Two financial heavyweights have launched sustainable financial solutions for customers in the Asia Pacific region, with Citi unveiling a new sustainability-focused time deposit solution and Visa introducing eco-friendly payment solutions for cardholders.
Citi Treasury and Trade Solutions’ (TTS) new Sustainable Time Deposit solution is now available for corporate and institutional clients in Hong Kong and Singapore, while Visa’s Eco Benefits program will help Asia Pacific cardholders better understand the environmental impacts of their day-to-day financial activities.
Funds invested into Citi’s Sustainable Time Deposit will be allocated towards assets associated with green or social finance projects based on the Citi Green Bond, Social Finance, and Social Bond for Affordable Housing Frameworks that support the United Nations’ Sustainable Development Goals (SDGs).
Projects that will be financed by deposits include those in renewable energy, energy efficiency, sustainable transportation, expanding access to affordable basic infrastructure, providing access to essential services such as healthcare and education, and housing for low- and moderate-income populations.
“Sustainability is a key priority for our clients, and a commitment we take seriously at Citi. It shapes our business strategy and is embedded in the products and services that we offer,” Stephen Randall, Global Head of Liquidity Management Services, Treasury and Trade Solutions at Citi, said.
“Our new deposit solution supports our clients’ sustainability agenda, providing them with a range of suitable financing options and investment services.”
Visa’s Eco Benefits scheme allows customers to calculate the carbon footprint produced by their purchases made using Visa products, have access to opportunities for carbon offsetting and charitable donations, use physical payment cards made from sustainable materials, and receive tailored tips and information on sustainable consumption.
“The majority (78 per cent) of people in Asia Pacific said they are more likely to make more environmentally friendly purchases if they’re able to see their carbon footprint and take steps to change their spending habits,” Chris Clark, President – Asia Pacific at Visa, said.
“Our bank and fintech partners across the region can now add these sustainability features to existing Visa cards. Eco Benefits is another way that Visa is expanding our network beyond payment transactions to deliver more insights to our partners and their customers.”