Maybank Securities raises S$150,000 for small charities to scale up operations
Proceeds go to Maybank Momentum Grant, which provides small charities interest-free funding of up to S$150,000
MAYBANK Securities raised S$150,000 at its annual charity day last week, with the proceeds going to the Maybank Momentum Grant, a recyclable grant which helps small charities scale up their operations.
The funds raised came from three initiatives – Trade For Good, Fun For Good and Food For Good – as well as contributions from its staff and clients. The charity day is part of Maybank Group’s sustainability week.
Trade for Good dedicates the total net brokerage commissions from foreign trades or global exchanges for the day to the fund raising.
Maybank Singapore’s country chief executive officer Alvin Lee launched the charity day with an opening bell, about an hour before the Singapore bourse commenced trading.
The event concluded with a panel discussion, with Senior Minister of State for Sustainability and the Environment and Transport Amy Khor as the guest of honour.
The Momentum Grant was launched in 2021 with an initial funding of S$2 million, said Maybank Singapore’s head of strategy Helena Ooi at the panel.
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Maybank Singapore has since committed to raising an additional S$2 million, and aims for the endowment to reach financial sustainability in 2025, she added.
It provides small charities an interest-free loan of up to S$150,000, and is designed with a pay-it-forward model where recipients are encouraged to return the sum within five years. The returned amount then goes to later awardees.
Charles Tan, senior director of philanthropy at The Majurity Trust – a non-profit organisation that administers the grant – said charities begin paying back at the start of the second year, and are encouraged to consider the amount to return in their yearly budgeting exercises.
Filling the gap
To date, the Momentum Grant has partnered 18 small charities – five of which have paid back S$275,000 to the fund – and supported about 25,000 households, Ooi noted.
Added Tan: “We think of small charities as the startups of the non-profit world. As a large charity, it is easier to find donors because they have the status, network and credibility.”
On the other hand, smaller charities, which serve the niche needs of underserved communities, could find it more difficult to receive financial support. The grant was launched to fill the gap, Tan said.
From a market perspective, the smaller and younger charities add vibrancy to the sector, he added.
For instance, New Life Stories – a recipient of the grant in 2023 – works with incarcerated parents and their children, and aims to prevent intergenerational incarceration through its programmes.
The non-profit organisation offers initiatives such as family counselling, and dedicated volunteer befrienders who mentor the children weekly.
It used the funds from Maybank to revamp its once-bare office space at Kallang Bahru for its staff and beneficiaries.
The new facility allowed New Life Stories to hold family counselling sessions at its premises, which provided a “neutral space needed for mediation”, said New Life Stories founder and chief executive of Saleemah Ismail.
This gave the organisation “peace of mind”, she added, as it looks to expand the number of service offerings for its clients.
The Maybank Momentum Grant is Singapore’s first recyclable grant. Among its inaugural batch of recipients are Limitless, Engineering Good and The Greenhouse Community Services, The Business Times previously reported.
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