DBS announces SGD 1 billion commitment to drive social inclusion and welfare
Mumbai, August 14, 2023: DBS, a leading financial services provider, revealed its substantial commitment of up to SGD 1 billion over the next decade, aimed at uplifting low-income and underserved communities and fostering a more inclusive society. Commencing from 2024, SGD 100 million per annum will be channeled into Singapore and key markets, augmenting the bank's existing community initiatives and DBS Foundation's efforts.
The allocated funds will play a pivotal role in programs designed to support vulnerable sections of the society by:
- Addressing immediate daily needs such as food and housing;
- Providing avenues for breaking the cycle of poverty through education;
- Equipping individuals with essential life skills including digital and financial literacy
- Enhancing emotional and mental resilience.
Furthermore, DBS's workforce of 36,000 will contribute over 1.5 million volunteer hours during the coming decade, reinforcing their commitment to giving back to society. In the coming months, DBS will collaborate with key organizations and identify programs to partner with and support.
Surojit Shome, Managing Director and CEO of DBS Bank India, shared that DBS is a purpose-driven bank, and the collective commitment of SGD 1 billion over the next 10 years, coupled with the amplified volunteering commitment from our employees, underscores our intention to tackle challenges faced by vulnerable communities across Asia, especially amidst extreme climate events, post-pandemic recovery, and economic challenges.
Originating as the Development Bank of Singapore, DBS's DNA has always been rooted in purpose. In India, the bank recently established a multi-state financial literacy and social entitlements program, backed by the DBS Foundation, set to impact the lives of over 200,000 underserved community members, with a significant focus on empowering women. Additionally, initiatives to empower women, children, and youth through livelihoods, education, and future-forward skills are set to launch in 2023.
Since 2014, DBS has nurtured social entrepreneurship through its SGD 50 million DBS Foundation, supporting over 800 Businesses for Impact across Asia and impacting the lives of more than 800,000 individuals, ensuring access to healthcare, education, and employment. DBS Bank India has actively contributed through grants, accelerator partnerships, and mentoring to local social enterprises addressing environmental and social challenges.
Throughout the pandemic, the bank established the SGD 10.5 million "Stronger Together Fund" to aid those affected by Covid-19. In 2022, an additional SGD 100 million commitment reinforced DBS's capability to create broader societal impact beyond traditional banking services. This additional funding supports the expanded scope of DBS Foundation, encompassing its new Community Impact Chapter, alongside philanthropic and relief endeavors. To date, the DBS Foundation has introduced ten community programs in digital and financial literacy, targeting to impact 6.9 million lives over a span of three years.
