KUALA LUMPUR – HSBC Amanah Malaysia has successfully completed a bespoke green trade financing facility for Guan Chong Cocoa Manufacturer Sdn Bhd, a wholly owned subsidiary of Guan Chong Bhd (GCB) – marking the first green trade financing facility for sustainable cocoa sourcing in Malaysia.
In a statement today, HSBC Group said the financing facility supports GCB’s sustainable ambition to achieve 100% traceable and sustainable cocoa by 2030 from its direct cocoa bean-sourcing network.
HSBC Malaysia’s chief executive officer Stuart Milne said the deal enables GCB to procure certified cocoa beans, which support agroforestry systems and ensures that there is no cocoa-related deforestation.
“We are honoured to partner and support GCB in their commitment for a more responsible supply chain.
“This milestone transaction marks the first green trade financing for sustainable cocoa sourcing in Malaysia as well as for the HSBC Group,” he said.
HSBC Amanah’s Green Trade Finance structure innovatively blended various post-shipment solutions for sustainable sourcing that can be clearly assessed, quantified, measured and reported.
“Through trade documents, the procurement of certified cocoa beans by GCB via sustainable sources was attested to be in compliance with the environmental, social and/or economic aspects by recognised certification bodies,” HSBC said. – Bernama, July 12, 2021
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