DBS Foundation marks 10 years with a mission to reshape conversation around ageing
Published on
09 Nov 2024
Published by
The Straits Times
SINGAPORE – As DBS Foundation celebrates its 10th anniversary, it is setting its sights on reshaping how Singapore and the region perceive and support ageing, foundation head Karen Ngui said.
Ahead of the Impact Beyond Summit on Ageing on Nov 11, Ms Ngui said a new $1 billion commitment over the next decade will give DBS Foundation more leeway to tackle macro social issues in the mid- to long term.
Its first priority is to address ageing in society.
“When we look at ageing, we are actually trying to address or debunk certain perceptions about ageing,” she said.
Instead of simply looking at it as a phase of decline, the foundation envisions a senior-friendly society supported by innovative solutions and an inclusive environment.
Singapore became an aged society in 2017, and is on track to attain “super-aged” status in 2026. According to the UN, a country is super-aged when 21 per cent of its population is aged 65 and older. By 2030, one in four citizens here will be aged 65 and above, up from one in six now.
Ms Ngui believes that while ageing poses challenges, it also opens up opportunities.
For example, there is potential for more products and services that help younger people prepare for retirement and longer lifespans.
Social enterprises and companies can also develop novel solutions, such as creating flexible, small-scale jobs for seniors.
She acknowledged that there have been good initiatives from different organisations, the Government and others.
“We feel all the pieces of the jigsaw puzzle are there, but how do we assemble it such that you see that whole picture?” she said.
“So that’s where (DBS Foundation) comes in... We not only bridge the gap, but also try to reshape the narrative over ageing to one focusing on the living and quality-of-life aspects.”
In September, the foundation launched its Impact Beyond Award, seeking innovative solutions for an ageing society.
Applications are open till Nov 30, and three successful applicants will be awarded $1 million each.
“Rather than saying ‘ageing’, we prefer to say ‘longevity solutions’ because people are living longer, and such solutions could come in various formats,” Ms Ngui said.
One example is a smart sensor that uses artificial intelligence to detect if someone has fallen at home – an essential tool for the many seniors who prefer to live independently, she said.
“What we’d like to achieve is to not just look at lifespans, which are already longer, but to actually look at quality of life and living life to the fullest.”
But the big question remains: how to galvanise the community to collaborate when established players like the Lien Foundation and the Tsao Foundation are already active in the ageing space?
Ms Ngui said that, with the backing of Singapore’s biggest bank, the DBS Foundation can play a complementary role by tapping its network of social enterprises and companies that have been grant beneficiaries.
The Impact Beyond Summit is also an example of how the foundation can leverage its clout, bringing together experts on a wide range of subject matters for a discussion on ageing solutions.
They include author Dan Buettner of Live To 100: Secrets Of The Blue Zone, Olympic kitefoiler Max Maeder and Tsao Foundation chairman Mary Ann Tsao.
One of the sessions will focus on reframing the “negative” perception around ageing, which people often equate with ill health.
“It’s very deficit-based where you think you’re sick, you can’t do this and that, but I think we need to kind of look at the human capital that ageing societies can bring because they are more experienced,” Ms Ngui said. “Some people have called it the longevity dividend.”
By reframing ageing as an opportunity for growth, society can live better, and businesses can benefit by supporting that journey, she added.
Set up in 2014, the DBS Foundation is different from its peers as it supports “means to an end” instead of focusing on a specific cause, she said.
Ms Ngui added: “That means (supporting) social entrepreneurship, because we’ve always believed that profit and purpose should work hand in hand.”
Since 2015, nearly 140 different social enterprises and small and medium-sized enterprises have benefited from the DBS Foundation’s grants, with some even making an impact regionally.
For the next 10 years beginning in 2024, DBS Bank has committed another $1 billion to the foundation, which Ms Ngui calls Foundation 2.0. It plans to help build an ecosystem to deal with specific issues, focusing on ageing and longevity for a start.
“It’s about enabling an ecosystem of good, and that’s really what we feel is important. Because I think the way society is moving, we cannot just expect governments or charities or NGOs (non-governmental organisations) to solve the problems in society,” she said.
“Businesses also need to play a role... and in doing good, we can also be profitable.”
When asked about her own approach to ageing, the 64-year-old, who is also head of strategic marketing and communications at DBS, emphasised the importance of physical, mental and financial health.
It is important for people to start planning and saving at an early stage in life, and to keep fit and mentally active for as long as possible, she said.
Ms Ngui runs between 30km and 40km each week, and recently completed the Sydney Marathon.
Citing her father as her “ageing role model”, she said his insatiable appetite for learning, even at 90, has inspired her.
“He was showing me how he was doing his banking online, moving money around to take advantage of higher fixed deposit rates. So, wow, I was very inspired by that,” she said.
About the DBS Foundation
Founded in 2014 with an initial commitment of $50 million to champion social entrepreneurship, DBS Foundation expanded its support with an additional $100 million in 2022.
Now, with a $1 billion pledge over the next decade, it aims to further its social mission of providing essential needs and fostering inclusion for vulnerable people in the community.
The foundation’s support has provided grants to more than 140 businesses in Singapore and the region, ranging from social enterprises to medium-sized businesses with a social mission.
Local recipients include Red Crowns Senior Living, an assisted living facility; Homage, an online platform providing home nursing, therapy and other caregiving services; and Forward Coffee, which provides jobs for persons with disabilities or mental health needs. Regionally, the DBS Foundation has given grants to organisations in mainland China, Hong Kong, Taiwan, Indonesia and India.
To mark its 10th anniversary, the DBS Foundation is hosting the inaugural Impact Beyond Summit on Ageing on Nov 11. It will feature a keynote speech by author Dan Buettner, a fireside chat between DBS chief executive Piyush Gupta and Singapore President Tharman Shanmugaratnam, and breakout sessions with experts from the field of ageing and other areas.
Source: The Straits Times © SPH Media Limited. Reproduced with permission.
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