DBS Foundation awards SGD 1.1 million in grants to 14 social enterprises across Asia
Winners using innovative solutions to address issues regarding food sustainability, environment protection and inclusive employment across Asia
SINGAPORE,11 January 2018 -
DBS Foundation, the first foundation in Singapore dedicated to championing social entrepreneurship, today announced that it has awarded SGD 1.1 million to 14 social enterprises (SEs) in Asia, as part of its 2017 Social Enterprise Grant Programme. DBS Foundation has awarded grants ranging between SGD 50,000 and SGD 160,000 to SEs from DBS’ key markets of Singapore, Hong Kong, China, India, Indonesia and Taiwan, to encourage them to deploy social innovations in areas such as employment generation for the marginalised, environment protection and waste management solutions, as well as food sustainability.
The grants will enable SEs to bring their prototypes to market, improve existing processes, or scale up their existing business for greater social impact. This year, the DBS Foundation received applications from a wide range of SEs from across Asia for its annual Grant Programme. The selection criteria includes identifying the social need addressed, business innovation and business model sustainability. SEs must also demonstrate a path to achieving key business and social impact milestones.
This year’s Singapore grant awardees (please see appendix for full list of awardees) include:
• CaptionCube which hires persons with disabilities (PwDs) as transcribers for video captioning services, creating opportunities for inclusive employment. The grant will be used to accelerate tech development to improve the UX and capacity of their platform.
• UglyGood aims to reduce organic by-product wastage generated by the F&B industry through upcycling and building innovative business models around wastage. The grant will be used to accelerate their product research and step up their marketing.
• Edible Garden City which helps to grow food and reduce food waste by incorporating natural systems with technology such as hydroponics, aquaponics and insect farming. The grant will be used for development and scaling up of microgreens production and for development of closed loop agriculture systems.
Said Karen Ngui, Board Member of DBS Foundation and DBS’ Head of Group Strategic Marketing & Communications, “As a purpose-driven organisation, we believe that it is crucial for us to create impact beyond banking. SEs offer innovative and sustainable solutions to address social challenges in a rapidly growing Asia. Our 14 DBS Foundation 2017 SE grant awardees come from a diverse range of areas, have promising business models, and are poised to deliver significant social impact. Beyond grant funding, we look forward to working with them to help them do well and do good, whether through mentorship, knowledge sharing with other experienced SEs, or by providing DBS procurement opportunities."
DBS Foundation’s 2016 SE grant awardee, WateROAM develops highly portable water filtration systems for communities in rural regions and disaster-hit sites. With funding support from DBS, WateROAM has deployed its patented systems through partner NGOs, to more than 25,000 people in Cambodia, Indonesia, Nepal, Pakistan, Malaysia, Myanmar, and Vanuatu. The social enterprise is now starting mass-scale manufacturing processes.
Said David Pong (aged 29), CEO of WateROAM, “We have greatly benefitted from being involved with the ecosystem of SEs that is supported by the DBS Foundation. At each gathering organised by the foundation, we exchange many precious lessons learnt from our different social enterprise journeys, and never fail to walk away with a greater sense of encouragement for the journey ahead. We are also highly grateful for the mentors, assigned to us from the DBS Foundation, who go the extra mile to guide us in overcoming our challenges through the sharing of their vast experiences. Being a DBS Foundation grant awardee has truly allowed us to achieve our vision of ending global thirst with much more effectiveness.”
While the bank has been supporting SEs for many years, it stepped up its commitment to the growth of social entrepreneurship with the establishment of the SGD 50 million DBS Foundation in 2014, to mark Singapore’s 50th year of independence. To date, DBS has reached out to more than 28,000 SEs and supported over 260 SEs with more than SGD 3.5 million in grant funding.
The DBS Foundation supports social entrepreneurs across Asia in three broad areas. This entails:
• Building awareness for SEs through initiatives such as the DBS-NUS Social Venture Challenge Asia, bootcamps, workshops and learning forums • Supporting selected social enterprises through funding, mentorship and skills-based volunteerism • Embedding social enterprises into DBS' culture and operations; through customised banking products, procuring from SEs, providing physical co-working spaces and creating an online SE Community etc.
The DBS Foundation works in partnership with like-minded organisations, public and social sectors, to promote the development of social entrepreneurship. Calls for 2018 grant applications will go out in March this year. To find out more about the DBS Foundation SE Grant Programme, visit go.dbs.com/Grants.
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, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.
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 23,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About DBS Foundation Championing Social Entrepreneurship As a corporate foundation in Asia solely dedicated to championing social entrepreneurship, DBS Foundation contributes towards building a more inclusive society so that those at society’s margins can enjoy productive and rewarding lives. DBS Foundation works with Social Enterprises and Social Entrepreneurs in Singapore, India, Indonesia, China, Taiwan and Hong Kong with programmes ranging from venture challenges, learning forums, intensive incubation, grant support, financing and skilled volunteer mentoring. The Foundation is an endeavor from DBS Bank to make an even greater impact in addressing Asia’s evolving social needs. Please visit www.dbs.com/dbsfoundation or reach us at firstname.lastname@example.org.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3, Singapore 018982 | Co. Reg. No. 196800306E