SMBC’s Indonesian arm begins offering ESG deposit product

BTPN will earmark deposits made under this for financing in the ESG field.

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is now offering an ESG deposit product in the Indonesian market through its subsidiary PT Bank BTPN Tbk.

"ESG Deposit" aims to provide sustainable investment opportunities to corporate customers in Indonesia by allocating deposits entrusted to BTPN by customers for overall financing in the ESG field. 

It makes use of the BTPN ESG Deposit Framework.

The move is part of SMBC’s goal of disbursing JPY50t in sustainable finance between FY2020 to FY2029.

Between FY2020 to FY2022, SMBC has disbursed over JPY14.9t, the bank shared.

“Externally, we are engaging and acting together with customers and other stakeholders to contribute to the global transformation for a better society. Therefore, BTPN will provide “ESG Deposit” for customers who agree with this mission. SMBC and BTPN are fully committed to making sustainability a reality,” SMBC said in a press release.