New DBS award to help fund businesses tackling ageing issues

A new award will provide funding of up to $1 million to a few businesses that are working to tackle the urgent challenges of an ageing society.

- Syarafana Shafeeq

DBS Foundation on Sept 18 announced its Impact Beyond Award, which will support these businesses in their work to enhance quality of life, combat social isolation and build a multi-generational workforce all pressing issues for an ageing population.

The funding will be awarded to three businesses.

Speaking at a dialogue held by the foundation at the Marina Bay Financial Centre, Minister-incharge of Social Services Integration Desmond Lee said the Government must deepen its partnership with corporations in order for social services to succeed.

He said: "We each have our own expertise and capabilities, and our combined strength is greater than the sum of our individual parts." Businesses bring unique value propositions that are instrumental for sustained social impact, he added.

Mr Lee, who is also National Development Minister, said: "Each business has specific skills or competencies that can be harnessed to meet specific needs of lower-income families."