CGS-CIMB partners ComChest in Change for Charity initiative, pledges at least S$1m

CGS-CIMB Securities (CGS-CIMB) has pledged to donate at least S$1 million to Community Chest (ComChest), the financial services group announced on Friday (Jan 28).

As one of the forerunners in the Change For Charity initiative, CGS-CIMB will donate the funds over 3 years through its corporate social responsibility programme.

With this programme, making donations will be a more convenient process as CGS-CIMB opens up more platforms for direct donations and fundraising.

Representing as a witness at the memorandum of understanding signing ceremony on Friday, Minister of State for Social and Family Development Sun Xueling said that she was heartened to learn of corporates partnering with social service agencies to support social causes.

"Through their platforms, they are making it easy for their customers and stakeholders to give back to the community," she said. "The partnership between CGS-CIMB and ComChest can help foster a culture of giving, build a spirit of generosity and help those who are in need."

Under the Change For Charity initiative, CGS-CIMB's customers can opt to make regular donations on a subscription basis or when a trade is made.

Alternatively, the group's employees in Singapore can make regular donations through their monthly payroll under the ComChest's Share programme.

Change For Charity is an initiative from ComChest, the fundraising and engagement arm of the National Council of Social Service. It was first announced at the Committee of Supply in 2021 as a way to encourage individuals to donate through consumption-based transactions, by partnering businesses to provide opportunities for customers to donate through their payment platforms.

Funds raised are used to support communities in need, including children with special needs, youth at risk, adults with disabilities, persons with mental health conditions, and seniors and families who require assistance.

Besides CGS-CIMB, NTUC Enterprise and Maybank are among the partners with whom ComChest is currently discussing how to provide opportunities within their business models to strengthen the culture of giving in Singapore.

Through the Change For Charity Grant, the government will match 50 cents for every dollar donated by customers through the participating businesses' payment platforms. This is subject to a cap of S$25,000 per business per year.

To encourage the companies to match donations by their customers, the government will give an additional 50 cents for every dollar that is matched by the businesses to their customers' donations, also with a cap of S$25,000 per business per year.

Businesses will also be granted a one-off Enabler grant of up to 50 per cent of the cost incurred by a business which adopts or improves capabilities for facilitating donations on their payment platforms, capped at S$10,000 per business.