Foundation to deploy $88bn to help vulnerable communities
Two purpose-driven Indian businesses, S4S Technologies and Haqdarshak, were recognised at the DBS Foundation Impact Beyond Summit.
The recognition came as the Singapore-headquartered DBS Foundation announced that it will deploy S$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 markets by 2027. The key markets are Singapore, China, Hong Kong, Taiwan, Indonesia and India.
The 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 https://www.meity.gov.in/.
The discussions culminated in a closed-door fireside chat between Singapore President Tharman Shanmugaratnam and DBS CEO Piyush Gupta, during which they shared their views on changing mindsets to address ageing.
As Asian markets including Singapore are fast becoming super-aged societies, there is a need to spark a paradigm shift to tackle ageing holistically because it should not be an issue that is confined only to seniors, says Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications https://www.bseindia.com/.
“Even as people today are living longer, ‘living’ spans – namely quality of life – should also be improved in tandem. An ecosystem-wide effort, which involves the public, private and people sectors, is what we hope to catalyse,” Ngui said in a release on 26 Nov https://www.nseindia.com/ .
“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.”
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 US$2 million in 2018 to US$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 US$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.
15 new programmes to uplift the lives and livelihoods of vulnerable communities
DBS Foundation is deploying SG$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 SG$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.
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 SG$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. Fiinews.com
