Original news was published on Taipei Times, showcasing DOMI as one of the recipients of the DBS award as an innovative social enterprise.
The DBS Foundation is committed to supporting vulnerable groups through various programs and volunteer services, while supporting the growth of social enterprises and small and medium-sized enterprises (SMEs) that bring positive change to society. In Taiwan, DBS Foundation announced partnerships with Huashan Social Welfare Foundation and Money Trainer Financial Literacy Consulting to implement projects targeting the elderly and financially disadvantaged. In addition, it announced the winners of 2024 DBS Foundation Grant, with a total of 22 winners, including three from Taiwan: Silver Gate, Duofu Holidays and DOMI.
According to the National Development Council (NDC), Taiwan will become a super-aged society this year, with one in five residents expected to be over the age of 65. While aging is typically seen as a societal challenge, the DBS Foundation believes it can be an opportunity and is looking for innovative solutions that enhance the quality of life, improve healthcare and nutrition, combat social isolation and build a multigenerational workforce for the vulnerable.
DBS Foundation and DBS Group Strategic Marketing and Communications head Karen Ngui (魏洪英) said that since its establishment in 2014, DBS Foundation keeps investing resources to create positive impact. Recognizing that societal issues such as inequality and ageing are increasingly critical in many parts of Asia, DBS has pledged to commit up to S$1 billion (US$731 million) over 10 years, supported by 1.5 million employee volunteer hours, to help vulnerable communities, who are often hardest hit. With its dual focus on providing essential needs and fostering inclusion, the DBS Foundation’s initiatives seek to provide short-term relief for those in need, whilst equipping them with the know-how, tools, and opportunities to build towards a better future over time. The first wave of action since its upsized commitment involves implementing 15 new initiatives across its six key markets (Singapore, Hong Kong, Taiwan, China, India and Indonesia) to uplift the lives and livelihoods of the vulnerable.
DBS Taiwan chief executive officer Ng Sier Han (黃思翰) said that as Taiwan’s largest foreign bank and the leader in sustainability, DBS continues to embed ESG in its core business, and is committed to local environmental sustainability and social welfare with the support of DBS Foundation. To further meet the essential needs of vulnerable communities and help them build a more financially resilient future, starting this year, DBS Foundation will inject a total of S$6 million and partner with Huashan Social Welfare Foundation and Money Trainer Financial Literacy Consulting to build a more inclusive society.
Huashan has long provided home-based services such as care visits, meal delivery, medical accompaniment, and home repair for disadvantaged elderly through more than 400 community care stations across Taiwan. DBS Foundation’s funding will support Huashan in expanding its network by setting up six new stations located in Keelung, New Taipei City, Hualien and Taitung.
DBS employee volunteers will also be activated to support elderly with dementia and disabilities by helping them to access the daily food and resources they need in their communities, strengthen their mental resilience by delivering seasoning greeting and companionship, and enjoy a dignified second half of their lives. This is expected to benefit about 5,900 seniors in three years.
Money Trainer Financial Literacy Consulting is dedicated to promoting financial literacy, helping vulnerable families to identify their financial issues, plan their finances, and ultimately escape poverty. DBS Foundation will work with them to build an AI-driven financial assessment model and platform. This will provide social workers and economically disadvantaged families with professional financial advice, solutions, and a comprehensive database of social welfare resources. This innovative partnership is expected to improve the financial health of 270,000 economically vulnerable individuals within three years, further enhancing overall financial literacy and economic resilience in society.
In addition, DBS Foundation announced the 2024 Grant awardees. 22 businesses for impact from 6 markets have been awarded S$4.5 million in grants. Among the winners, three Taiwan-based enterprises, Silver Gate, Duofu Holidays and DOMI, have also been recognized and will utilize the grants to expand their business scale and benefit more vulnerable communities.
The 2024 DBS Foundation Grant received over 1,500 applications from social enterprises and SMEs across Asia. In addition to using the grant to expand their operations and optimize their products and services, the winning companies will receive resources and guidance from DBS.