The DBS Foundation will deploy S$88 million (US$65.74 million) to launch new initiatives aimed at driving inclusion and enabling better access to essential needs among vulnerable communities.
The funding will go towards multiple initiatives including those focusing on improving “living spans” in ageing societies across the Asian region.
The multi-year efforts are expected to uplift the lives and livelihoods of some two million low-income and underprivileged individuals in the bank’s key markets by 2027.
The funding was announced at the inaugural DBS Foundation Impact Beyond Summit held in Singapore on November 11. The event 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.
Changing mindsets
The day’s discussions culminated in a closed-door fireside chat between Singapore’s President Tharman Shanmugaratnam and DBS chief executive officer Piyush Gupta, during which they shared their views on changing mindsets to address ageing.
“Even as people today are living longer, ‘living’ spans – namely quality of life – should also be improved in tandem,” says Karen Ngui, head of DBS Foundation and DBS group strategic marketing and communications. “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 catalyze. 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.”
Short-term relief
In line with the foundation’s dual focus on providing essential needs and fostering inclusion, the 15 new initiatives seek to provide short-term relief for those in need, while equipping them with the know-how, tools and opportunities to build towards a better future over time.
These include 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.
Six other initiatives are 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.
As part of efforts to ramp up support for vulnerable communities, the DBS Foundation has committed to deploy up to S$1 billion and 1.5 million employee volunteer hours over ten years from 2024.
Photo: The inaugural DBS Foundation Impact Beyond Summit held in Singapore on November 11, with bestselling author and producer Dan Buettner delivering the keynote speech.
