Singapore-based IIX partners with DBS Bank to set up the Women’s Livelihood Bond Program targeting US$100 million

Singapore.26 Sep 2018

Program consists of a series of bonds, aiming to positively impact 1 million women across Asia and provide financial returns to investors

Follows the successful sale and public listing of the first Women’s Livelihood Bond (WLB1) in 2017

Supports high-impact enterprises in South and Southeast Asia working in areas of financial inclusion, access to clean energy, and sustainable agriculture

Singapore, 26 Sep 2018 - Impact Investment Exchange (IIX) – a global organisation dedicated to building a more inclusive world through innovative finance and support for high-impact enterprises – has partnered with DBS Bank to set up the Women’s Livelihood Bond Program (“Program”), a series of bonds targeting a total of US$100 million. The Program will fund and support high-impact enterprises in South and Southeast Asia focused on areas such as financial inclusion, access to clean energy, and sustainable agriculture, and aims to empower one million underserved women in Asia to transition from subsistence to sustainable livelihoods.

Durreen Shahnaz, CEO and Founder of IIX, said: “Women’s empowerment is deeply connected with the resilience of families, communities, and the overall peace and prosperity of the world. Yet despite their role at the heart of development, women and girls across Asia continue to face structural constraints that trap them in conditions of poverty. This is where innovative financial structures such as IIX’s Women’s Livelihood Bond make a big difference - by providing critical capital to those who are breaking the cycle of poverty and enabling women to take control of their own livelihoods. Building on the success of our first Women’s Livelihood Bond, IIX is ready to drive women’s empowerment across the globe at a faster pace and larger scale.”

Issuances out of the Program will be listed on a stock exchange and planned to be sold to investors globally. With the launch of the first successful bond in 2017, DBS Bank has returned as the official banking partner and sole placement agent for issuances out of the Program. IIX has also partnered with global law firms Shearman & Sterling LLP, Latham & Watkins LLP, and leading India-based law firm Cyril Amarchand Mangaldas for pro bono legal services on the first bond in the Program.

Clifford Lee, Head of Fixed Income at DBS Bank, said: “DBS is committed to creating social impact by championing innovation and social entrepreneurship in Asia. Our continued partnership with IIX is impactful and meaningful as we are pairing up with likeminded communities to bring innovative offerings to investors globally. As Asia’s economic fortunes continue to grow, awareness of sustainability issues is growing in tandem. As such, we expect to see greater interest for sustainable investment opportunities in the region as they not only generate positive financial returns, but social returns as well.”

Advancing gender equality has been shown to have positive, broad implications for social and economic development, with McKinsey estimating a potential US$4.5 trillion in GDP to be gained in Asia by 2025. Despite this opportunity, women represent as much as two-thirds of the poor across the region.

The first Women’s Livelihood Bond (WLB1) closed in July 2017, and is the world’s first social sustainability bond to be listed on a stock exchange. IIX monitors the financial and impact performance of the borrowers and provides regular reports to the investors. Aiming to impact 385,000 women over the course of four years, the WLB1’s first year impact numbers have exceeded the target goals.

No securities under the WLB2 or any related series will be sold in a manner inconsistent with applicable law in the jurisdiction of sale.  Such securities will not be registered under the United States Securities Act, and any sales in the United States will be made only pursuant to an exemption from registration. 


About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence 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 “Best Bank in the World” by Global Finance. 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. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.

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, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit

About Impact Investment Exchange (IIX)

IIX is a global organization dedicated to building a more inclusive world as the foundation for sustainable peace. We do this by changing financial systems and innovating solutions for women’s empowerment, climate action, and community resilience. Over the past decade, we have built the world’s largest crowdfunding platform for impact investing (Impact Partners), created innovative financial products such as the Women's Livelihood Bond, operated award-winning enterprise technical assistance programs such as IIX ACTS, and established an Impact Institute for training and education. To date, our work has spanned 40 countries, unlocked nearly $75 million of private sector capital to support 130+ enterprises, avoided over 850,000 metric tons of carbon and impacted over 23 million lives. IIX has received numerous awards for its work including the Oslo Business for Peace Award, the ‘Nobel Prize for Business.’