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OCBC has launched a free online SME ESG assessment tool for SMEs across its core markets in Singapore, Malaysia, Indonesia and Hong Kong, named OCBC Pulse.
The ESG tool is said to be capable of independently assessing the sustainability readiness of SMEs, while also enabling large companies to better understand the ESG performance of their respective SME suppliers.
OCBC Pulse is said to offer these actionable recommendations for SMEs to identify gaps and improve in crucial sustainability areas.
The bank intends to pilot the tool, which was developed in collaboration with the UN Global Compact Network Singapore, with its own suppliers via its procurement operations.
Elaine Heng, the Head of Global Commercial Banking for OCBC, shared,
Elaine Heng
“Available at no cost and being easy to use, it lowers the cost and complexity for SMEs to start taking action to track and improve their ESG performance, and enhances their access to financing with us.”
The tool is a web-based self-service platform that requires SME suppliers to complete questions across ESG areas, including submitting relevant documents if necessary for validation.
Upon completing the assessment, the SME would receive a comprehensive report immediately, indicating their ESG readiness levels by Starter, Beginner, Intermediate and Advanced classifications, as well as insights on where to improve.
Large companies can onboard their SME suppliers through a dedicated landing page they can share with their suppliers, inviting them to complete the assessment.
The rollout of OCBC Pulse is said to be in line with OCBC’s goal to support 12,000 SMEs in Singapore, Malaysia, Hong Kong and Indonesia with sustainable financing by 2028.
Featured image edited by Fintech News Singapore based on an image bydigitizesc on Magnific
