Monday 24/03/2025

^{(From left) Daniel Siew, Head of Sustainable Finance Business Development, CIMB Bank; Tania Davina Yoganathan, Head of Sustainability MY, CIMB Bank; Dr Reza Azmi, Executive Director & Founder, Wild Asia; and Lim Ying Ying, General Manager, Wild Asia, at the MoU signing between CIMB and Wild Asia, to drive the transition toward more sustainable practices in the palm oil sector.}


KUALA LUMPUR, March 24 (Bernama) -- CIMB Bank Berhad (“CIMB” or “the Bank”) has entered into a Memorandum of Understanding (“MoU”) with Wild Asia Sdn Bhd (“Wild Asia”) to drive the transition toward more sustainable practices in the palm oil sector. The partnership aims to strengthen supply chain transparency and uphold sustainability standards by working closely with CIMB’s clients and industry stakeholders through the Wild Asia’s Small Producer Inclusivity & Resilience Alliance Programme ("SPIRAL" or the “Programme”). By facilitating credible certification for mills, their supply chains and independent producers, which include smallholders, small growers and estates, it aims to drive greater accountability and responsible sourcing practices across the industry.

Through this Programme, independent producers will be able to gain better market access and improve their livelihoods while supporting the broader transition to nature-positive sustainable palm oil production. This can be achieved by reducing carbon intensity, measuring and managing greenhouse gas emissions, and adopting regenerative agricultural practices to enhance yields with minimal environmental impact.

Luanne Sieh, Group Chief Sustainability Officer, CIMB Group said, “We are pleased to partner with Wild Asia to drive meaningful change in the palm oil industry from the ground up. Sustainability in this sector goes beyond reducing environmental impact – it is also about strengthening livelihoods and creating long-term economic opportunities throughout the value chain, especially for smallholders who form a large part of the ecosystem. Through close collaboration with Wild Asia, our clients, and industry stakeholders, we are committed to shaping a more responsible and inclusive palm oil ecosystem.”

CIMB will collaborate with Wild Asia to explore value added services to CIMB’s palm oil customers to accelerate the sustainability journey of their supply chain and potentially co-create sustainable finance solutions. These offerings are tailored to the needs of the palm oil sector, offering critical support to foster long-term resilience in the face of evolving environmental regulations and market demands.

Dr. Reza Azmi, Founder and Executive Director of Wild Asia, stated, "Our on-ground initiatives have delivered tangible results, proving that inclusive palm oil production is achievable. We’ve also demonstrated that by adopting regenerative practices, oil palm can serve as a long‐term carbon sink. With SPIRAL Partners leading the charge, we are poised to scale these efforts across the industry—paving the way for thriving communities, prosperous businesses, and a healthier planet."

This MoU also aligns with CIMB’s broader commitment to achieving Net Zero by 2050. In 2024, CIMB has set a target to reduce emissions intensity across its entire palm oil portfolio by 16%, from 1.81 in 2022 to 1.52 tCO2e/tCPO by 2030. This goal, underpinned by the Science-Based Targets Initiative (SBTi) and the Forest, Land, and Agriculture (FLAG) guidance, reflects CIMB’s ongoing dedication to sustainable practices throughout the palm oil value chain.

Luanne Sieh added, "This partnership is an example of how collaboration across the value chain can drive meaningful change. As we work with our clients to support real economy decarbonisation, CIMB remains committed to ensuring a just transition to a low-carbon future.”

CIMB was also recently ranked first amongst the most influential financial institutions on sustainability on the Financial System Benchmark by the World Benchmarking Alliance, moving up three spots from the inaugural benchmark in 2022. This second iteration of the Benchmark measured 400 FI’s contributions to global goals, such as the UN Sustainable Development Goals and the Paris Agreement and ranked their efforts towards a just and sustainable economy.

About CIMB

CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM86.3 billion as at 30 September 2024. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present across ASEAN in Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam and Philippines.

Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 592 branches and over 33,000 employees as at 30 September 2024. CIMB’s investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

About Wild Asia

Wild Asia is a leading innovator in sustainable development, focused on building people-powered solutions that foster inclusive and biodiverse landscapes. With a commitment to empowering communities, Wild Asia drives transformative change in industries such as palm oil, creating scalable solutions that promote environmental stewardship and social equity. Through its flagship programs like SPIRAL, Wild Asia works collaboratively with partners to accelerate the transition to more sustainable, regenerative practices across the Southeast Asian region and beyond.

Wild Asia is a pioneering sustainability organization dedicated to transforming agricultural landscapes through people-powered innovations. Headquartered in Kuala Lumpur, Wild Asia is at the forefront of scaling inclusive and biodiverse practices across the region. By partnering with local communities, smallholders, and industry leaders, Wild Asia champions regenerative agricultural techniques and responsible sourcing, paving the way for a resilient and environmentally sustainable future.

Source: CIMB Group 

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Anis Azharuddin / Kelvin Jude Muthu
Group Corporate Communications
CIMB Group Holdings Berhad
Email: anis.azharuddin@cimb.com / kelvinjude.muthu@cimb.com

--BERNAMA