Cerise+SPTF, LMFA extend cooperation with launch of workshop on corporate governance and client protection

Cerise SPTF, represented by Executive Director Laura Foose and Nitin Madan, Director of SPTF’s Responsible Inclusive Finance Facility for Southeast Asia on April 2 conducted a strategic visit to Laos.
As part of this initiative, Cerise+SPTF and the Lao Microfinance Association (LMFA), in collaboration with local authorities, hosted a critical workshop for CEOs and shareholders on corporate governance and client protection in financial institutions.
The workshop was a key milestone in the ongoing partnership between Cerise+SPTF and the LMFA, reinforcing their shared commitment to strengthening responsible finance practices in Laos.

The event was followed by high-level discussions with leaders from the Bank of the Lao PDR to advance responsible financial governance.
The importance of corporate governance and client protection is essential for shaping the strategy and culture of financial institutions. Strong governance frameworks enhance risk management by addressing reputational risk, an area that is often overlooked, but significantly impacts operational and financial risks.
Recent financial crises and challenges in the region highlight the critical need for robust client protection measures.
Beyond corporate social responsibility (CSR) or environmental, social, and governance (ESG) considerations, client protection is a business imperative that ensures institutional stability, particularly during economic downturns.
The workshop was the first in a series of seven workshops designed to train over 300 CEOs, shareholder representatives from financial institutions (BFIs), and officials from the Bank of the Lao PDR and key sector associations. The workshops aim to reinforce corporate governance as a pillar of responsible financial inclusion.

Key topics covered include Strategic leadership: The role of boards and senior management in overseeing client protection policies and integrating them into risk management frameworks.
Risk identification and mitigation: How leadership can recognise, assess, and address gaps in client protection practices using global consumer protection standards and assessment tools.
Strengthening responsible finance in Laos: Since 2018, Cerise+SPTF and the LMFA have been actively working together to promote responsible and inclusive financial practices in Laos.
Their collaboration has focused on Capacity Building: Training Lao consultants on global responsible finance standards, assessments, and certifications, Client Protection Assessments: Strengthening consumer protection practices among financial service providers (FSPs), Technical Assistance: Supporting LMFA members in enhancing responsible finance operations and Policy Alignment: Contributing to Laos’ National Financial Inclusion Strategy and the United Nations Sustainable Development Goals (SDGs).
Deepening the Cerise+SPTF and LMFA cooperation, the collaborative effort has laid a strong foundation for continuing the work in Laos.
In 2025, apart from the above-mentioned workshops, several projects will be launched. These include strengthening the capacity of multiple Lao stakeholders (including Lao consultants) on client protection via the Cerise+SPTF e-learning programme, conducting assessments on social and environmental performance management, strengthening implementation or practices of financial institutions on client protection, and revising the sector code of conduct to align it with global best practices based on Cerise+SPTF’s Client Protection Standards.
This effort has been made possible via funding from the Grand Duchy of Luxembourg’s Ministry of Foreign and European Affairs, Defense, Development Cooperation, and Foreign Trade and is part of the programme "Responsible Inclusive Finance Facility for Southeast Asia" (RIFF-SEA), launched in 2018, funded solely by Luxembourg, and managed by Cerise+SPTF.

The RIFF-SEA works with a variety of stakeholders in several Southeast Asian countries, including financial service providers, regulators, and investors, to strengthen their capacity and responsible, inclusive finance practices.
"We are grateful at Cerise + SPTF for the support from the Lao Microfinance Association (LMFA) and look forward to working together to advance responsible and inclusive finance in Laos, Executive Director of SPTF, Ms Laura Foose said.
“Our collaboration with LMFA and engagement with the Bank of The Lao PDR reflects a shared commitment to financial inclusion and sustainability,” she said.
“By strengthening governance and client protection practices, this initiative will help build a more stable and responsible financial sector, one that truly benefits low-income and underserved communities," said Ms Laura.
At the occasion, Chairman of LMFA, Mr Somphone Sisenglath said that this strategic partnership with Cerise + SPTF is crucial for advancing responsible financial practices across Laos.
The series of workshops provided are fundamental in training our financial leaders to maintain high standards in governance and client protection, integral for sustainable financial inclusion.
“We are dedicated to ensuring that our efforts not only reach but also positively impact all communities throughout the nation,” he said.

By Times Reporters
 (Latest Update April 18, 2025)