I know it’s been really long since we treated you to our #BeyondProfit special. And it was necessary for us to make amends, so here we are! It’s been over three months since we last did a blog in this series. So, for our new readers, our #BeyondProfit series highlights companies that demonstrate a genuine social conscience and contribute to meaningful causes. One such organization making significant strides is DBS Bank.
As Singapore's largest bank, DBS has established itself as a financial powerhouse. However, beyond its banking operations, the institution has made significant efforts to give back to the society. In this segment of our #BeyondProfit series, we delve into DBS Bank's impactful initiatives and their positive influence on society.
1. DBS Foundation: Championing Social Enterprises
Since its inception in 2014, the DBS Foundation has been at the forefront of supporting social enterprises across Asia. The foundation provides grants, mentorship, and business guidance to social enterprises that address pressing issues such as environmental sustainability, financial inclusion, and social equity.
One of the key initiatives of the DBS Foundation is its Social Enterprise Grant Programme, which awards funding to businesses that integrate social impact into their core operations. Over the years, the foundation has supported enterprises in diverse sectors such as agriculture, healthcare, and education.
A great example is GreenSole, an India-based enterprise that repurposes discarded shoes into footwear for underprivileged communities. With support from the DBS Foundation, GreenSole has expanded its operations and provided thousands of children with comfortable footwear, reducing health risks associated with walking barefoot.
Beyond funding, DBS actively nurtures social enterprises by providing networking opportunities, skill-building workshops, and access to potential investors. The bank’s holistic approach ensures that social enterprises do not just receive financial assistance but also develop long-term sustainability.
2. Commitment to Vulnerable Communities
In a landmark pledge, DBS announced in August 2023 that it would commit up to SGD 1 billion over the next decade to support low-income and vulnerable families across its key markets, including Singapore, China, India, Indonesia, Hong Kong, and Taiwan. This commitment focuses on initiatives such as providing essential needs like food and housing, enhancing education, and bolstering digital and financial literacy.
Additionally, the bank's 36,000 employees have committed to contributing over 1.5 million volunteer hours to community service, engaging in activities ranging from food donation drives to mentoring programs with educational institutions. This holistic approach underscores DBS's dedication to uplifting communities and addressing pressing social issues.
3. People of Purpose: Employee Volunteerism
DBS's "People of Purpose" (PoP) initiative exemplifies its commitment to employee-driven community engagement. Through PoP, employees are encouraged to volunteer their time and skills to support various causes, including elderly care, education, and environmental conservation. In 2023 alone, over 24,000 unique volunteers participated in more than 2,050 programs, contributing upwards of 200,000 volunteering hours and impacting the lives of over 180,000 beneficiaries.
These efforts have not gone unnoticed. DBS received the "Best Bank for Corporate Responsibility" award from Euromoney in 2023, becoming the first Singaporean bank to earn this distinction since the category's inception in 2014. This recognition highlights the bank's unwavering dedication to creating positive social impact.
4. Strategic Partnerships for Greater Impact
DBS Bank understands that meaningful impact requires collaboration. That’s why it has forged strategic partnerships with like-minded organizations to amplify its efforts in social good.
One of the most significant collaborations is Co-Axis, a first-of-its-kind digital catalytic capital marketplace launched in partnership with Temasek Trust and UBS Optimus Foundation. This initiative connects funders with impact-driven opportunities, ensuring that capital is directed towards ventures that drive positive social and environmental change.
Through Co-Axis, social enterprises, non-profits, and other impact-driven organizations can gain access to funding that helps them scale their solutions. This initiative is particularly vital in addressing issues such as climate change, education accessibility, and economic empowerment.
Bottom Line
DBS Bank's philanthropic endeavors extend well beyond traditional banking. Through substantial financial commitments, employee volunteerism, and strategic partnerships, the bank has made a tangible difference in the lives of countless individuals across Asia. Its comprehensive approach to corporate social responsibility serves as an inspiring model for other organizations aiming to make a meaningful impact.
We hope this edition of our #BeyondProfit series has shed light on DBS Bank's commendable efforts. Stay tuned for more insights into companies making a difference in our communities.
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