Supporting Communities through the Pandemic | KBZ Bank
KBZ Bank’s corporate philanthropy transformation journey began with the establishment of the Social Purpose and Impact Partnership (SPIP) Committee in December 2019. The independent committee oversees the bank’s charitable giving through a well-governed due diligence process, where donations are evaluated in an open forum and all votes are transparently recorded.
Please find more information on the SPIP Committee here.
Pandemic Response 2020 — 2021
As COVID-19 hit Myanmar, the SPIP Committee focused its resources on relief efforts for vulnerable communities, having contributed more than MMK 4.8 billion (USD 3.4 million) towards healthcare infrastructure, medical equipment, food, and other forms of aid throughout the country.
During the height of COVID-19 outbreak, KBZ Bank joined forces with other private sector responders to increase the capacity for quarantine facilities. Such efforts include the establishment of Inya Centre in September 2020, a temporary quarantine facility operated by an independent management committee. The facility housed 516 patients beds, including 104 oxygen therapy beds for patients in critical condition. In early 2021, management of Inya Centre was assumed by the Ministry of Health.
To strengthen the governance of fund usage, a KBZ Bank trust was appointed as an Escrow Agent by Inya Centre to take custodianship of the donation and hold them separate with full oversight. This is the first time the SPIP Committee has employed escrow services as part of its continuous improvement.
The full report on our COVID-19 response can be found here.
Joining Forces for Greater Impact
In 2021, to better support the underprivileged in a COVID-stricken and uncertain landscape, the SPIP Committee has joined hands with other private sector players and nonprofit organisations for meaningful and scalable impact.
In July 2021, KBZ Bank contributed to a coordinated response launched by the French Myanmar Chamber of Commerce and Industry, AmCham Myanmar, and MCRB. This joint effort raised funds to purchase and deliver COVID-19 medical supplies to recognized charity organizations including Medical Action Myanmar and Community Partners International (CPI) in an efficient manner.
In addition to COVID-19 relief efforts, the SPIP Committee also supported programs for improving maternal and child healthcare services. The Committee has committed USD 120,000 to its NGO partners, which provide these essential services to the most vulnerable communities in rural areas, including single mothers.
As the SPIP Committee looks ahead to 2022, it will continue to focus on uplifting the livelihoods of the people in Myanmar and creating lasting impact with trusted partners that have shown great track record in philanthropy and governance, so that together we can make our communities a better place.
- ABF Retail Banking Awards — COVID Management Initiative of the year - Myanmar
- World Business Outlook Awards — Best CSR Bank Myanmar
- AMCHAM CSR Excellence (ACE) Recognition— SPIP Committee Formation
- Asiamoney Banking Awards — Best CSR Bank Myanmar
- Pwint Thit Sa (Transparency in Myanmar Enterprises assessment by MCRB)
- Top 3 bank
- Top 2 for Corporate Governance disclosure
- 2019: AMCHAM CSR Excellence (ACE) Recognition— Smile Asia Project