WeBank Joins UN Principles for Responsible Banking

  • Online bank supports green finance, and rural revitalization

  • Offers custom services for special needs customers

Chinese online bank WeBank has signed the United Nations Principles for Responsible Banking (PRB) joining more than 300 banks around the world under the PRB.

Through the Principles, banks take action to align their core strategy, decision-making, lending and investment with the UN Sustainable Development Goals (SDG), and international agreements such as the Paris Climate Agreement.

Launched in 2014 WeBank is the first digital bank in China and to date has provided online financial services to 340 million individuals and 2.8 million micro, small and medium-sized enterprises (MSMEs).

The Shenzhen-based bank has recently been working on tech innovations to support China’s key national strategies, including inclusive finance, green finance, and rural revitalization, as well as leveraging featured financial services to fulfill corporate social responsibilities.

Following the signing of the Principles, WeBank will now integrate the concept of the UN SDGs to drive the growth of green finance and support the economic development of China. 

Green and social funding

WeBank already provides a dedicated service solution of green finance for environmentally friendly enterprises, such as helping reduce the cost of financing for green enterprises through interest rate incentives.

Additionally the bank collaborates with leading companies in the green industry to provide preferential loan support to distributors across their industry chain.

In the case of auto finance WeBank offers incentivised new energy vehicle (NEV) loans to help promote the transition to green transportation.

The bank has also implemented a number of social initiatives including the development of customised services for customers with special needs.

To cater to this customer segment WeBank set up an exclusive service channel for hearing impaired customers providing sign language customer services through video.

While its App also provides support to visually impaired customers and for elderly customers to serve their user preferences. In 2021, the bank offered more than 2 million services for hearing or visually impaired, or elderly customers.

#WeBank #UNPrinciplesforResponsibleBanking

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