DBS commits add'l $100m to its foundation

The funds will mainly go to improving the livelihood affected by the pandemic.

DBS announced it is committing an additional $100m to further its efforts to improve lives in Asia after the pandemic upended livelihoods. The funds will go towards the DBS Foundation, as well as various philanthropic and crisis relief measures.

Moreover, the DBS Foundation will also expand its chapters. The existing Business for Impact chapter helps social enterprises/businesses-for-impact to grow from the ideation stage to full-fledged businesses and empowers them to tackle social and environmental issues. The new Community Impact chapter bolsters the bank's contributions to the community via giving and volunteerism efforts in education, the elderly, and the environment.

CEO Piyush Gupta said, "COVID-19 underlined the importance of the ESG (environmental, social, governance) agenda. We are building 'E' into the fabric of our business, but issues around inequity are equally important. Over the years, we have been giving back to the community in various ways, such as by providing inclusive banking, advocating for small businesses that create social impact, and supporting community causes. With this additional SGD 100 million commitment, we will be able to ramp up efforts to create social good, and help pave the way for a more equitable world."

At the onset of the pandemic in 2020, DBS created the $10.5m DBS Stronger Together Fund and provided 4.5 million meals and care packs, as well as medical supplies, to help communities hard-hit by the pandemic.