Mobilising capital for communities and businesses

An uneven post-pandemic economic recovery and stubbornly high inflation have exacerbated the plight of the financially vulnerable, with some segments of society facing acute challenges in making ends meet. In these difficult times, we believe it is incumbent upon us as Singapore’s largest bank and a leading bank in Asia to demonstrate our purpose and relevance to the communities we are a part of. Our licence to operate comes from civil society and we believe it is essential to address the needs of multiple stakeholders, for generations today and tomorrow.

At DBS, we have embedded environmental and social considerations into the fabric of our business. As proof of our commitment to create impact beyond banking, we champion businesses with a triple bottom line and support community causes such as those that drive positive environmental and social impact. Much of this is undertaken through DBS Foundation’s Business for Impact chapter, which catalyses the growth of innovative and purpose-driven businesses, including SMEs, and its new Community Impact chapter which equips the underserved with digital and financial literacy skills to face the future with confidence, enabling communities to be more food secure and resilient.

Being purpose-driven has always been part of DBS’ DNA. Our dedication to making a difference runs deep within the organisation. In August 2023, we announced our pledge of up to SGD 1 billion over the next 10 years to step up support for vulnerable communities and catalyse social impact across the region. From 2024, DBS will allocate up to SGD 100 million annually in Singapore and key markets The funds will primarily support programmes addressing immediate needs like food and housing, promoting education to break the poverty cycle, enhancing digital and financial literacy, and strengthening emotional resilience. Additionally, we constantly strive to inculcate a spirit of volunteerism in our employees and our commitment is instituted by having two official volunteer-leave days per employee.

Fostering partnerships for digital skills development

While Singapore seeks to build a digitally inclusive society, a skill and literacy gap still exists among different age and income groups, as well as persons with disabilities (PWD). In line with DBS’ ongoing efforts to enhance access to digital literacy training and bolster digital inclusion efforts in Singapore, the bank formed strategic collaborations with partners to ensure no one is left behind.

DBS takes a multi-pronged approach to mobilising different stakeholders, including engaging like-minded partners in campaigns and supporting the projects of others. We lead different partners in developing digital content and curriculum, refining delivery to target segments and ensuring learning environments are conducive for those with specific needs. Many of the digital workshops are manpower-intensive, especially so when imparting skills to seniors and PWD who require more personalised engagement. Through our employee volunteering movement (DBS People of Purpose), DBS galvanises employees to volunteer, and contribute time and resources. Volunteers are also equipped with skills and knowledge to build confidence and in turn, train others. In 2022, we reached more than 10,000 beneficiaries through workshops on digital and financial literacy which were supported by DBS volunteers.

People of Purpose

Building on our initiatives to improve digital literacy, we partnered with Infocomm Media Development Authority (IMDA), which drives Singapore’s digital transformation, on the national Digital for Life movement, which aims to scale digital workshops and collectively reach some 100,000 Singaporeans and residents by 2024. Beneficiaries include seniors, hawkers, children and PWD. Through the partnership, we contributed SGD 500,000 to the Digital for Life fund which totalled SGD 1 million, inclusive of the Singapore government’s dollar-for-dollar matching, to support projects by non-profit organisations that help drive digital inclusion.

To subsidise hawker meals and ameliorate the effects of inflation, we launched the DBS 5 million hawker meals programme. This was supplemented with digital workshops to teach seniors about cashless payments so that they can enjoy the subsidy and become more digitally literate. In less than three months, more than one million meal subsidies were redeemed and the number of senior citizens who used PayLah! at hawker stalls quadrupled. 12% of overall redemptions were senior citizens while 24% earned less than SGD2,500 a month.

Enhancing support to at-risk communities

We believe it is especially critical that we support those who may find themselves displaced by new forces of technological and economic disruptions. To create long-term impact, it is imperative that we do so in an intentional and thoughtful manner.

Building on our existing endeavours, DBS will continue to introduce new programmes across communities in our markets to drive financial and digital literacy. As mental wellness difficulties become increasingly prevalent, we will expand our work with a focus on at-risk segments that may require more support. This underscores the bank’s unwavering commitment to fostering lasting and positive change within our communities.