DBS pledges $1b over 10 years to help vulnerable families in key markets, including S’pore

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DBS pledges $1b over 10 years to help vulnerable families in key markets, including S’pore

The Straits Times2023-08-11

SINGAPORE – DBS will commit up to $1 billion over the next 10 years to support low-income and vulnerable families, it announced on Friday. From 2024 to 2033, the bank will pledge up to $100 million ...

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It will start by working with the Ministry of Social and Family Development to support lower-income families and households who need additional help. \nDBS Group chief executive Piyush Gupta said that an uneven post-Covid-19-pandemic economic recovery, coupled with high inflation, has worsened the plight of financially vulnerable communities. \n\n\n\n\n“Amid increasingly challenging times, we wanted to intensify efforts to support those with the fewest resources, giving them access to basic opportunities required to succeed in life,” he said. \n\nMr Gupta added that DBS will identify the unique needs of each key overseas market, telling The Straits Times: “We will be looking for the right partner agencies to help us work meaningfully – the theme has to be right for the country, but the partner agency has to be right as well.”\nHe added that global issues such as climate change, geopolitical tensions and the emergence of new technologies such as artificial intelligence have contributed to social issues such as inequality. \nWhile emphasising that multilateral organisations and governments will not have the capacity to solve and address all of these challenges on their own, “large-scale participation from other actors in the economy is needed”. \n“The private sector has to be able to step up,” he said. “It’s not about shareholder capitalism any more. We have to genuinely think about stakeholder capitalism.” \nEarlier this month, DBS Group Holdings reported record quarterly earnings. Its net profit stood at $2.69 billion for the second quarter, up 48 per cent from a year ago.\nDBS has rolled out several initiatives in recent years to help the community at large. \nIn 2014, the bank established the $50 million DBS Foundation to support social entrepreneurship. \nIn 2020, it created the $10.5 million DBS Stronger Together Fund and provided 4.5 million meals, care packs and medical supplies to help communities hard hit by the pandemic.\nLast year, it announced that it would be setting aside $100 million to support philanthropic causes, bringing its total commitment to more than $160 million since 2014. \n\n\n\n\n\nMore On This Topic\n\n \n\nMonth-long police-DBS op prevents 3,900 people from losing over $21 million to scams \n\n\n\n \n\nDBS chief Piyush Gupta sells $3.4 million worth of shares in bank","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}