DBS announced that it is committing an additional SGD 100 million to the DBS Foundation which will expand its efforts in helping social enterprises and businesses-for-impact to grow.
The funds will enable these startups to grow from the ideation stage to become full-fledged businesses and empower them to tackle social and environmental issues
Established in 2014, the DBS Foundation is dedicated to championing social entrepreneurship to support the growth of innovative businesses-for-impact.
Since then, the foundation has given out over SGD 10 million in grants to more than 90 such businesses in the region, and nurtured 800 others through its development programmes.
It has also tapped on the bank’s resources to provide wide-ranging support in the form of advocacy, skills-training, capacity-building and business opportunities, among others.
DBS said in a statement that the additional SGD 100 million in funding will not only allow the bank and DBS Foundation to enhance their support for businesses-for-impact, but also do more to address the region’s increasingly pressing societal issues.
Beyond supporting DBS Foundation’s expanded scope, the funds may also be used to support other philanthropic initiatives, as well as relief measures for communities-in-need during times of hardship.
Piyush Gupta
Piyush Gupta, Chief Executive Officer at DBS Bank said,
“Covid-19 underlined the importance of the ESG (environmental, social, governance) agenda. We are building “E” into the fabric of our business, but issues around inequity are equally important.
Over the years, we have been giving back to the community in various ways, such as by providing inclusive banking, advocating for small businesses that create social impact, and supporting community causes.”
Euleen Goh
Euleen Goh, Chairman of DBS Foundation said,
“Over the years, DBS Foundation has established a strong track record in helping social enterprises to grow. It has been very fulfilling to journey with these businesses-for-impact.
We look forward to creating greater collective impact by going beyond empowering businesses-for-impact to also working with the community at large, with a focus on education, elderly and the environment.“
