The diverse key regulators who regulate our operations

A sound governance structure

Good corporate governance practices are imperative to creating and sustaining shareholder value and ensuring that behaviour is ethical, legal, transparent, and for the benefit of all stakeholders. Whilst supporting a sound and ethical operating environment, we remain committed to proactively engaging with regulators and other stakeholders. Simultaneously, we integrate ethical behaviour and good conduct within our culture. Since we operate in a highly regulated environment, we follow an organised approach to ensure that our business processes, policies, or system changes necessary for regulatory compliance are implemented. The regulators conduct reviews of our controls and progress in meeting regulatory requirements in the normal course of business. We maintain open and transparent communications with regulators and we engage constructively in inspections and investigations.

Strengthening our IT Governance and cyber security

We place the highest priority on minimising our vulnerability to cyber-crimes, loss of information, and maintaining uninterrupted data services for our stakeholders, whilst ensuring preparedness for the future. With increased investment in technology and digital capabilities to build scale and offer best-in-class experience to our stakeholders, we have also recognised the need to fortify our IT Governance framework. The globally recognised ISO/IEC 27001:2013 Information Security Standard was recertified for the third consecutive year in 2020/21. The certification is a testament of our conformance to the highest information systems practices and protocols in accordance with global standards, ensuring the highest levels of customer information security. Our Information Technology Steering Committee promotes and supports the effective use of technology and information across the organisation, improving alignment between IT and business strategy, accountability for IT decisions, and value generation through ongoing evaluation of the performance of IT services. Moreover, we implement a comprehensive firewall and security policy management solution (for multi-vendor) to combat cyber security and to enhance the security architecture of the organisation. ICT Shared Services have implemented a web application firewall to protect the application systems in tandem with the increasing use of web-based applications and the resulting increase in exposure to the Internet.

A sustainable organisation

GRI 409-1

The CDB Sustainability Steering Committee provides oversight to the Company’s sustainability policy and agenda of promoting financial inclusion. The Committee closely monitors our business conduct to ensure accountability, fairness, and ethical behaviour whilst assuring privacy of customer data. Adopting ethical business practices, we maintain a zero tolerance towards financial crime, bribery, and corruption. We also ensure that no slavery, forced, or bonded labour is undertaken within CDB operations and suppliers operations through the Environmental and Social Management System (ESMS), Procurement policy, and Supplier Codes of Conduct.

As satisfied customers can drive the organisation towards a sustained competitive advantage, we are committed to providing quality and convenient financial services, fuelled by our business model and the “urban funding rural lending” concept. Our customers can experience the most convenient and differentiated financial services 24/7 through a disciplined and well-trained workforce and FinTech innovations. Furthermore, as a socially responsible organisation, we are committed to resolving customer complaints, which in turn ensures the sustainability of the organisation. Customer needs are addressed in a swift and fair manner.

Respecting human rights and respecting the universal right to work, equal opportunity is provided to earn a living through work, with freedom of choice and space to safeguard the rights of team members. We have included information about human rights, gender equality, and sustainable development in our corporate internal policies, such as the Employee Code of Conduct and HR Policy. By increasing awareness and application, we have ensured that these policies are comprehensively shared and understood by all team members.

We also established a zero-tolerance policy towards all forms of violence in the workplace and preventing sexual harassment. Appropriate policies, procedures, grievance mechanisms, and support structures have been established for our team members to anonymously report incidences or suspected incidences of violence, exploitation, or harassment. Protection is in place for whistleblowers so that the team is free from fear of retribution. Our commitment to reduce gender-based violence has been communicated both internally and externally. We have also raised awareness among team members about what constitutes harassment, trafficking, or exploitation, and provide training on how to manage and prevent it.

Ethics and integrity

Ethical leadership is a fundamental aspect and is of paramount importance to CDB. Ethical behaviour is internalised through the Company’s Code of Ethics which is central to how we operate and grow sustainably, refuting unethical behaviour, fraud, and corruption. Ethical business practices are supported by the top management and are guided by our values driven culture and is cascaded to the staff members in carrying out day-to-day business.

Supporting regulators through the pandemic

We coordinated with the regulators and established communication protocols to respond to their urgent and ad hoc queries in order to safeguard the interests of the stakeholders and the industry. We continue to be fully compliant with all regulations, especially pertaining to operations during the pandemic. All our Board meetings were held virtually.