DBS Foundation announces inaugural ‘Impact Beyond Award’ for purpose-driven solutions that tackle challenges related to ageing populations

·       The focus on ageing aligns with DBS Foundation’s dual emphasis on providing essential needs and fostering inclusion for vulnerable communities.

Marking a decade of creating impact, the DBS Foundation unveiled the new Impact Beyond Award with an aim to support enterprises that provide innovative solutions to the world’s most ‘wicked’ problems. Each year the Award intends to pose a challenge statement and invite businesses to pitch their transformative ideas. This year the focus will be on ageing and the Foundation will be seeking solutions that will enable everyone to grow old with dignity and purpose.

According to the 2023 India Ageing Report by United Nations Population Fund (UNFPA)[1], the percentage of the elderly demographic (60 years and above) in India is projected to double to over 20% of the total country’s population by 2050. While an ageing population can be viewed as a societal challenge, the DBS Foundation believes it can also 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 beyond financial support, the winning enterprises will 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 window is open from 20 September to 30 November 2024.

Azmat Habibulla, Managing Director and Head of Group Strategic Marketing & Communications, DBS Bank India, said: “The introduction of the Impact Beyond Award marks a significant milestone in DBS Foundation's ten year journey. This year’s spotlight on tackling the issues linked with an ageing society are a demonstration of the Foundation’s commitment to empowering the most vulnerable segments of the population. The complexities of an ageing demographic in India will only keep increasing and we believe that this award will be a catalyst to scale purpose-driven solutions in healthcare, social support systems and financial inclusion to improve the quality of life of senior citizens. With DBS’s holistic approach that goes beyond banking, we are looking forward to championing these businesses and fostering long-term inclusivity through innovative solutions."

DBS Bank, which is approaching its 30^th year in India, recently launched a priority banking program for senior citizens called ‘DBS Golden Circle’, which has been designed to offer a comprehensive suite of benefits and services, focused on making banking simpler and more rewarding for resident Indian citizens aged 60 years and above. In 2020, the DBS Foundation awarded a grant to ElderAid Wellness, a Business For Impact that provides a range of home-based health and wellness services to support the elderly and enables them to live their golden years with independence, dignity and security.

For more information on the DBS Foundation, 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. In 2024, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.

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. As a different kind of bank, DBS 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. In line with its focus on responsible banking, DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.

DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India now has a network of ~500 branches in 19 Indian states.

DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region’s most dynamic markets. 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.

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