DBS commits up to SGD 1 billion over next 10 years to step up support for vulnerable communities and catalyse social impact | 繁體

Hong Kong, 18 Aug 2023 - DBS announced it will commit up to SGD 1 billion over the next 10 years^[1] to improve lives and livelihoods of the low-income and underprivileged, and foster a more inclusive society. The bank will deploy SGD 100 million each year in Singapore and its other key markets, including Hong Kong with effect from 2024. This commitment augments existing community initiatives by the bank and DBS Foundation.

Funds will primarily go towards programmes that aim to support this vulnerable segment in the community, which will include:

• Helping them cope with immediate daily needs, such as food and housing; 
• Giving them the opportunity to break out of the poverty cycle through education;
• Equipping them with important life skills such as digital and financial literacy; and
• Strengthening their emotional and mental resilience

In addition, the bank’s 36,000-strong workforce will commit over 1.5 million volunteer hours over the next decade to give back to society.

Over the next few months, the bank will be identifying key organisations and programmes to partner and support. For a start, in Singapore, DBS will work with the Ministry of Social and Family Development to support lower-income families and households who need additional help. 

Said Piyush Gupta, CEO of DBS Bank, “An uneven post-pandemic economic recovery and stubbornly high inflation have exacerbated the plight of the financially vulnerable with some segments of society facing acute challenges in making ends meet. As a purpose-driven bank, DBS has always been active in giving back to society. Amid increasingly challenging times, however, we wanted to intensify efforts to support those with the fewest resources, giving them access to basic opportunities required to succeed in life. With an SGD 1 billion commitment and step-up in employee volunteer hours over the next decade, we hope to make an enduring and meaningful impact to improve the lives of the less fortunate in our midst.”

On the community front, in 2014, the bank established the SGD 50 million DBS Foundation to support social entrepreneurship. Since then, it has supported more than 800 Businesses for Impact and impacted over 800,000 lives by enabling access to healthcare, education, and employment.

During the pandemic, the bank created an SGD 10.5 million “Stronger Together Fund” to support those impacted by Covid-19. In 2022, DBS committed an additional SGD 100 million to deepen its ability to create impact beyond banking. The increased funding is helping to fund DBS Foundation's expanded scope including its new Community Impact Chapter, and other philanthropic and relief efforts. To date, the DBS Foundation has rolled out 10 community programmes in the areas of digital and financial literacy across the region, with a collective target of impacting 6.9 million lives over three years.

In Hong Kong, DBS Foundation and MakerBay Foundation joined forces to launch DBS InnoFuture Youth Programme, bridging the needs of youth employment and digital transformation for NGOs, to serve 1,840 underserved youth and 50 NGOs or social enterprises with the provision of 100 digital solutions in a one-and-half-year period. In addition, DBS Foundation partners with ImpactHK on "The Kind Kitchen” community project to serve the city’s underprivileged with food support. The two-year partnership helps provide 210,000 meals to people experiencing homelessness and empowers them to build their own social capital.

 [1] The actual contribution each year, of up to SGD 100 million, will be determined based on the bank’s financial performance in the preceding year.

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About DBS 

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.