DBS Foundation Deploys SGD 88 Million to Widen Financial Inclusion and Provide Essential Needs to Vulnerable Communities Across Asia

BusinessWire India
Mumbai (Maharashtra) [India], November 26: 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 two million low-income and under-privileged individuals in the bank’s key markets¹ by 2027.

This was announced at the inaugural DBS Foundation Impact Beyond Summit held in Singapore earlier this month. 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 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 the efforts to ramp up support for vulnerable communities, with a commitment of up to SGD 1 billion and 1.5 million employee volunteering 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 was part of the DBS Foundation's 'Impact Beyond' signature programmes, which seek to harness the power of collective thinking and action to tackle pressing societal issues. To begin, the Foundation is focusing 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.

DBS Foundation Honourees

At the summit, the DBS Foundation showcased and celebrated the impact of 10 social enterprises it has supported over the years. These honourees have positively transformed vulnerable communities through their innovative solutions. Among them were two purpose-driven businesses from India: S4S Technologies and Haqdarshak.

S4S Technologies has significantly grown its revenue from USD 2 million in 2018 to USD 25 million in 2023. It has empowered 3,500 women micro-entrepreneurs, a significant increase from 200 in 2018. S4S also received 'The Earthshot Prize' in 2023. The enterprise supports DBS Bank India's programme in partnership with the Savitribai Phule Mahila Ekatma Samaj Mandal, which aims to improve the livelihoods of farmers and their families. With women micro-entrepreneurs as the primary beneficiaries, the programme promotes gender inclusivity and equality.

Haqdarshak has expanded its operations to 24 states in India, serving over 6.5 million citizens and unlocking social entitlement benefits worth USD 2.2 billion. In 2018, Haqdarshak received a DBS Foundation Social Enterprise Grant for its digital platform. In 2020, during the pandemic, DBS Foundation further supported the enterprise and other past grantees with the Business Transformation and Improvement (BTI) Grant to help them navigate a challenging year.
¹Singapore, China, Hong Kong, Taiwan, Indonesia and India
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