DBS Foundation deploys SGD 88 million to widen financial inclusion and provide essential needs to vulnerable communities across Asia
Singapore.11 Nov 2024
The funding will go towards multiple initiatives including those that focus on improving ‘living spans’ of ageing societies across the region
Singapore, 11 Nov 2024 - The DBS Foundation announced that it will deploy SGD 88 million in initiatives that drive inclusion and enable better access to essential needs among vulnerable communities. The funding will go towards multiple initiatives including those that focus on improving ‘living spans’ in ageing societies across the region. The multi-year efforts are expected to uplift the lives and livelihoods of some two million low-income and under-privileged individuals in the bank’s key markets[1] by 2027.
This was announced at the inaugural DBS Foundation Impact Beyond Summit held in Singapore today. Centred on ageing, one of the most pressing systemic and societal issues of this generation, the Summit convened businesses, longevity experts and the social sector – including bestselling author and producer of the Emmy Award winning docuseries ‘Live to 100: Secrets of the Blue Zones’ Dan Buettner – to work towards redefining the ageing narrative and unlock the socio-economic opportunities of ageing societies.
The day’s discussions culminated in a closed-door fireside chat between President of the Republic of Singapore Tharman Shanmugaratnam and DBS CEO Piyush Gupta, during which they shared their views on changing mindsets to address ageing.
Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications, said, “Even as people today are living longer, ‘living’ spans – namely quality of life – should also be improved in tandem. As Singapore and many markets in Asia are fast becoming super-aged societies, we need to spark a paradigm shift to tackle ageing holistically because it should not be an issue that is confined only to seniors. An ecosystem-wide effort, which involves the public, private and people sectors, is what we hope to catalyse. This includes improving inter-generational connections; building more accessible communal spaces; encouraging employers to embrace a more inclusive workforce; helping people to kickstart their savings and retirement planning earlier, to name a few. We are excited that many businesses have expressed interest to join us on this journey. Together, we believe we can do well by doing good.”
15 new programmes to uplift the lives and livelihoods of vulnerable communities
DBS Foundation is deploying SGD 88 million to launch 15 new initiatives for society’s vulnerable, in collaboration with like-minded partners in its key markets. Guided by the Foundation’s dual focus on providing essential needs and fostering inclusion, these initiatives seek to provide short-term relief for those in need, whilst equipping them with the know-how, tools and opportunities to build towards a better future over time. The Foundation also works closely with its partners to ensure that they are designed with each market’s unique needs and circumstances in mind.
The new initiatives include:
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
This was announced at the inaugural DBS Foundation Impact Beyond Summit held in Singapore today. Centred on ageing, one of the most pressing systemic and societal issues of this generation, the Summit convened businesses, longevity experts and the social sector – including bestselling author and producer of the Emmy Award winning docuseries ‘Live to 100: Secrets of the Blue Zones’ Dan Buettner – to work towards redefining the ageing narrative and unlock the socio-economic opportunities of ageing societies.
The day’s discussions culminated in a closed-door fireside chat between President of the Republic of Singapore Tharman Shanmugaratnam and DBS CEO Piyush Gupta, during which they shared their views on changing mindsets to address ageing.
Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications, said, “Even as people today are living longer, ‘living’ spans – namely quality of life – should also be improved in tandem. As Singapore and many markets in Asia are fast becoming super-aged societies, we need to spark a paradigm shift to tackle ageing holistically because it should not be an issue that is confined only to seniors. An ecosystem-wide effort, which involves the public, private and people sectors, is what we hope to catalyse. This includes improving inter-generational connections; building more accessible communal spaces; encouraging employers to embrace a more inclusive workforce; helping people to kickstart their savings and retirement planning earlier, to name a few. We are excited that many businesses have expressed interest to join us on this journey. Together, we believe we can do well by doing good.”
15 new programmes to uplift the lives and livelihoods of vulnerable communities
DBS Foundation is deploying SGD 88 million to launch 15 new initiatives for society’s vulnerable, in collaboration with like-minded partners in its key markets. Guided by the Foundation’s dual focus on providing essential needs and fostering inclusion, these initiatives seek to provide short-term relief for those in need, whilst equipping them with the know-how, tools and opportunities to build towards a better future over time. The Foundation also works closely with its partners to ensure that they are designed with each market’s unique needs and circumstances in mind.
The new initiatives include:
- Providing essential needs: Nine initiatives aimed at enabling those in need to access essential needs such as healthcare (including mental health), basic education and food security. Initiatives range from helping young children to get a better start in life by improving their home conditions, to enabling seniors to enjoy a better quality of life in their golden years.
- Fostering inclusion: Six initiatives designed to help vulnerable communities to build towards a more financially resilient future. These include improving their access to financial services, financial and digital literacy skills, and upskilling opportunities to boost employability.
This is part of efforts to ramp up support for vulnerable communities, with a commitment of up to SGD 1 billion and 1.5 million employee volunteer hours over ten years from 2024.
It also augments the Foundation’s decade-long work in creating societal impact by catalysing the growth of businesses for impact, and supporting the community through various programmes. With the inclusion of these 15 new initiatives, DBS Foundation’s suite of efforts to date are projected to impact over 9.8 million beneficiaries by 2027.
DBS Foundation ‘Impact Beyond’ series
The Summit is part of DBS Foundation’s ‘Impact Beyond’ signature programmes which seek to harness the power of collective thinking and action to tackle pressing societal issues. For a start, the Foundation is putting the focus on ageing.
Earlier in September, the Foundation gathered key members of the business community for its first dialogue on the topic, and launched a new Impact Beyond Award – offering prize money of up to SGD 1 million per winner, mentorship by DBS’ seniors leaders, and more – to support visionary businesses with innovative solutions that could improve ‘living spans’ and enable everyone to age with dignity and purpose. Submissions are ongoing till 30 November.
APPENDIX: Examples of new DBS Foundation programmes
| A: Providing Essential Needs | ||
| China | China Women's Development Foundation (2 years) | Improving home environment and providing enrichment classes to underprivileged children to enhance education outcomes |
| Hong Kong | The Hong Kong Council of Social Service (3 years) | Digital healthcare solutions for underprivileged seniors; to provide health education and early intervention services |
| Singapore | Ministry of Culture, Community & Youth (0.5 year) | DBS Foundation Community Pop-Up Market seeks to reduce financial distress faced by low-income households; defrays daily living costs by providing household essentials, and equips them with budgeting and nutritional tips |
| Taiwan | Huashan Social Welfare Foundation (3 years) | Senior support programme to support vulnerable seniors on their daily needs, and strengthen their mental resilience |
| B: Fostering Inclusion | ||
| Hong Kong | The Hong Kong Council of Social Service (3 years) | Financial literacy for underprivileged families living in government subsidised housing, to help them to achieve financial stability |
| India | Haqdarshak (2 years) | Financial literacy and social welfare access for rural underprivileged communities |
| Indonesia | The Asia Foundation (3 years) | Accelerate financial literacy and inclusion for marginalised women |
| Dicoding Foundation (2 years) | Upskill youth (with limited access to higher education) in digital literacy to build better employability | |
| Singapore | Ministry of Social & Family Development (3 years) | Support low-income families with financial literacy, and provide funding support for their education and home ownership goals |
| Taiwan | Money Trainer Financial Literacy Consulting (3 years) | Construct a comprehensive financial assistance system for financially disadvantaged families |
[1] Singapore, China, Hong Kong, Taiwan, Indonesia and India
[END]
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
