Grants of up to SGD 1 million each will be awarded to three transformative businesses in the tenth year of DBS Foundation
FinTech BizNews Service
Mumbai, September 27, 2024: 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 30th 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.
