DBS Foundation spotlights Singapore’s ageing society in inaugural Impact Beyond Summit
It also announces its deployment of S$88 million to initiatives for vulnerable communities
DBS Foundation held its inaugural Impact Beyond Summit on Monday (Nov 11), with a focus on Singapore’s ageing society.
The summit comprised panels, breakout group discussions and speeches by specialists in the field.
Topics of discussion aimed to shift the narrative of ageing – from intervention to preparation and prevention when it comes to efforts in healthcare.
At the event, the foundation also announced that it would deploy S$88 million to new initiatives that enable better access to essential needs among vulnerable communities. The move will benefit some two million low-income and underprivileged individuals in the banks’ key markets by 2027.
These programmes will also focus on improving the “living spans” in these communities – which refers to quality of life, said Karen Ngui, head of DBS Foundation and group strategic marketing and communications.
She added: “As Singapore and many markets in Asia are fast becoming super-aged societies, we need to spark a paradigm shift to tackle ageing holistically because it should not be an issue that is confined only to seniors. An ecosystem-wide effort, which involves the public, private and people sectors, is what we hope to catalyse.”
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This includes facilitating more inter-generational connections and helping people start retirement planning earlier.
“Instead of just caring for aged people, we should look at living with different generations... That’s how society should progress… We want people to age in environments that they are comfortable in, with family and loved ones and friends,” said Ngui.
She noted that building more hospitals and care homes is not enough – creating an environment that facilitates social interactions is crucial, as this will help people live longer.
The role that technology plays in ageing
A topic that came up at the discussion was how technology improves healthspans.
Nathaniel Farouz, managing director of senior living at Keppel, stressed the importance of enabling seniors to be more self-sufficient. “We want technology to be able to fulfil (the concept of living independently).”
He emphasised the need for social interaction, saying that software and apps that enable staff to do less paperwork and spend more time with patients should be implemented.
Dr Mary Ann Tsao, chairman and founding director of Tsao Foundation, said a lot of companies understand the concept of their new tech, but implementation is difficult.
Chik Wai Chiew, chief executive of Heritas Capital, concurred but added that companies can pilot innovative solutions with tech, adopt it and scale its efforts. “If our funding can help to catalyse this cycle, then I feel like we have done a good job as an impact investor.”
The panellists also talked about how artificial intelligence (AI) can improve efficiency.
Gillian Tee, founder of local startup Homage, said AI can “make current processes 10 times better”. Farouz noted that AI can also help with prevention, estimating risks earlier and delivering more personalised solutions to patients.
Homage, which first received the DBS Foundation Grant in 2016, is a platform that uses technology to match caregivers with patients based on specific needs. It offers home care, nursing care and home therapy services, and has a pool of more than 20,000 trained care professionals.
Tee said one challenge for the business is over-generalisation and the lack of personalisation, but technology is a “good tool and enabler to drive personalised care”.
Other care organisations also use Homage’s application to manage their own operations, and there is a “fear of adoption” of new tech. Homage tackles this by having professionals connect to the end-users on a more personal level.
“Talk to the people that you’re trying to solve problems for more than you spend time building the product,” said Tee.
New initiatives for beneficiaries
DBS Foundation’s Impact Beyond series aims to tackle “pressing” social issues.
Ngui said: “The intention is to make (the Impact Beyond Summit) an annual event, and we would look at different areas next year and see whether we should target another focal point. But it’s too soon to say, because we think that ageing is not going to be solved so quickly.”
She added that the foundation may look at other aspects of longevity as its focal point.
DBS Foundation announced that the S$88 million will be used to fund 15 new initiatives focused on providing essential needs and fostering inclusion. Nine initiatives aim to enable access to healthcare, basic education and food security, while the other six are about becoming more financially resilient through financial literacy programmes and upskilling.
These initiatives are part of DBS’ efforts to ramp up support for vulnerable communities. The foundation committed S$1 billion over 10 years from 2024.
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