First of its kind in Hong Kong's construction industry to drive ESG initiatives
HONG KONG SAR - Media OutReach Newswire - 16 May 2024 - DBS Bank (Hong Kong) Limited ("DBS Hong Kong") and Sanfield (Management) Limited ("Sanfield") today announced the launch of pioneering Sustainability-linked Supplier Payment Services ("SPS") for the Hong Kong construction industry. The SPS program marks a significant milestone in extending environmental, social and governance ("ESG") initiatives from Sanfield to its suppliers and sub-contractors, setting a new industry standard. DBS Hong Kong will act as the sole arranger for this innovative financing initiative.
This SPS program, the first of its kind in the Hong Kong construction industry, will help Sanfield develop a sustainable construction ecosystem with its suppliers and sub-contractors and fulfil its ESG commitments and vision. Under the SPS program, DBS Hong Kong will act as the only advisor to Sanfield in setting a series of sustainability-related performance targets, including ESG disclosure, safety performance, waste reduction, adoption of innovative technology and carbon-emissions reduction.
By joining the SPS program and meeting the predetermined targets, Sanfield's suppliers and sub-contractors may benefit by getting early payment for their goods or projects, thereby improving their cash conversion cycle while enhancing their ESG performance. The launch of the SPS program represents a significant step towards building a greener and more environmentally conscious construction sector.
Desmond Tsoi, General Manager of Sanfield, said, "We are delighted to partner with DBS Hong Kong for this landmark program. The Sustainability-Linked Supplier Payment Services program will encourage our suppliers to accelerate their transition to more sustainable construction practices, creating a 'triple-win' situation, benefitting the environment, the industry and our construction partners. We anticipate the new program will drive a wider adoption of green building equipment in the industry and create a cleaner and healthier work environment for frontline workers."
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong, said, "We are proud to support Sanfield in their sustainability journey. DBS Hong Kong has been committed in providing financing for projects with positive environmental and social impacts, and assisting clients in formulating sustainable development roadmaps. We believe that green construction is the future of the industry, and we are excited to be a part of this transformation. Our collective efforts will contribute to making Hong Kong a greener low-carbon city."
Sanfield is a wholly-owned subsidiary of Sun Hung Kai Properties (SHKP). It not only focuses on building premium properties but also takes a holistic approach to integrating and promoting sustainability in the construction industry. It achieves this through five key areas, which encompass the adoption of green smart technologies, the development of green energy infrastructure, research and innovation in green building technologies, the supply of green building materials, and the training of green building professionals. This comprehensive approach ensures that sustainability is integrated into every aspect of its operations.
DBS Hong Kong actively integrates sustainable concepts into its products and services, promoting the development of green finance through investment support, fund allocation, risk management and advisory services. In recent years, DBS Hong Kong has completed a number of sustainability-linked financings for various listed companies and enterprises.
Hashtag: #DBSHongKong
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "
World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Sanfield
Sanfield (Management) Limited is a wholly-owned subsidiary of Sun Hung Kai Properties' construction division and a prominent player in the Hong Kong construction industry. Guided by the motto of SHKP, Building Homes with Heart spirit, Sanfield consistently demonstrates its dedication to excellence and innovation. The company offers a wide range of professional, top-notch services encompassing foundation work, site formation, civil engineering, building construction, electrical and mechanical installations, concrete production, precast-concrete-unit manufacturing, production and installation of wooden doors, construction plant and machinery leasing, as well as landscaping.
Sanfield plays a vital role in SHKP's property development business and has made significant contributions to the development of several iconic buildings, including the International Finance Centre (IFC), International Commerce Centre (ICC) and Central Plaza.
source: DBS Bank (Hong Kong)
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