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.
Desmond Tsoi, General Manager of Sanfield (left), and Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong (right), announce the launch of pioneering Sustainability-linked Supplier Payment Services in the Hong Kong construction industry.
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
The issuer is solely responsible for the content of this announcement.
