In a remarkable stride towards social transformation, DBS has unveiled its ambitious plan to dedicate up to SGD 1 billion over the next decade to enhance the lives and futures of the low-income and underprivileged segments. This strategic initiative is not only set to uplift the vulnerable, but also to nurture a more inclusive society. With SGD 100 million allocated annually from 2024 onwards, both in Singapore and key markets, DBS is poised to make a substantial impact.
Building upon its existing community-driven endeavors, the bank is doubling down on its commitment to social welfare, with a focus on bolstering the following key areas:
Addressing Immediate Needs
A substantial portion of the funds will be directed towards meeting the immediate daily needs of the disadvantaged, including access to food and housing.
Education as a Path to Progress
DBS recognizes the potential of education to break the cycle of poverty. The initiative will facilitate educational opportunities for those in need, opening doors to a brighter future.
Equipping with Vital Skills
The bank aims to empower the marginalized with essential life skills, such as digital and financial literacy. These skills are invaluable tools in navigating the modern world and securing a stable future.
Nurturing Emotional Resilience
DBS’s commitment extends beyond the tangible to encompass emotional and mental well-being. Strengthening emotional resilience is an integral part of fostering holistic prosperity.
Complementing this substantial financial commitment is DBS’s workforce of over 36,000 employees, who will collectively contribute over 1.5 million volunteer hours over the next decade. This commitment reflects a deep dedication to giving back to society and making a meaningful difference.
Over the coming months, DBS will forge partnerships with key organizations and programs, starting with a collaboration in Singapore alongside the Ministry of Social and Family Development. Together, they will provide much-needed support to lower-income families and households, demonstrating DBS’s steadfast dedication to social upliftment.
DBS’s philanthropic pursuits are deeply ingrained in its DNA, tracing back to its origins as the Development Bank of Singapore. Throughout the years, the bank has consistently championed the underrepresented and underserved, offering subsidized banking services to migrant workers, the elderly, and low-income individuals.
One standout initiative from the recent past is DBS’s proactive approach to inflation concerns. Recognizing the financial stress caused by inflation, DBS pioneered innovative solutions to help individuals earning less than SGD 2,500 a month protect their finances and boost savings. This included enticing rebates, cashback offers, and competitive housing loan rates. Additionally, the heartening ‘DBS 5 Million Hawker Meals’ initiative subsidized five million hawker meals over a year.
DBS’s social commitment extends beyond banking, as evidenced by the establishment of the SGD 50 million DBS Foundation in 2014 to support social entrepreneurship. By facilitating access to healthcare, education, and employment, the foundation has positively impacted over 800,000 lives through more than 800 Businesses for Impact.
The ongoing pandemic prompted DBS to create the SGD 10.5 million “Stronger Together Fund” to assist those affected by Covid-19. Furthermore, a substantial increase in funding, totaling SGD 100 million, was committed in 2022 to expand the scope of the DBS Foundation. This funding bolsters various philanthropic and relief efforts, including the new Community Impact Chapter.
DBS’s unwavering dedication to community betterment is also evident through strategic partnerships. Collaborating with the Infocomm Media Development Authority, the bank’s digital literacy program aims to empower 100,000 Singaporeans through workshops and initiatives. The impact is tangible, with over 16,000 participants benefiting thus far.
In a broader context, DBS has enriched the community through large-scale sponsorships, adding vibrancy to the Marina Bay area. Over a decade, DBS has generously offered free sailing experiences, benefitting more than 44,000 individuals. A monumental contribution of SGD 25 million to the National Gallery Singapore in 2014 stands as a testament to DBS’s commitment to the arts. Moreover, the bank’s partnership with the Esplanade further underscores its dedication to providing free arts programs to the public, showcased at the DBS Foundation Outdoor Theatre.
