Corporate Social Responsibility
At KBZ Bank, Metta, Thet Ti, and Virya – loving-kindness, courage, and perseverance – permeate all aspects of our business, including our Corporate Social Responsibility initiatives.
KBZ is committed to improving lives through inspired and well-structured social, community and environmental programmes. We have the highest expectations of ourselves, and work with partners who share the same values and concerns.
Ultimately, we imagine a Myanmar in which every single person can access opportunities and achieve a better quality of life, and where growth is both responsible and sustainable. As bankers and corporate citizens, we do everything possible to push towards that goal. KBZ Bank is transforming the way we do Corporate Social Responsibility, ensuring the utmost professionalism and transparency in line with international standards.
Our Social Purpose and Impact Partnership Committee (SPIPC), an independent committee formed in December 2019, closely oversees all our CSR activities and brings their governance onto a single platform. In the past, we have provided unconditional assistance to requests for humanitarian and emergency relief to Myanmar’s most vulnerable communities. We remain committed to meeting those needs while also applying international best practices and due diligence to all charitable and philanthropic activities.
The SPIPC is guided by stringent policies and standard operating procedures, and takes into account the voice, standpoint, and concerns of the Myanmar government, the Central Bank of Myanmar, investors, customers, and the international community, as well as KBZ’s financial interests, and ensures compliance with local and global regulatory regimes, and KBZ Bank’s Social Purpose Pillars:
The current SPIP committee includes a chairperson, Head of Corporate Affairs, Deputy Head of Corporate Affairs, Head of Legal, Compliance, and Fraud Risk, Head of Marketing, as well as a representative from Finance and an International Affairs consultant, each with voting power. The Committee also has two Secretaries, representing Corporate Affairs and Marketing, and two liaison officers to work with requesters and potential partners, all of whom do not have voting power.
We support organisations that embody the Bank’s metta principles and align with their values, and that have a good reputation and track record of implementation. Organisations, businesses and individuals that request donations, grants or funds must complete an online application that is rigorously reviewed by the SPIPC. Such requests are deliberated during bimonthly meetings, with evaluations are conducted in an open forum and all votes recorded for transparency and accountability.
By 2022, the approach taken by SPIPC in terms of operating principles and governance will apply to other affiliates of the KBZ Group of Companies. This will ensure that the highest standards apply across the Group as well as to all its strategic partners.
To request for SPIP donation, please click here to fill out the application form
Our Social Purpose Pillars
These pillars are aligned with the United Nations’ Sustainable Development Goals (SDGs) and the Myanmar Sustainable Development Plan (MSDP) to ensure compliance and adherence to the highest global and national causes and standards.
As part of KBZ’s desire to move towards strategic philanthropy rather than ad hoc charitable donations, we are creating long-term partnerships with charities and other organisations that allow us to consistently deliver on all three fronts.
The COVID-19 pandemic that hit Myanmar in March 2020 has temporarily put these plans – initially scheduled for this year – on hold as we focus on the immediate needs of communities. Understanding the seriousness of the virus and its potential impact on the country, the SPIPC has ensured the work under KBZ Bank’s three social purpose pillars contributes towards the country’s efforts to fight COVID-19 and helps its people, while maintaining the highest levels of transparency and accountability. The SPIPC also added two new pillars to address the crisis, including contributing to activities and efforts to strengthen the public health system and assist with economic recovery to keep families and businesses afloat during this time and build for the future of economic growth once the crisis passes. These redefined pillars are meant to help with urgent medical needs and Myanmar’s economic recovery. Once COVID-19 is behind us, we will realign KBZ Bank’s approach to our original pillars, and the need to build a workforce for the future and change the country for the better.
Our Corporate Social Responsibility activities
The projects and initiatives KBZ Bank has supported over the years reflect the areas we believe are important for the future of the nation, and where we could make a difference. Most of our past projects fell under one of our three social pillars, many of which were approved by the SPIPC following its launch in December 2019. For the fiscal year 2019, KBZ Bank spent over US$1 million on charity programmes.
Past and ongoing projects
Pillar 1: Climate change mitigation through education
KBZ Bank supports projects that rally the community around climate change mitigation, and educate them on the dos and don’ts, as well as the roles the community can play. Over the next two years, we will only support environmental disaster relief efforts if funds are matched, dollar for dollar, in investment in education around preventing similar disasters from recurring. From 1 November 2022, our focus will shift to education to build capacity to prevent disasters in the future and mitigate the effects of climate change.
Pillar 2: Talent development for the future economy
KBZ Bank supports projects and programmes that develop and harness the skills of Myanmar’s workforce, allowing them to contribute more effectively to the country’s economic growth. We also give to projects that target youth, since they will drive Myanmar’s future growth.
Pillar 3: An inclusive society & workplace
KBZ Bank supports projects and programmes that promote and propel financial inclusion, the advancement of women in the private sector, and non-discriminatory, equal opportunity employment.
To request for SPIP donation, please click here to fill out the application form