In 2020, having identified financial inclusion and financial health as a material matter, we carried out an in-depth analysis of our operations and portfolio to identify where we could make the most meaningful impact. Based on these insights, we have established strategic goals aimed at enhancing access and support particularly for vulnerable groups. Our progress towards these goals will be tracked and reported annually, overseen by our sustainability teams at both management and Board levels.
As we analysed the financial inclusion and financial health data in each of our key markets, we found that the needs and priorities of the vulnerable groups differ by country. Our target-setting process began in Malaysia, where we have the largest customer base. Based on the results of our analysis, we have decided to focus on the bottom 40% income earners (B40), who face significant economic vulnerability.
To address these challenges, CIMB has launched a targeted initiative in Malaysia, where we aim to provide customers in the vulnerable segments with greater access to wealth-building and insurance products, to empower them with solutions that build their credit history, improve their financial management skills and reduce reliance on high-cost financing sources. Through financial literacy and digital literacy training initiatives, we aim to help customers better understand financial products and risks of banking in a digital world, empowering them to make better informed decisions.
To track our progress in meeting our goal of promoting financial health and inclusion within the communities we serve, we have set a target to increase the number of customers in the vulnerable segment, who hold solutions aimed at improving their long-term financial health. Notably, we exclude products that may lead to negative impacts, such as credit cards and personal loans.