5 Key Insights on Ageing from the DBS Foundation Impact Beyond Dialogue
As societies in Asia age rapidly, DBS and DBS Foundation are stepping up to drive change – not only by sparking bold conversations on tackling ageing’s challenges, but also galvanising collective action and co-creating solutions across different sectors.
At the DBS Foundation Impact Beyond Dialogue held in Singapore, senior leaders from the bank joined key voices across public and private sectors to unpack the role of AI/technology, innovation and partnerships in enabling longer, healthier and more dignified lives. Four businesses, recognised as 2024 DBS Foundation Impact Beyond Award winners, were also collectively awarded SGD 3 million in prize funding from DBS Foundation for advancing longevity solutions in their respective markets
Karen Ngui, Head of DBS Foundation and GSMC, kicked off the Dialogue with a thought-provoking statistic from the World Health Organisation: “Globally, more people are over 60 years of age than below 5.”
What followed was a powerful exchange of ideas across two panel discussions, featuring Lim Him Chuan, Country Head of DBS Singapore and Chen Ze Ling, Group Head of Corporate and SME Banking.
Here are the five key takeaways from the Dialogue:
1. Harnessing AI/technology to ease caregiver demand
Kenneth Wong, CEO of Evercare Health and a 2024 DBS Foundation Impact Beyond Award winner, shared that for many, the shift from child to caregiver can be sudden and life changing. “It can happen overnight, after a fall, stroke or surgery,” he said. This turning point is something almost everyone will experience – making the need to recruit and retain caregivers and using AI/technology to simplify their lives.
“A lot of times, for home care patients, there is a book next to the patient. That book is where they record what happened during that day. If you're a good caregiver, you'll write it down. If not, you might just skip it. We can leverage AI to automate and summarise data entry, just to make sure that the caregivers know what they need to do. When we talk about AI and technology, it must drive improved health outcomes – lower risk of falling, lower risk of readmission rates.”
2. Tech Must Be Accessible and Human-Centered
Speakers highlighted how digital solutions can ease the burden on loved ones, especially as the size of families have begun to shrink.
Goh Wei Boon, Chief Executive of GovTech, emphasised the need for technologies to be accessible so that seniors feel digitally included. “We always say that it is ‘digital-first’ but not ‘digital-only’ to ensure that everybody – including seniors – have access to services even if they are not digitally savvy. There are many seniors who have challenges accessing digital services. If you have elderly parents, you are likely transacting on their behalf using their credentials. So, we are in the process of seeing how we can delegate that.”
But as Lim Him Chuan, Country Head of DBS Singapore, pointed out, not all seniors are ready to embrace digital apps. “We have six million customers at DBS and many of them are elderly customers. Some of them are enthusiastic to learn and some are more reluctant to. Many lonely seniors will gather at our branches and spend hours queuing so they can interact with our bank tellers. So, that’s why we’ve trained some of our frontliners – including those who have retired – to guide and boost their confidence to adopt digital skills.”
3. Independent Living Requires Multigenerational Support
“Independent living doesn’t mean living without support,” said Chen Jer Yaw, Executive Director of Buddy of Parents (a subsidiary of iWOW Technology Limited). The enterprise, also a winner of the 2024 Impact Beyond Award, designs smart IoT tools such as the BOP Button, which connects seniors to a 24/7 Response Centre with a touch of a physical button.
“When a senior is in an emergency, that's not the time to open an app, much less dial a number. That’s why we called ourselves Buddy of Parents. We’re not here to replace you, we’re here to help you take better care of your parents.”
4. Ecosystem Partnership to Improve Living Spans
Karen Ngui, Head of DBS Foundation and GSMC stressed that perceptions on ageing require a more nuanced approach: “We have this huge demographic shift that is upon us. As far as changing mindsets goes, we need to stop thinking about aged people when we speak about ageing. It’s important to not just have longer life spans but to work towards having longer living spans – where people are mobile, mentally alert and have a good network of friends."
Chen Ze Ling, Group Head of Corporate and SME Banking, underscored the importance of backing enterprise innovation with holistic funding and capacity-development support. “Together with DBS Foundation, we work with enterprises that have the potential for strong social impact – and we help them scale by providing capital and banking solutions,” he said.
Ze Ling’s point was echoed by 2024 Impact Beyond Award winner Anant Kumar, CEO of Life Circle Health Services. “We can’t do it alone – we need grassroot level organisations who work closely with seniors and caregivers to understand what they want as well as public sector partners and governments to help us scale our solution nationwide.”
5. Ageing is a ‘whole-of-life’ challenge
As Dr Fidah Alsagoff, Vice Chairman, Healthcare & Life Sciences (Global Partnerships), Temasek International offered a powerful reminder: “This isn’t a healthcare issue. It’s a whole-of-life problem. It’s about the vulnerability that comes when we age.” Real change, he stressed, comes when philanthropy, government and business come together. “Don’t stop at conversation. Push it into action.”
At the closing of the Dialogue, Tan Su Shan, DBS CEO, celebrated the four winners of the Impact Beyond Award, who will collectively receive SGD 3 million in prize funding from DBS Foundation, along with the bank’s support, to catalyse their next phase of growth – whether through new product development, scaling operations, capacity-building or more.
Unveiling our inaugural Impact Beyond Award winners
Selected from nearly 100 global submissions, these enterprises stood out for their use of technology, cross-sector collaboration, and commitment in creating scalable solutions that enable ageing-in-place. The 2024 DBS Foundation Impact Beyond Award Winners are:
- Buddy of Parents (Singapore), improving the lives of seniors and caregivers through user-friendly, smart IoT solutions for ageing-in-place.
- Life Circle Health Services Pvt. Ltd. (India), bridging care gaps by improving access to senior home care services and building caregiving workforce capacity.
- Evercare Health (Hong Kong), fulfilling at-home and institutional patient care needs through AI-powered caregiver matching algorithms.
- Huakang Health Industry Group (China), integrating smart care solutions with innovative and comprehensive models for senior living and dementia care.
Nurturing innovative businesses that create positive impact
The Impact Beyond Award builds on DBS Foundation’s longstanding commitment to catalyse the growth of purpose-driven businesses and create impact. This includes running an annual DBS Foundation grant programme for social enterprises since 2015 – through which it has disbursed SGD 21.5 million in grant funding to more than 160 grantees across the region, in addition to other forms of support such as preferential banking packages, mentorship, networking opportunities and more.