DBS Foundation commits SGD 14.5 million to a partnership with Institute of Technical Education to support students from lower-income families, enhance their career-readiness and financial resilience
Funding will go towards providing 24,000 study awards over three years
Also providing mentorship and financial literacy to boost students’ career-readiness and empower them to build financial resilience
This partnership was announced at the DBS Foundation Impact Beyond Dialogue, where 300 changemakers convened to discuss the ‘Future of Ageing Societies’
[From left to right] Ms Karen Ngui, Head of DBS Foundation, Mr Lim Him Chuan, DBS Singapore Country Head, Mr Ho Tian Yee, Chairman of DBS Foundation, Ms Jasmin Lau, Minister of State at the Ministry of Education and the Ministry of Digital Development and Information, Mr Andrew Chong, Chairman of ITE and Ms Low Khah Gek, CEO of ITE take a photo at this afternoon’s launch event. This marks the start of a three-year partnership between DBS Foundation and ITE to help ITE students, especially those from lower-income families, to complete their education, be career-ready and build financial resilience in the long-term. This partnership underscores DBS Foundation’s commitment to uplifting those with less. By equipping these students with a fair chance at a better future, DBS Foundation aims to help them to build strong foundations early in life so they can go on to live, thrive and age well.
SGD 14.5 million to support 24,000 study awards over three years
ITE students who face financial pressures – whether it’s affording daily expenses like meals and transport costs, or contributing to household income – often have to take on part-time work to make ends meet. This can take a toll on their studies and wellbeing, putting them at risk of not completing their education.
To ease these challenges, DBS Foundation is contributing SGD 14.5 million to ITE – the largest one-off donation to ITE to date – which will go towards providing 24,000 study awards for students from lower-income families over three years. Each study award is SGD 600 and will be given to students who demonstrate good conduct and complete a financial literacy module[1], which was developed as part of an existing DBS-ITE partnership to scale financial literacy.
In view of this milestone contribution, the government will match DBS Foundation’s donation dollar-for-dollar and contribute the same to the ITE Endowment Fund, which will further support students in need.
Boosting career-readiness through mentorship and financial literacy
ITE Work-Study Diploma (“WSDip”) trainees will also receive targeted and more comprehensive support under the DBS Foundation X ITE Career Readiness Programme. Availed to ITE graduates, the WSDip is an apprenticeship-based programme that combines classroom learning with on-the-job training, enabling trainees to gain work experience, earn a salary and upskill to a diploma concurrently.
- 1-to-1 mentorship: The first six months of the WSDip are often most challenging, as trainees adjust to the demands of working life. DBS Foundation is thus introducing 1-to-1 mentorship for WSDip trainees, where DBS employee volunteers will journey with their mentees to understand their needs, provide career and life advice and more, to support their smoother transition into the workforce. This is expected to benefit some 400 WSDip trainees in the next three years.
- Financial planning bootcamps: DBS Foundation is rolling out financial planning bootcamps, designed to provide practical guidance on key topics such as the Central Provident Fund, savings, insurance, investments and more. These are to empower current and potential WSDip trainees with the knowledge and confidence to make informed financial decisions from the start of their career.
These build on ongoing mentorship and financial literacy outreach efforts between DBS and ITE, which have collectively benefitted close to 115,500 ITE students since inception in 2019.
Ms Karen Ngui, Head of DBS Foundation, said: “At the DBS Foundation, we believe everyone deserves an equal chance to build a better life, regardless of one's circumstances. Education is one of the most powerful enablers of social mobility and through this partnership with ITE, we hope to support students from lower-income families so they can remain in school, complete their education and be empowered with essential skills to thrive. By doing so, we hope these students will be able to progress in life and eventually break out of one cycle, so a better one can begin.”
Ms Low Khah Gek, Chief Executive Officer of ITE, said: “At ITE, we are committed to empowering every student to achieve their fullest potential, regardless of their background. We are deeply grateful to DBS Foundation for this generous contribution, which will go a long way in uplifting our students and enabling them to focus on their learning. In addition to easing their financial challenges, this partnership will also provide our Work-Study Diploma trainees with valuable mentorship and life skills that will help them thrive in their careers and beyond. Together, we are opening doors for young people to realise their potential and create a brighter future for themselves.”
This was announced at the regional edition of the DBS Foundation Impact Beyond Dialogue (“the Dialogue”), held this afternoon at the DBS Foundation Theatre at ITE College Central. Anchored on the topic of ‘Future of Ageing Societies’, 300 changemakers – including businesses, community partners and longevity experts – gathered for an afternoon of sharing, robust discussion and collaboration. The Dialogue was graced by Guest-of-Honour Ms Jasmin Lau, Minister of State at the Ministry of Education and the Ministry of Digital Development and Information.
The Dialogue featured three “Future Labs”, where expert speakers explored and provided thought-provoking insights on various issues and tensions in ageing societies: health equity, financial resilience and social connectedness. The day’s conversations culminated in a lively debate on the motion: “Have we added life to years, or just years to life?”
The DBS Foundation X ITE partnership is the latest in a suite of efforts by the DBS Foundation to empower both seniors of today and tomorrow to build resilience and age well. These include collaborating with KidSTART Singapore to enhance lower-income expectant mothers’ wellbeing and thus give their infants a better start at life, with the Infocomm Media Development Authority to equip seniors with digital and GenAI literacy skills to safely navigate an increasingly digital world, and more.
[1] The financial literacy module, which was jointly developed by DBS and ITE to empower students to cultivate good money habits and build financial resilience, is part of the mandatory modules under ITE’s Lifeskills curriculum.
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About DBS Foundation
Established in 2014, DBS Foundation is committed to uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact. It aims to bring hope to those with less today, so no one is left behind and we can all face the future with confidence.
In 2024, DBS committed up to SGD 1 billion dollars over the next decade to support vulnerable communities. It also pledged to contribute 1.5 million employee volunteer hours over the same period.
Together with an ecosystem of like-minded partners, DBS Foundation seeks to create impact that goes beyond banking, beyond borders, and beyond generations.
For more information, please visit: www.dbs.com/dbsfoundation
About Institute of Technical Education
The Institute of Technical Education (ITE) was established as a post-secondary institution in 1992, under the Ministry of Education. ITE is a principal provider of career and technical education and a key developer of national skills certification and standards skilling Singapore for the future economy. It offers three key programmes - (1) Pre-Employment Training for youths after secondary education (2) Continuing Education and Training for adult learners and (3) Workplace Learning and Work-Study Programmes with employers. Under its 'One ITE System, Three Colleges' Governance Model, ITE has three Colleges - ITE College Central, ITE College East and ITE College West. For more information, please visit our website at https://www.ite.edu.sg