DBS Foundation launches new "Impact Beyond Award' to scale innovative solutions that address longevity needs of ageing societies
Singapore, 18 Sep 2024 - The DBS Foundation, which is in its 10
th
year, today launched a new
Impact Beyond Award
(“Award”) to unearth and support innovative businesses with visionary solutions that address the world’s most ‘wicked’ problems.
Each year, the Award will pose a challenge statement that spotlights one of society’s pressing needs, and invite businesses to pitch innovative and transformative solutions. This year, the Foundation is putting the focus on ageing, and is on the lookout for solutions that enable everyone to age with dignity and purpose.
The number of people aged 65 years or older worldwide is projected to more than double, rising from 761 million in 2021 to 1.6 billion in 2050
[1]
. While ageing is typically seen as a societal challenge, the DBS Foundation believes it can be an opportunity to be harnessed – both to change traditional mindsets, as well as to scale ‘longevity businesses’.
The Award is part of
DBS’ SGD 1 billion commitment over ten years to uplift vulnerable segments of society,
and complements the longstanding
DBS Foundation Grant.
Each of the three Impact Beyond awardees will receive prize money of up to SGD 1 million, be mentored by the bank’s senior management and other business leaders, and gain access to potential investors. It is open to social enterprises and small-and-medium enterprises (SMEs) that have at least SGD 5 million in annual revenue in the most recent financial year. Applications from around the world are welcomed, and the application period is open from 20 September to 30 November 2024.
The Award was launched at today’s inaugural
DBS Foundation
Impact Beyond Dialogue,
which convened policymakers, industry leaders, businesses and other leading voices.
Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications, said: “The new DBS Foundation Impact Beyond Award seeks to support and scale purpose-driven businesses that are tackling the urgent challenges of an ageing society. We are looking for innovative solutions that enhance the quality of life, improve healthcare and nutrition, combat social isolation, build a multigenerational workforce and ensure financial resilience for the vulnerable. Together, we can build a society that sees ageing populations not as a problem, but as an opportunity to create longevity solutions and do well by doing good.”
The Impact Beyond Dialogue explored the changing role of businesses in society and how they can integrate social good in their business models. Desmond Lee, Singapore’s Minister for National Development and Minister-in-charge of Social Services Integration, delivered a keynote address as the Guest-of-Honour.
Another highlight was a panel discussion on enhancing private-public partnerships to address challenges and opportunities in ageing societies such as Singapore. Panellists included Eric Chua, Singapore’s Senior Parliamentary Secretary, Ministry of Social and Family Development & Ministry of Culture, Community and Youth; Tan Su Shan, DBS Deputy CEO and Group Head of Institutional Banking; Janet Ang, Chairman, Singapore Business Federation Foundation; and
Gillian Tee, CEO and Co-Founder, Homage.
(from left to right) Gillian Tee, CEO and Co-Founder, Homage; Eric Chua, Senior Parliamentary Secretary, Ministry of Social and Family Development & Ministry of Culture, Community and Youth; Janet Ang, Chairman, Singapore Business Federation Foundation; Desmond Lee, Minister for National Development and Minister-in-Charge of Social Services Integration; Tan Su Shan, DBS Deputy CEO and Group Head of Institutional Banking; and Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications.
Minister Desmond Lee delivering a keynote speech at the inaugural DBS Foundation Impact Beyond Dialogue. The dialogue explored the changing role of businesses in society, and how they can integrate social good in their business models.
Janet Ang, Chairman, Singapore Business Federation Foundation
,
said: “There is no better time than now for companies to embark on their corporate purpose journey. With the DBS Foundation’s support in galvanising the private, public and people ecosystem players, we hope more companies will do their part to address societal gaps. By working together, we can uplift our communities and foster a fairer, kinder, more inclusive society.”
Gillian Tee, CEO and Co-Founder of Homage, said:
“DBS Foundation has been a big part of Homage’s journey since early on, and has greatly propelled our growth over the years. It’s not just the grant funding, it’s also the access to DBS Foundation’s robust community of impact makers with whom to learn from, collaborate and amplify our impact with. I’m excited for the Foundation’s next decade, and look forward to have even more businesses join us in creating impact together.”
Held this afternoon at the DBS Auditorium at Marina Bay Financial Tower 3, the Impact Beyond Dialogue was attended by some 200 invited guests including executives from social enterprises, SMEs, and philanthropic foundations, and private wealth and institutional banking clients.
For more information on DBS Foundation, please visit:
www.dbs.com/dbsfoundation
[1]
Source:
Launch of the World Social Report 2023 | Population Division
[END]
About DBS Foundation
The DBS Foundation is committed to uplifting lives and livelihoods by igniting change in businesses and communities.
Since 2014, the DBS Foundation has been championing social enterprises in Asia, businesses that are for profit, and impact. The Business for Impact chapter now catalyses the growth of innovative, purpose-driven businesses, including SMEs, designed to address pressing issues facing our planet and society.
In 2022, the DBS Foundation raised the bar with the formation of a new Community Impact chapter, to equip the underserved with digital and financial literacy skills to face the future with confidence, and enable communities to be more food secure and resilient.
Our vision is to spark collective action, together with our partners and DBS People of Purpose, to help build a better world for generations today and tomorrow.
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.
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 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. 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
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
