Logo of Phnom Penh Post newspaper Phnom Penh Post - BIMA and Anti-Corruption Unit​ (ACU) sign agreement



BIMA and Anti-Corruption Unit​ (ACU) sign agreement

Content image - Phnom Penh Post

BIMA and Anti-Corruption Unit​ (ACU) sign agreement

Phnom Penh, Friday August 4. MILVIK (CAMBODIA) MICRO INSURANCE Plc., popularly known by their trade name BIMA, the largest life-insurance provider in Cambodia, and the Anti-Corruption Unit (ACU), officially partnered to increase transparency in business practices, signing a memorandum of understanding at ACU headquarters in the early afternoon. In a country where corrupt practices make up everyday life, disassembling Cambodia’s culture of corruption is only possible with the cooperation of the private sector.

MOVING TOWARD PROGRESS
This culture of corruption is a significant impediment to business and national growth, with many organizations accepting corruption as a necessary evil to achieve an end. As a result, Cambodia ranks at the bottom of ASEAN countries in corruption, and 156th out of 176 countries according to two recent Transparency International reports.

BIMA has an international reputation of transparency across the 14 countries where it operates, having rolled out ethical practices as a core part of its culture. BIMA chose to step forward to emphasize its continued commitment to best practices, and to encourage other industry leaders to follow its decision. Making this agreement an official act is part of BIMA’s initiative to promote the highest professional standards in the private sector and to demonstrate that it is indeed possible to operate without engaging in corruption.

NO-TOLERANCE TO CORRUPTION POLICY: WIN-WIN-WIN SOLUTIONS
This no-tolerance policy to corruption has always been BIMA’s motto. BIMA truly believes that any possible setback in the short run for adopting such a policy has largely paid off in the long run and improved its business outcome in Cambodia. Commitment to transparency drives the quality of customer service. “Corruption and non-transparent practices in any business can lead to distrust from the perspective of both consumers as well as potential investors. Being transparent and adopting completely fair and open business practices always leads to win-win-win solutions in the long term – for the end-consumer, for the service provider and for the country as a whole.” said Tapas Kuila, Country Manager at BIMA Cambodia.

Preap Kol, Executive Director of Transparency International Cambodia, said firms that sign the MoU stand to benefit from closer ties with the ACU, which can provide additional protection and prevent corrupt officials from extorting money from these businesses. “The companies send a message to the public that they cannot commit corrupt acts, meaning that corrupt officials who used to ask for money earlier cannot do it anymore,” Kol said.

Corruption in business practices can be seen as a short versus long term trade-off, but in the end hurts everyone. The four companies partnering today, including BIMA, are refusing to climb a mountain with pebbles in their shoes.

Partnered companies will not engage in corrupt acts and will report any solicitation of corruption to the ACU for investigation. Any evidence submitted will launch an investigation by the ACU. BIMA is also taking a proactive approach by launching internal education campaigns to promote ethical engagement with government officials, suppliers, customers, and other independent organizations or individuals.

ABOUT BIMA
BIMA is a ground-breaking Swedish company that uses mobile technology to deliver affordable and easy-to-use insurance and health products that emerging market consumers need but cannot access through traditional channels.

BIMA has revolutionized the insurance industry in emerging markets, already reaching 30 million subscribers globally. BIMA continues to work with strategic partners to offer new products and reach under-served families. 93% of its customers live on less than 10 USD per day and over three quarters access insurance for the first time.

BIMA started operations in Cambodia in 2014 in partnership with Smart, becoming the largest life-insurance provider in less than one year and currently protecting more than 600,000 households. BIMA’s digital approach, shown by their focus on administering claims in a “paperless” fashion, underpins their push towards transparent methods of operation and this partnership with ACU.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,