It can be argued that a bank’s core mission – stripping down all financial jargon and complexities – is a social one: providing financial access to individuals and communities. And so it seems fitting that Maybank ensures that its corporate philanthropy efforts line up behind its stated mission of “humanising financial services”, with programmes that aim not merely to give but also to equip families with financial knowledge.
“Over the years, we have evolved from supporting one-off good causes, to focus on short-and-mid-term community empowerment programmes,” says John Lee, country CEO & CEO Maybank Singapore.
For instance, the bank’s Maybank Family Fund focuses on the financial empowerment and inclusion of lower-income families. So, while the bank states its commitment to providing people with easy access to financing at fair terms and pricing, it also needs to prioritise “being at the heart of the communities, providing equitable opportunities for all, as well as empowering and growing with them”, he says.
The bank also runs a programme that it calls eMpowering Youth, which is centred on funding youth-led projects by students of the three universities (Nanyang Techonological University, National University of Singapore and Singapore Management University), aimed at reducing poverty or improving livelihoods across Asean communities.
“Good CSR is also about the wise use of resources. For example, instead of organising an expensive fundraising event, resources can be used for direct volunteering initiatives, to engage staff in a more meaningful way,” says Dr Lee.
Maybank is part of a wave of companies that now offer employees volunteer leave. Last year, 79% of its staff took up that leave. More than 1,300 staff put in 12,000 hours of volunteering in all in 2017, a stronger staff participation rate than the year before.
As with business, CSR programmes need to demonstrate impact and value. “Maybank has a dedicated CSR department which looks into setting measurable targets, in consultation with programme partners. We also conduct regular reviews to monitor the progress of beneficiaries,” Dr Lee says.
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Source: The Business Times, 8 January 2018