5 Key Insights on Ageing from the DBS Foundation Impact Beyond Dialogue
“We have added years to life-now it's time to add life to years.”
With this powerful quote, Singapore Consul-General in Shanghai Loh Tuck Keat set the tone for the first cross- border DBS Foundation Impact Beyond Dialogue held at DBS Asia X in Singapore-commemorating 35 years of diplomatic ties between China and Singapore.
Titled “Shanghai-Singapore Innovation for a New Silver Economy”, the Dialogue convened over 60 attendees-policymakers, academic experts, business leaders-from both markets to exchange learnings and best practices in this shared journey to reimagine ageing.
These include representatives from Singapore’s Ministry of Health, the Singapore Consulate-General in Shanghai, Shanghai Civil Affairs Bureau and Shanghai State-owned Assets Supervision and Administration Commission.
Here are five key takeaways on how both markets are unlocking opportunities in ageing societies:
1. China and Singapore Share Similar Ageing Challenges
Both markets are undergoing and navigating profound demographic shifts. Shanghai is one of China’s oldest cities, with over 29% of its population aged 65 and above. Singapore, which is projected to be “super-aged” by 2026 with more than 1 in 5 residents in this age bracket, is not too far off.
This demographic evolution is reshaping industries from healthcare and real estate to consumer services and finance–requiring integrated,forward-looking solutions from the public, private and people sectors.
In her opening remarks, China Country Head Ginger Cheng reaffirmed DBS’role as a long-standing bridge between the two markets: “Collaboration across both markets will not only break down technological and service barriers but also build a full-cycle support system–covering health,finance, and social participation for the elderly in both countries.”
To demonstrate China-Singapore connectivity in advancing longevity solutions, several purpose-driven longevity businesses supported by DBS Foundation also participated as speakers in the Dialogue. These include DBS Foundation grant alumni GentleFoods (Singapore) and Shanghai Medishare Network Technology (China), as well as winners of the inaugural DBS Foundation Impact Beyond Award Buddy of Parents (Singapore) and HuaKang Health Industry Group (China).
2. China and Singapore Can Learn from Each Other
The Dialogue underscored the value of mutual learning as both markets face similar ageing trends yet offer complementary strengths in response. Martin Chew, Director of Aged Care Services at Singapore’s Ministry of Health, outlined Singapore’s proactive strategy to support ageing with dignity:
- Promoting preventive health and tackling social isolation
- Expanding access to Active Ageing Centres
- Encouraging senior volunteerism and employment
- Strengthening home-based and long-term care
- Improving senior living environments
“We’re shifting our focus from acute to preventive care. The onset offrailty among seniors is accelerated by social isolation, which doesn't only impact seniors but also places pressure on younger generations as they juggle work,family and caregiving responsibilities."
3. Longevity Is an Emerging Opportunity
Ageing societies may come with challenges, but they can also present a wealth of opportunities. These include bright spots in industries such as healthcare, wellness and financial planning, driven by a growing emphasis on ageing well.
Karen Ngui, Head of DBS Foundation and GSMC, shared: “Ageing is often viewed through the lens of decline. But as highlighted by our speakers, it’s also a powerful opportunity to redesign systems, unlock sunrise sectors, and build a society where longer lives can be better lives.”
During a panel discussion moderated by Irvin Seah, Head of DBS Asian Insights Office, industry leaders explored how innovation can address the evolving needs of seniors.Jacqueline Ong, Director of Business Development (Senior Living) at Keppel Ltd, stressed the importance of flexibility: “Care solutions must be ‘care agnostic’– adaptable to each senior’s lifestyle, stage, and preferences.”
4. Technology Is a Game-Changer but It Must Be Human- Centered
The second panel, led by Singapore Country Head Lim Him Chuan, focused on how AI,robotics, and IoT can enhance the quality of life and lead to better health outcome for seniors.
Liang Chun Xiao, Founder and Chief Expert of the Ageing Social Research Centre (Pangoal Institution)reminded attendees: “Ageing is not a problem–it’s a symbol of social progress. There are more ageing individuals but not enough caregivers and we need technology to solve this–to lower health costs while helping people live more independently.”
The consensus among speakers is clear–technology should be human-centred and aid us in addressing manpower gaps in caring for seniors. Some of the technological innovations shared by business leaders from China and Singapore include:
- Emergency alert systems for remote monitoring and to connect seniors directly to a 24/7 Response Centre (Impact Beyond Award winner Buddy of Parents)
- Smart wheelchairs and mobility aids that support independent living (Bang Bang Robotics)
- Technological platforms to connect seniors to family doctors who provide remote consultations and health management (Shanghai Medishare Network Technology Co., Ltd)
5. Ageing Affects All of Us
The Dialogue concluded with a unifying message: ageing is not just a seniors’ issue–it impacts everyone, across generations and all of society. Ageing doesn’t start at 65 years old.
How we age is shaped by the choices we make today — from our financial habits and lifestyle choices to how we design our communities. DBS and DBS Foundation are committed to enabling everyone at every stage of life to age well, and are working as One-Bank to address our markets’ ageing needs.
As part of our SGD 1 billion commitment to catalyse social impact, DBS Foundation has been working with BU/SUs across the region to mobilise employee volunteers and drive programmes that provide essential needs and foster inclusion for vulnerable segments. These seek to support seniors of today, as well as equip seniors of tomorrow with the resources to build towards a better future.
One of such programmes in Singapore is the DBS Foundation Nutrition & Social Connection Programme, a two- year programme that supports 6,000 vulnerable seniors by tackling issues of social isolation and poor nutrition. Seniors get twice-weekly healthy communal meals, monthly enriching engagement and bonding activities, as well as quarterly supermarket shopping outings.
Find out more about our DBS Foundation Impact Beyond Award winners here.