Singapore, October 31, 2021 – As part of its drive to encourage eco-responsible living, DBS Bank has launched LiveBetter – a unique digital platform where users can easily access green advice, donate to causes green communities, as well as investing in funds focused on sustainable development. The platform, which is the first of its kind in the industry, is now available to all DBS / POSB customers in Singapore through the bank’s digibank app. By January 2022, LiveBetter will also have the industry’s first stand-alone carbon calculator, which automatically generates carbon footprint profiles and insights based on customer spending habits. The bank is also developing a function that will allow customers to purchase carbon credits to offset their carbon footprint.
LiveBetter – The first unique digital sustainability platform
According to Jeremy Soo, Head of Consumer Banking (Singapore) at DBS Bank, “Climate change affects us all, and we believe that everyone has a role to play in building a better world. To encourage customers to adopt sustainable lifestyles, we take care to offer green offers that are accessible, highly competitive and easy to adopt. This approach was confirmed by the findings of our recent DBS consumer sustainability survey., where 73% of respondents indicated a willingness to change their lifestyle to live more sustainably only if it is convenient for them. By integrating LiveBetter into DBS digibank, our customers can now easily access ways to live green with just a few clicks. “
The results of the DBS Consumer Sustainability Survey, which was conducted in July 2021 among more than 1,000 Singapore residents aged 18 and over, showed that respondents were very aware of the environmental impact of their activities, 93% being aware that their activities contribute to carbon emissions and 86% being aware that their carbon footprint will have an impact on the world. However, many are unlikely to take action towards a sustainable lifestyle: 73% are willing to change their lifestyle to live more sustainably, but only if it suits them, while 31% are undecided as to whether they will reduce their carbon footprint. 33% also mentioned having difficulty finding the right channels to learn about sustainability.
How LiveBetter works
LiveBetter on DBS digibank aims to address these challenges by reducing barriers and consumer inertia towards a sustainable lifestyle. An industry first, the digital one-stop-shop platform provides simple and easy access to a range of sustainability-focused educational resources, services and offerings with the following features:
- Give better: Featuring local environmental and sustainability organizations, clients can easily view sustainability-related causes that require funding and donate to them. The donation process takes less than five seconds from transferring funds to depositing the tax deduction, and 100% of funds raised go to organizations such as The Food Bank Singapore, World Wide Fund for Nature (WWF) and Mandai Nature Fund. , among others.
- Better invest: Clients can learn more about sustainable investing and invest instantly in a selection of sustainability-themed funds.
- Better know: Whether it is to learn more about climate change or to obtain eco-responsible advice, the platform offers small content to customers and shows them the relevant actions to take.
- Carbon calculator (Coming January 2022): The industry’s first standalone carbon calculator – a calculator that automatically generates carbon footprint profiles and insights based on customer spending habits. The bank is also developing a complementary function that will allow customers to buy carbon credits to offset their carbon footprint.
Carbon calculator coming in January 2022
DBS has also seen an encouraging reception of ‘DBS Green Solutions’, a suite of green retail offerings introduced this year, a sign of a growing adoption of sustainability-focused financial solutions:
- Fund on the theme of sustainable development: Since January 2021, retail purchases of thematic funds on sustainable development (Ninety One Global Environment Fund and BNP Paribas Global Environment Fund) have been constantly increasing. As of September 30, 2021, fund purchases are almost three times higher than in January 2021. The one-year performance of these funds was also healthy, around 30%..
- DBS green car loan: Singapore’s first green car loan When introduced in February 2021, the loan offers an attractive rate of 1.68% (EIR 3.22%) per annum to all customers who purchase new electric and hybrid vehicles and opportunity. As of September 30, 2021, green auto loan volumes represented 10% of auto loan volumes, and total green auto loan volumes are at their highest level since the launch of the green loan. As more models of electric vehicles enter the market, green car loan volumes are expected to continue to increase.
- Green Renovation Loan DBS: The loan has experienced exceptionally high subscription rates since its launch at the end of April. As of September 30, 2021, green loans account for around 85% of new DBS renovation loan bookings – with renovation loans approved at their highest level since January 2019. The bank expects loans to green renovations continue to dominate its home improvement loan portfolio. At 2.68% per annum, this is probably one of the lowest rates in the market today, compared to the average market renovation loan rate of around 4% per annum. Renovation checklist, jointly developed in partnership with the Singapore Green Building Council. This includes, among other things, energy-efficient lighting and systems and the use of renewable energy sources and certified ecological paints. About two-thirds of DBS customers who take out green renovation loans are HDB residents.
For more information on the “DBS Green Solutions” package, visit https://www.dbs.com.sg/personal/live-green-effortlessly.
DBS has advanced its sustainability agenda over the years. The bank has set targets for its operational carbon footprint to ensure net zero operational carbon by 2022. In 2017, DBS became the first Asian bank and the first Singaporean company to join the global initiative. RE100 renewable energy by committing to use 100% renewable energy for its Singapore. operations by 2030. Recently, DBS also supported the World Business Council for Sustainable Development’s (WBCSD) Vision 2050 program which sets out nine transformative pathways to improve lives, livelihoods and protect the planet by three decades. Finally, DBS recently became the first bank in Singapore to become a signatory to the UN-convened, industry-led Net-Zero Banking Alliance (NZBA).
DBS Consumer Sustainability Survey, conducted in July 2021, among 1,000 Singapore residents aged 18 and over
 Ninety One Global Environment Fund 1-year return as of October 21, 2021: 33.21% (USD); 1-year performance of the BNP Paribas Global Environment Fund as of October 21, 2021: 29.5% (SGD Hedged)
DBS is a leading financial services group in Asia with a presence in 18 markets. Based and listed in Singapore, DBS is present in the three main areas of growth in Asia: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Recognized for its global leadership, DBS has been named “The best bank in the world“by Euromoney,”World Bank of the Year“by the banker and”Best Bank in the World“by Global Finance. The bank is at the forefront of using digital technology to shape the future of banking, having been named” World’s Best Digital Bank “by Euromoney and the”The most innovative in digital banking“by The Banker. In addition, DBS received the”Safest Bank in Asia“awarded by Global Finance for 13 consecutive years from 2009 to 2021.
DBS offers a full range of banking services for individuals, SMEs and businesses. As a bank born and raised in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with its customers and making a positive impact on communities by supporting social enterprises, as it operates the Asian way. It also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and its focus on engaging and empowering its people, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.