, Singapore
315 views

Guilty! Majority of Singaporeans believe their banks are greenwashing

Around half of consumers enjoy the availability of green financial services.

Approximately 68% of Singaporeans believe that their banks are "greenwashing", or over-emphasizing the green status of their programmes, according to a survey by Mambu.

"Singaporean consumers are concerned about the motives of banks introducing green or ethical programs, with more than two-thirds (68%) believing their current financial institution is guilty of greenwashing. However, despite this skepticism, 50% of Singaporean consumers say the availability of green financial solutions has become more important to them over the past five years, and 45% would switch banks to access a green financial service. So banks really need to focus on improving communication, empowering consumers, and incentivising their customers to help build credibility to their sustainability initiatives," said William Dale, Mambu commercial director in a press statement.

Despite this skepticism, 73% of Singaporean consumers say they want their banks to become more sustainable in the future.  

However, 45% of Singaporeans still do not understand the difference between "green finance", which targets environmental protection, and the more general term of "ethical finance."

The adoption of green finance is also far from becoming mainstream, with only 27% of Singaporean consumers knowingly using a sustainable banking product or service. This is only slightly higher than the 26% global average.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.