Six new members have joined ADFIAP, namely, T Bank Limited, Bhutan Insurance Limited, Alalay sa Kaunlaran, Inc, Bank Simpanan Nasional, Perbadanan Nasional Berhad and National Pension and Provident Fund.
T Bank Limited started its operations in March 2012 and is the fourth commercial bank in Bhutan having gained its license to operate by the Royal Monetary Authority (RMA) of Bhutan under the financial Institutions Act of 1992 and incorporated under the Companies Act of the Kingdom of Bhutan in 2000. The Bank’s vision is to be the leading financial institution in terms by focusing itself as a customer-centered organization with a passion for service excellence, product innovation, distribution and use of state-of-the-art technology to improve delivery of services to its clients.
The Bhutan Insurance Limited (BIL), started its operations on August 2009 to provide financing and investment services, management of the Private Provident Fund (PPF), non-life insurance solutions to individuals, groups and corporate bodies in Bhutan. The company’s vision is to become the insurer of choice by providing quality service that exceed customer expectations and by constantly finding ways for improvement. Its areas of business includes personal line insurance, commercial line insurance, industrial line insurance, liability insurance, private product fund, and financing and investment by sanction loans and guarantees.
Alalay sa Kaunlaran, Inc. (ASKI), translated in English as “A Partner in Development” started its operations in July 1987. ASKI is a non-stock non-profit organization committed to the promotion and development of micro and small-to-medium enterprises (MSMEs) and the delivery of social services in rural communities. It was set up in October 1986 by a group of leaders in the province of Nueva Ecija in Northern Philippines with a small capitalization of P460,000 provided by the Maranathas Trust of Australia which has now grown to P1.56 billion in total assets.
Bank Simpanan Nasional (BSN), was incorporated on December 1, 1974 under the Ministry of Finance to take over the functions and responsibilities of the Post Office Savings Bank. The Bank missions included the following: a) promoting and mobilizing savings especially from small savers; b) inculcating the habit of thrift and savings; c) providing a means for saving for the general public and d) utilizing the funds of the Bank for investment including financing of the economic development of the nation.
Perbadanan Nasional Berhad (PNS), is an agency under the Malaysian Ministry of Trade Cooperatives and Consumerism mandated by the government to spearhead the development of Malaysia’s franchise industry in order to realize their goal of producing more franchise entrepreneurs. One of the main objectives of PNS is to develop local products for export market.
National Pension and Provident Fund (NPPF), was created by the Royal Government of Bhutan on March 30, 2000 as an autonomous organization responsible for the management and administration of the civil and armed forces old age retirement plans. It functions under the direct supervision of the National Pension Board and constitutes a two-tiered old age protection plan with the objective to provide monthly income as well as lump sum payment to its members on their retirement.