Founded in 1968, DBS has pioneered in its contributions to the building of modern Singapore. As it continues to reinvent itself, its purpose remains constant – to make banking joyful and meet the needs of customers and the community.
DBS believes its licence to operate comes from civil society. Thus, it ensures that it addresses the needs of multiple stakeholders, not just the current generation but future generations. Its approach to sustainability is guided by its purpose: to create value for the long term by managing its business in a balanced and responsible way.
DBS’ broader sustainability agenda is built around three pillars – responsible banking, responsible business practices, and impact beyond banking. DBS seeks to create impact beyond banking through the work of DBS Foundation as well as its People of Purpose employee volunteerism movement.
Increased funding for DBS Foundation
In 2014, DBS Foundation (DBSF) was formed with a S$50 million (US$35.3 million) fund to mark the bank’s commitment to champion social entrepreneurship for impact in Asia. It supports innovative social enterprises (SEs) across six markets in Asia, engaged in various social and environmental causes, such as children and youth, women and girls, elderly, disabilities and special needs, rural communities, healthcare, urban poor, environment, capacity building, and heritage and culture.
With the pandemic upending livelihoods and casting a spotlight on a wide range of social issues, the bank has recently set aside an additional S$100 million to further its efforts to improve lives in Asia. Beyond deepening DBS Foundation’s efforts in supporting social enterprises under its existing “Business for Impact” chapter, this will also go into expanding DBS Foundation’s scope through the formation of a “Community Impact” chapter. This looks to support communities by equipping them with essential skills for a better future, specifically financial and digital literacy skills. It also aims to tackle climate change with a focus on food waste reduction.
DBS Foundation champions social entrepreneurship
Towards Zero Food Waste (TZFW)
The “Towards Zero Food Waste” movement unifies all three sustainability pillars to address the growing food waste problem and build a more climate-resilient future. Since DBS started on this journey in 2020, it has been rallying employees, customers and members of the public to play a part in creating a more sustainable future. Through galvanising various internal and external stakeholders into action towards zero food waste, DBS has redistributed, reduced or recycled over 800,000 kg of food waste across Asia.
DBS saved 800,000 kg of food across six markets
DBS Adopt-A-Hawker Centre
As Singapore was battling the second and third waves of the Covid-19 pandemic, DBS launched a new and unique initiative. The DBS Adopt-A-Hawker Centre programme was started from an observed need on the ground to support hawkers who had been badly affected by the Covid-19 pandemic, having had to adapt to various changes that arose from safe measurement measures in 2020 and 2021.
The initiative onboarded the hawkers onto DBS’ digital payment platform to enable them to be future-ready and improve customer access to these businesses. Hawkers could then be supported through sponsored group buys, supplemented by workshops on online marketing and digital payments. Meals from the sponsored group buys went to frontline workers at hospitals, polyclinics and vaccination centres. In other locations, the food was delivered to lower-income individuals or families.
DBS Singapore Country Head Shee Tse Koon (left), Senior Minister of State for Sustainability and the Environment Amy Khor (middle), and Singapore Deputy Prime Minister Heng Swee Keat (right) participate in food distribution under DBS’ Adopt-A-Hawker Centre initiative.
In partnership with the Infocomm Media Development Authority (IMDA), grassroots organisations and several hawker’s associations, DBS “adopted” seven hawker centres and engaged over 400 DBS People of Purpose employees. More than 28,000 hawker meals were delivered to frontline workers and the community, with a projected contribution of over S$260,000 invested into the livelihoods of the Singapore hawkers.
People of Purpose (PoP)
DBS’ PoP employee volunteer movement brings its values to life as the bank aims to inculcate a spirit of volunteerism in all employees. The commitment is instituted in providing two official volunteer leave days to each employee. DBS continues to undertake multiple service-based and skills-based volunteering activities that allow employees to leverage their time and skills to better connect with and make meaningful contributions to the communities they live and work in. Amid the pandemic, employees contributed more than 100,000 volunteering hours in 2021, a 75 per cent increase from 2020, demonstrating their commitment to serving the community through challenging times.
DBS volunteers organise a post-pandemic outing to Sentosa for the elderly
Since the founding of DBS and POSB as the Development Bank of Singapore and “People’s Bank” respectively, both institutions have had a history of innovating and pioneering contributions to modern Singapore and have always believed in the importance of good citizenship.
With this heritage, being purpose-driven has always been part of DBS' DNA. It believes in delivering benefits beyond short-term profit maximisation, recognising that not all returns are financial, and its responsibility to society complements its commitment to shareholders.
DBS has grown to become Southeast Asia’s largest bank and has been named World’s Best Bank on multiple occasions. Despite the accolades, it remains committed to “Neighbours first, bankers second” and takes pride in serving generations from all levels of society. It continues to democratise access to banking services, reaching different community segments, including children, young adults, families, seniors, migrant workers and SMEs (small and medium enterprises).
DBS sees its purpose as anticipating and leading change so its customers and the community can “live more, live better, and bank less.”
