DBS Foundation Launches ‘Impact Beyond Award’ to Tackle Ageing Societies’ Needs

Marking its 10th anniversary, DBS Foundation has introduced the new Impact Beyond Award, designed to uncover and support innovative businesses addressing society’s most complex challenges. Each year, the Award will center around a challenge statement focused on a pressing global issue, inviting businesses to pitch transformative solutions. This year’s spotlight is on ageing, with a mission to find solutions that enable people to age with dignity and purpose.

As the global population aged 65 and older is expected to more than double by 2050, the DBS Foundation sees ageing not only as a challenge but as an opportunity to rethink societal approaches and scale “longevity businesses.” The Award aligns with DBS’ SGD 1 billion commitment over the next decade to uplift vulnerable communities and complements the Foundation’s longstanding grant program.

Each of the three selected awardees will receive up to SGD 1 million in prize money, along with mentorship from senior management and business leaders at DBS, plus access to potential investors. The Award is open to social enterprises and small-to-medium enterprises (SMEs) with at least SGD 5 million in annual revenue. Applications are open globally from 20 September to 30 November 2024.

The launch took place at the inaugural DBS Foundation Impact Beyond Dialogue, bringing together policymakers, industry leaders, and businesses to explore how companies can integrate social good into their models. Guest-of-Honour Desmond Lee, Singapore’s Minister for National Development, delivered the keynote, followed by a panel discussion on enhancing public-private partnerships to address the challenges of ageing societies. Panellists included Senior Parliamentary Secretary Eric Chua, DBS Deputy CEO Tan Su Shan, and other key figures.

Hosted at DBS Auditorium at Marina Bay Financial Tower 3, the event welcomed 200 invited guests from social enterprises, SMEs, philanthropic foundations, and institutional banking clients, setting the stage for a future of innovative solutions to support ageing societies.