StanChart donates S$1m to support Singapore's needy students, social service agencies

STANDARD Chartered Bank (StanChart) is donating S$1 million to help needy students and social service agencies in Singapore as the coronavirus pandemic lingers.

The bank will provide computers and broadband access quickly to students who need them for home-based learning. Singapore schools have moved to full home-based learning from April 8 to May 4 as part of the nationwide "circuit-breaker" measures.

StanChart will do this by working with the Infocomm Media Development Authority and the statutory board's NEU PC Plus Programme, which offers low-income households with students or persons with disabilities the opportunity to own a new computer at an affordable price.

The lender will also contribute to The Invictus Fund, newly set up by the National Council of Social Service (NCSS). The fund channels private donations to social service agencies that deliver critical services to vulnerable groups during the Covid-19 crisis.

Meanwhile, StanChart has curated for its employees a series of volunteering options, with health and safety precautions in place.

Patrick Lee, chief executive officer of Standard Chartered Bank (Singapore), said the pandemic has made an "indelible" impact on the Republic's businesses and communities.

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"This is precisely a time when we should do more, as the needs of the community have become more varied and extreme," Mr Lee added.

Philip Tan, chairman of Community Chest which is the NCSS's fundraising and engagement arm, said he is heartened that the bank has stepped up to contribute not just monetary support but also through volunteerism.

"The gift of time and resources at this point in time is especially precious in enabling the social service agencies to cope with the challenges ahead," Mr Tan noted.

StanChart's S$1 million contribution in Singapore is part of its US$50 million Covid-19 Global Charitable Fund to help communities around the world deal with challenges from the pandemic. Of the US$50 million, half will be used for emergency relief in StanChart's most affected markets, while the other half will support community restoration in the medium term.