Page 25 - Banking Finance October 2019

PRESS RELEASE

DBS ANNOUNCES INAUGURAL DBS FOUNDATION SOCIAL IMPACT

PRIZE WORTH SGD 150,000

Innovative start-ups and early-stage ventures looking to message through the 10th Lee Kuan Yew Global Business
solve social and/or environmental issues can now be Plan Competition to provide a globally-recognised platform
awarded SGD 150,000 worth of funding and support by for young innovators, inventors and entrepreneurs from
participating in the inaugural DBS Foundation Social Impact around the world to develop fresh and innovative ideas that
Prize. Initiated by DBS Foundation, the first foundation in would bring about positive impact for the cities of today
Singapore dedicated to championing social and in the future.”
entrepreneurship, and Singapore Management University The DBS-SMU Sustainability Initiative
(SMU), the DBS Foundation Social Impact Prize makes its The DBSFoundation Social Impact Prize is the latest initiative
debut this year as a category in the biennial Lee Kuan Yew to be announced as part of the bank’s longstanding
Global Business Plan Competition (LKYGBPC).
partnership with SMU on a comprehensive range of
The DBS Foundation Social Impact Prize aims to identify initiatives to promote sustainability in the region. Earlier this
sustainable, scalable and enterprising business solutions year, the DBS-SMU Sustainability Initiative was established
from across the world that help address crucial social to help tackle real-world sustainability challenges. The
problems and make cities of the future more inclusive, initiative saw the introduction of Singapore’s first
healthier and greener. The award of SGD 150,000 includes sustainability major – which has since seen positive take-up
SGD 100,000 in prize money, along with non-monetary rates – and includes scholarships, fellowships, as well as
support in the form of capacity building, mentoring by DBS’ internships.
senior management, as well as branding and profiling
opportunities. Its submission deadline is 17 November 2019, DBS: Championing Asia’s social enterprises since
11:59pm (GMT +8). For more details on the prize, visit 2009
go.dbs.com/SIP or https://www.smu.edu.sg/lky. To raise DBS Foundation has nurtured over 300 social enterprises
awareness about the social impact prize in India, DBS and awarded over 100 social enterprises in Singapore,
conducted an informative session on September 15 in China, Hong Kong, India, Indonesia and Taiwan more than
Chennai at the Great Lakes Institute of Management ABGI SGD 4.7 million in grant funding. These social enterprises
for the students and startups. have deployed social innovations across the region in areas
Said Karen Ngui, Board Member of DBS Foundation and such as healthcare, social inclusion, environment protection,
DBS’ Head of Group Strategic Marketing & waste management, food sustainability, as well as
Communications, “The world is changing at an employment and income generation for the marginalised.
unprecedented rate. The rapid transformation and Last year, two Indian social enterprises HelpUsGreen and
expansion of populations and cities presents its own set of Haqdarshak were recipients of the DBS Foundation Grant
issues and correspondingly, opportunities. The DBS 2018. Recently, DBS Bank India also announced its
Foundation Social Impact Prize serves to encourage socially partnership with Social Alpha (a technology business
conscious entrepreneurs around the world to develop incubator supported by Tata Trusts). The DBS-Social Alpha
solutions to pressing social problems facing this generation Social Entrepreneurship program aims to focus on providing
and the next, as well as to help kick-start innovative holistic monetary and non-monetary support to social
businesses for good.” innovators, equipping them with the resources for creating
“Smart cities innovations are happening right now, successful go-to market strategies, developing sustainable
particularly with advanced technologies such as AI, robotics business models and accelerating their product
integration, smart mobility and more. Yet, with all these development efforts.
advancements we need to constantly remind ourselves how DBS also launched the DBS Social Enterprise Support
can these innovations and solutions help benefit the Programme in 2018, where selected social enterprises have
residents of these cities,” said Mr Hau Koh Foo, Director of access to mentoring sessions by DBS’ senior SME bankers,
SMU Institute of Innovation and Entrepreneurship. “With banking and finance training courses at the DBS SME
DBS Foundation as our partner, we hope to drive this Academy, as well as better financing options.

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