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Wednesday, July 24, 2024

HSBC launches first recycled plastic cards in Vietnam

The Saigon Times

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HCMC – HSBC Vietnam has launched Vietnam’s first card made from recycled Polyvinyl chloride (rPVC) plastic, as part of the HSBC Group’s program to introduce sustainable cards across all its global locations.

The rollout starts in January this year with its Premier MasterCard credit card, Premier debit card and Classic debit card. It will then extend across further card products from May 2022 tentatively. The first rPVC cards will be issued to customers who require new or replacement cards.

To preserve their existing cards, recycled plastic cards will be issued as their old cards expire. The new cards are made from 85% recycled plastics originating from industrial waste.

Being among the leading card issuers in Vietnam, HSBC’s move to rPVC cards will help reduce carbon dioxide emissions by nearly half a ton and save 0.2 ton of plastic per year. Overall, HSBC Vietnam together with other markets where the HSBC Group operates can help reduce carbon dioxide emissions by 161 tons per year and cut 73 tons of plastic waste per year globally.

The switch is a first step in a gradual transition to issue cards made from sustainable materials, and HSBC will continue to evaluate other alternative materials too.

Pramoth Rajendran, head of Wealth and Personal Banking at HSBC Vietnam, said, “New sustainable materials, such as rPVC, offer the financial services industry a clear way to accelerate its efforts to build a more sustainable future, and we’re proud to be part of a movement which is gathering momentum across the world. Replacing our cards will be another step to help the bank and our customers make a positive impact on the environment.”

The move toward recycled cards enables HSBC and its customers to join hands together for a greener Vietnam, supporting the country’s climate action commitment at the COP26, which is reaching its net-zero carbon emission target by 2050, he added.

This move toward recycled cards is just one amongst many initiatives that HSBC is driving globally and in Vietnam in particular.

Previously, to help retail customers reduce carbon emissions and contribute to shaping a zero-carbon future for the world, HSBC has enhanced and expanded its range of green loan products in Vietnam, offering preferential loans on green construction and rooftop solar energy, and more green lending to come in the near future.

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