UOB Thailand has introduced the UOB Sustainability Compass, an industry-first tool designed to assist small and medium size enterprises (SMEs) in overcoming the barriers to starting their sustainability journey. This innovative tool provides SMEs with a customised report that outlines a roadmap for becoming a sustainable business, offering clear actionable next steps.
According to UOB Business Outlook Study 2024 Thailand report, 94 per cent of businesses acknowledge the importance of sustainability with 22 per cent prioritising the transition towards Environmental, Social, and Governance (ESG) practices over the next three years. Businesses have highlighted the need for key support areas from the bank, including access to ecosystem partners, investment services, guidance in ESG standards, and funding accessibility.
In response to these needs, UOB, in collaboration with PwC, has developed the UOB Sustainability Compass – an innovative online tool tailored to assess clients’ sector and sustainability readiness stage. Through a 5-minute questionnaire, companies can obtain a customised report that outlines their sustainability maturity and provides actionable steps for improvement. The report also includes information on relevant regulations, standards, certifications, and recommended sustainable financing solutions.
Amporn Supjindavong, Head of Commercial Banking, UOB Thailand said “In Thailand’s evolving business landscape, sustainability is a strategic necessity for companies to remain competitive. With shifting consumer preferences, regulatory requirements and global trends emphasising sustainability, embracing this ethos is paramount for long term success. As the One Bank for ASEAN, we understand the need to simplify the sustainability journey for our customers. The UOB Sustainability Compass helps companies overcome barriers by offering a tailored roadmap to navigate the complexities of sustainability.”
Panittra Vejajiva, Head of Financial Institution and ESG Solutions, UOB Thailand said “SMEs need to pivot towards more environmentally friendly practices as their larger multinational corporate clients adjust their sourcing criteria. We have developed comprehensive sustainability frameworks, ranging from sustainable finance for green buildings, smart cities, and circular economies to transition finance. These frameworks assist businesses in making crucial pivots, saving time and resources while meeting new market demands.”
The UOB Sustainability Compass has been adopted by several companies, including Thailand’s well-known manufacturer of assorted fried chips, Manora Food Industry and Unique Plastic Industry.
Apiwat Wungwiwat, Chairman and Founder of Manora Food Industry Co., Ltd. said “In the dynamic landscape of the food industry, the impact of being a responsible company is significant. As our business operates across various markets, it is imperative for us to make responsible choices, such as opting for environmentally friendly packaging and ensuring adherence to environmental standards in our production processes. Utilising the UOB Sustainability Compass tool provides us with an overview of key regulations that impact our operations. This report not only guides us in making decisions to mitigate environmental risks but also helps us navigate the complexities of our industry, thereby advancing our ESG agenda.”
Soros Yodmongkol, Chief Executive Officer, Unique Plastic Industry Co., Ltd., said “The UOB Sustainability Compass tool is an affirmation that we are on track in our sustainability journey. By leveraging insights from UOB Sustainability Compass, we are able to identify additional steps to integrate sustainability practices across our business operations including product innovation, partner selection and supplier sourcing, while taking into account the environmental impact for surrounding community. We look forward to collaborating closely with UOB to determine suitable financial support as we aim to continuously lower carbon footprints both inside and outside our organisation”
Since its debut in November 2022 in Singapore and Malaysia, the UOB Sustainability Compass has assisted more than 1,700 companies with their green transition. Following the launch in Thailand, UOB will roll out this tool in Indonesia later this year.
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