Chilean financial company Doble Impacto plans to launch the the country's first ethical bank by 2022, La Tercera reported, citing Sebastián Cantuarias, the company's director.
The company will work on the bank's design this year and apply for a license in 2020.
The bank plans to focus on financing companies in its first five years of operation, the executive said. By 2027, the company looks to start offering products including mortgage loans, payment cards and the opening of current accounts.
As an ethical bank, Doble Impacto aims to support strategic economic sectors which include culture, education, tourism, housing, health and inclusion, healthy food, renewable energy and sustained production. "The ethical bank is a bet to invite people to be aware of what the bank does with their money," Cantuarias said. "The first ethic of ethical banking is with the resources of the investor," he added.
There are 54 ethical banks currently operating in the world, the publication said.