February 23, 2024

CSR Initiatives: A commitment to sustainable impacts

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Csr initiatives A commitment sustainable impacts
Csr initiatives- A commitment sustainable impacts (Representational Image)

Corporate Social Responsibility (CSR) has emerged as a critical component of businesses throughout the world, emphasizing the necessity of giving back to society and the environment. Companies are exercising sustainable business practices to go beyond their agenda of profit-making.

By adhering to the CSR principles, the bank will be able to be a good corporate citizen under its vision, purpose, and corporate governance structure.

The banks of Thailand indulge in corporate social responsibility activities to demonstrate their commitment to the country’s development beyond economic success. These banks are helping to shape Thailand’s future by investing in education, healthcare, environmental protection, and financial inclusion. They offer a good example for other industries as responsible corporate citizens, emphasising the significance of social responsibility in the achievement of commercial goals. Thai banks are not only changing lives but also making substantial contributions to the country’s prosperity, producing a society that is not just economically strong but also socially and ecologically concerned.

Corporate Social Responsibility (CSR)
Representational Image

Promoting a financially inclusive society

Although access to financial services is a fundamental right, millions of individuals throughout the world are unbanked or underbanked. Thai banks are aggressively promoting financial inclusion by providing basic banking services to underserved populations. These banks are tearing down barriers and ensuring that everyone has access to financial services, allowing people to engage in the formal economy through mobile banking, digital wallets, and streamlined account procedures.

The Export Import Bank of Thailand has left no stone unturned in the pursuit of creating a socially responsible image. Their CSR policy consists of a long list of social welfare activities such as promoting good governance, respecting the rights of all the stakeholders, exhibiting fairness towards supporting the public and social and environmental organisations, and undermining actions that are unacceptable in public or corporate settings. In its line of operations, Exim Thailand has been coming up with several initiatives and collaborations to boost its CSR activities. Thailand is extremely prone to natural disasters that wreak havoc on its GDP due to their impact on businesses. To help in this situation, EXIM Thailand has thus developed ‘EXIM Green Start Credit’ to provide entrepreneurs and businesses with a credit line, thus helping minimise the financial impact. Recently, EXIM Thailand provided credit facilities to BCPG to promote renewable energy projects in Japan. The Bank aims to promote and enable Thai entrepreneurs with the potential to expand their investment in energy security and sustainable development towards the goal of carbon neutrality and the reduction of carbon emissions to net zero for the global community. Acknowledging their relentless efforts and their dedicated focus to emerge as a sustainable bank with their multiple CSR endeavours, International Business Magazine has crowned the firm as the Best Bank for Corporate and Social Responsibility (CSR) Thailand 2023.

Blog by Madhulika Pandey

Also Read:

Going Beyond Profits: Recognizing commercial banking’s commitment to the best CSR initiative

Championing the Cause of CSR in Kuwait’s Real Estate Economy

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