Championing Social Entrepreneurship
Championing Social Entrepreneurship
As a corporate foundation in Asia solely dedicated to championing social entrepreneurship, DBS Foundation contributes towards building a more inclusive society in the region so that those at society’s margins can enjoy productive and rewarding lives. DBS Foundation works with Social Enterprises and Social Entrepreneurs in Singapore, India, Indonesia, China, Taiwan and Hong Kong with programmes ranging from venture challenges, learning forums, intensive incubation, project grant support, financing and skilled volunteer mentoring.
DBS Foundation's work aims to:
• Build awareness and advocacy for social enterprises and support programmes that help spark ideas for social good.
• Nurture and strengthen innovative social enterprises through best-in-class incubation programmes with our partner network.
• Develop high potential social enterprises and enable their success through mentoring, funding and support of our skills-based volunteering efforts.
Our journey began when our Institutional banking colleagues became aware of what social enterprises (SE) are and learnt more about how SEs offer sustainable solutions to bridging the gap of inequality by generating both financial and social returns.
We spoke with partners on the ground and realized that we could meet the fundamental banking need of SEs. Hence the Social Enterprise Banking Package (SE package) was introduced which was the first cash transaction banking account customized for SEs in Singapore and in Asia.
DBS made the first step to engage with SEs in volunteering programmes and engaging students in Hong Kong which is a mature market for social enterprises.
Being a bank born and bred in Asia, we understood the growing problem faced by societies in a new Asia. As Asia grows, businesses need to be increasingly aware of their social responsibilities, and do their part to build a better and more inclusive Asia for the future.
We increased our footprint in traditional philanthropy and volunteerism, as evident by our focus on Children and Learning through Project Happy Ever Asia. However, we were searching for a sustainable platform that also played to the strengths of our business.
We reflected on our heritage: DBS was born of the Economic Development Board to finance the development of Singapore, and known as the former Development Bank of Singapore. Over the years, we rolled out many firsts, and supported the nation on its road to Industrialisation. Entrepreneurship is a part of DBS’ DNA and we always believed that small medium sized enterprises (SMEs) are the backbone of Asian economies.
Having worked closely with the SMEs space since 2008, it made good reason that we champion social entrepreneurship as it plays to our lineage and strengths. We announced our official CSR mandate to champion social entrepreneurship and started dipping our feet in a number of initiatives to drive awareness.
Senior management came together to strategize our social responsibility efforts and put together a 3-pronged framework, which presents a holistic approach to our support for SEs. The three prongs are:
• Increase awareness of social enterprises (SEs) and the social entrepreneurship sector; we work closely with like-minded academic institutions, government bodies, industry associations, sector developers and the media.
• Support social enterprises through seed funding, mentorship and volunteerism.
• Walk the talk and integrate the support of social enterprises into our culture and operations through special banking packages, procuring goods and services from SEs and encouraging our employees to volunteer at various SE-related initiatives.
We further enhanced the DBS SE package to allow a zero minimum balance, allowing SEs to enjoy more flexibility.
The SE package was rolled out to the other 5 markets we operate in: China, Hong Kong, Taiwan, India and Indonesia, giving more SEs to access to virtually free banking services. A business loan component was added to the banking package in Singapore which offered loans to SEs at half the market rate providing the much needed capital support.
Subsequently programmes for supporting SEs were rolled out in India, China, Indonesia and Taiwan with partners in the space.
DBS Foundation was announced in February with a SGD 50M fund ahead of but in conjunction with Singapore's 50th year as a nation. This was to signal our serious commitment to addressing the region’s evolving social needs.
“At DBS, we are of the view that we share a symbiotic relationship with the societies and communities which we operate in. We believe in being a force for good. Apart from creating long-term economic value, we also seek to positively benefit the communities we are present in, and deliver social value. The DBS Foundation will enable us to be a further catalyst of change”. – Piyush Gupta, CEO, DBS Bank
Having progressed over the years with the nation, the bank believes that the DBS Foundation will enable it to further contribute to the success of Singapore, and play a bigger role in the future of Asia.
DBS Foundation chalked out several programmes to help social enterprises in various stages of their growth journey. Apart from grant support, programmes range from venture challenges, learning forums, intensive incubation, financing and skilled volunteer mentoring. The “Reach & Engage” programmes support the early stage social enterprises and help build awareness and advocacy for this sector. The “Innovate & Incubate” programmes keep with changing social needs and nurture the mid stage social enterprises on their social innovation journey. Through “Grow & Scale” programmes, the Foundation will develop and hothouse high potential social enterprises and enable their success on a regional scale.
To increase awareness of social enterprises in Asia, the foundation has launched an exclusive digital platform “Asiaforgood.com” that provides shareable, lifestyle oriented content that appeals to public and encourages on socially conscious choices. AsiaForGood is also an attempt to connect social enterprises across Asia with a wider global community and generate business opportunities for them.
DBS Foundation works to further embed itself as a growth partner of social enterprises across Asia and truly champion social entrepreneurship.
Social enterprises are emerging as the promising “middle” sector between the traditional worlds of government, non-profits and business. They help to address social concerns and play a critical role in solving social problems. Social enterprises seek to be financially sustainable through business models. As social needs become increasingly complex in light of shrinking government budgets and rapidly evolving communities, social enterprises are emerging as self-sustaining businesses with effective methods of meeting social needs.
With commercially sustainable solutions, they provide income, goods and services where they are needed and build up inclusive communities. Such an approach is aligned to the roots of DBS Foundation and DBS Bank as the former development bank of Singapore, and our strengths in serving the SME sector.
DBS Foundation works with social enterprises in Singapore, India, Indonesia, China, Taiwan and Hong Kong. By championing social entrepreneurship, the Foundation focuses on building a more inclusive society so that those at society’s margins can enjoy productive and rewarding lives.
We demonstrate commitment to social enterprises by providing banking solutions tailored to their needs as well as engaging them as our business partners for events and activities.
The DBS Social Enterprise Package presents social enterprises with access to virtually free banking services. Social enterprises can open an account with a zero minimum balance, allowing more flexibility. A business loan component was also added to the banking package, offering unsecured loans to social enterprises at preferential rate, providing the much-needed capital support.
DBS also walks the talk by procuring goods and services from social enterprises and encouraging our employees to volunteer at various SE-related initiatives. Skills-based volunteering is another way we make a meaningful difference to social enterprises by helping them with their business strategy and other niche business needs through grey cells of our bank staff.
Through Asia For Good, a first-of-its-kind digital platform, we are connecting to even more people to encourage and empower them to be socially conscious, by simply supporting social enterprises.