India – Business Wire India
• The funding will go towards multiple initiatives including those that focus on improving ‘living spans’ of ageing societies across the region.
• Two purpose-driven Indian businesses, S4S Technologies and Haqdarshak, were recognised at the DBS Foundation Impact Beyond Summit.
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
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 SGD 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.
For more information, please visit: www.dbs.com/dbsfoundation
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is 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. In 2024, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. 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 and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024. In line with its focus on responsible banking, DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India now has a network of ~500 branches in 19 Indian states.
DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region’s most dynamic markets. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
APPENDIX: Examples of new DBS Foundation programmes
A: Providing Essential Needs
China
China Women's Development Foundation (Programme duration: 2 years)
Improving home environment and providing enrichment classes to underprivileged children to enhance education outcomes in the communities
Hong Kong
The Hong Kong Council of Social Service (Programme duration: 3 years)
Digital healthcare solutions for the underprivileged seniors to provide health education and early intervention services
Singapore
Ministry of Culture, Community & Youth (Programme duration: 0.5 year)
DBSF Community Pop-Up Market to reduce financial distress faced by low-income households by providing household essentials to defray daily living costs, and equipping them with budgeting and nutritional tips
Taiwan
Huashan Social Welfare Foundation (Programme duration: 3 years)
Senior support programme to support vulnerable senior on their daily needs and strengthen their mental resilience
B: Fostering Inclusion
India
Haqdarshak (Programme duration: 2 years)
Financial literacy & social welfare access to rural underprivileged communities
Hong Kong
The Hong Kong Council of Social Service (Programme duration: 3 years)
Financial literacy for underprivileged families living in govt. subsidised housing to achieve financial stability
Indonesia
The Asia Foundation (Programme duration: 3 years)
Accelerate financial literacy and inclusion for marginalised women
Dicoding Foundation (Programme duration: 2 years)
Upskill youth (with limited access to higher education) in digital literacy towards better employability
Singapore
Ministry of Social & Family Development (Programme duration: 3 years)
Support low-income families with financial literacy, and funding for education & home ownership
Taiwan
Money Trainer Financial Literacy Consulting (Programme duration: 3 years)
Construct a comprehensive financial assistance system (powered by A.I.) for financially disadvantaged families
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The President of the Republic of Singapore, Tharman Shanmugaratnam; Ms Jane Ittogi; representatives from DBS; and the 10 DBSF honourees
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