and Account Bank, ensuring that client funds are earmarked for eligible ESG initiatives.
- Availability: The solution is available across the UAE, including the Dubai International Financial Centre (DIFC), and also in the UK.
- Broader Sustainability Commitment: This offering complements other sustainable financial solutions by the bank, including ESG-linked cash accounts and sustainable trade finance options.
Sandrine Jourdainne, Global Head of Deposits, Liquidity and Escrow Solutions at Standard Chartered, highlighted the bank's commitment to the UAE's sustainability agenda. She stated, "The UAE has positioned itself as a leader in sustainability, and we are proud to contribute to its efforts."
The new offering further expands Standard Chartered's leadership in sustainable transaction banking. It is in line with growing client demand for innovative, impact-driven financial solutions. She added that the new Sustainable Escrow and Account Bank solution provides a transparent, credible way for clients to align their liquidity with sustainable outcomes.
Standard Chartered, as an independent Escrow Agent and Account Bank, holds deposits and ensures alignment with its sustainability-linked product suite. Funds earmarked through the new offering are directed towards verified projects and initiatives that meet globally recognized environmental and social criteria.
The launch of the Standard Chartered Escrow service reinforces the Bank's commitment to supporting the UAE's sustainability agenda. By introducing this solution, Standard Chartered is helping businesses in the UAE and other regions to integrate sustainability into their core financial operations.
For more information about the Standard Chartered Escrow service, please visit the bank's sustainability webpage: https://www.sc.com/en/about/sustainability/
[1] Standard Chartered's sustainable transaction banking offerings now include ESG-linked cash account, sustainable account, sustainable trade finance, sustainable trade loan for financial institutions, and the Standard Chartered Escrow service. [2] The Standard Chartered Escrow service is intended to enable clients to transition towards a low-carbon economy through practical, scalable tools. [3] This is the first solution of its kind in the UAE, offering a sustainability-linked escrow and account banking solution.
- Presently, Standard Chartered's array of sustainable transaction banking solutions encompasses ESG-linked cash accounts, sustainable accounts, sustainable trade finance, sustainable trade loans for financial institutions, and the new Standard Chartered Escrow service, which can be found on their sustainability webpage at ffnews.com/en/about/sustainability/.
- The Standard Chartered Escrow service, a pioneering offering in the UAE, is designed to facilitate clients' transition towards a low-carbon economy via practical, scalable tools.
- With the launch of the Standard Chartered Escrow service, the bank is aiding businesses in the UAE and other regions to integrate sustainability into their core financial operations, contributing to the UAE's sustainability agenda.
