DBS Pledges SGD 1 Billion to Help Vulnerable Communitiesby Fintech News Singapore August 15, 2023
DBS has pledged to set aside up to SGD 1 billion over the next 10 years in an effort to step up its support for vulnerable communities and catalyse social impact.
The funds will primarily go towards programmes that aim to support vulnerable communities by helping them cope with immediate daily needs such as food and housing as well as giving them the opportunity to break out of the poverty cycle through education.
DBS is also aiming to equip them with important life skills such as digital and financial literacy while also strengthening their emotional and mental resilience.
The bank said that it will deploy SGD 100 million each year in Singapore and its other key markets with effect from 2024 for this purpose.
In addition to the funds, the bank’s 36,000 employees will also be committing over 1.5 million volunteer hours over the next decade to give back to society.
Over the next few months, the bank will be identifying key organisations and programmes to partner and support. For a start, in Singapore, DBS will work with the Ministry of Social and Family Development to support lower-income families and households who need additional help.
Piyush Gupta, CEO of DBS Bank said,
“As a purpose-driven bank, DBS has always been active in giving back to society. Amid increasingly challenging times, however, we wanted to intensify efforts to support those with the fewest resources, giving them access to basic opportunities required to succeed in life.
With an SGD 1 billion commitment and step-up in employee volunteer hours over the next decade, we hope to make an enduring and meaningful impact to improve the lives of the less fortunate in our midst.”