How DBS drives changes with lasting impact for Hong Kong’s ageing population
DBS bank and its Foundation work with local partners to offer under-privileged improved long-term health and financial resilience
Hong Kong officially became a “super-aged society” last year – a designation by the World Health Organization for places where more than 20 per cent of the population is aged 65 or older. The city crossed that threshold with 22 per cent of its residents over 65.
By 2050, the United Nations predicts that this figure will climb to 40.6 per cent – giving Hong Kong the world’s highest proportion of people over 65, ahead of South Korea and Japan.
This demographic shift presents significant challenges, from a shrinking workforce to increasing pressure on healthcare and social security systems.
However, DBS Bank, a Singapore-headquartered multinational financial services firm, sees these global changes not only as challenges but also as opportunities to identify and support solutions that tackle urgent social needs.
“At DBS, we manage our business in a balanced and responsible way,” Sebastian Paredes, DBS’ head of North Asia and CEO of DBS Bank (Hong Kong), says. “In addition to supporting businesses, we aim to support and create long-term value for local communities and people – for their lives and livelihoods. This is more critical than ever, given the growing uncertainty the world is facing.
“I believe businesses here have a crucial role in reshaping societal mindsets around ageing, hence we look to realise opportunities that increase health spans in tandem with lifespans.”
The bank’s dedicated arm for social impact, the DBS Foundation, is at the heart of its efforts. Over the past decade in Hong Kong, it has awarded more than HK$75 million (US$10 million) in grants and funding to 35 social enterprises and NGOs and launched seven multi-year community programmes reaching more than 430,000 underprivileged individuals.
During that period, it has also encouraged DBS staff to contribute over 170,000 volunteer hours through the bank’s People of Purpose programme.
Supporting ageing population’s resilient future
As the Foundation marks its 10th anniversary, it is strengthening its efforts in Hong Kong by supporting the city’s ageing population. These include initiatives such as the Impact Beyond Award, launched across the region last year with a prize pool totalling S$3 million (US$2.3 million) shared between the most visionary businesses of the year.
Starting in 2024, the award’s focus on “The Future of Ageing in Asia” is helping to uncover innovative solutions that enable everyone to age with dignity and purpose, and encourage businesses to tackle complex problems related to ageing, from health and nutrition to financial resilience and digital literacy.
Last December, the Foundation and the Hong Kong Council of Social Service (HKCSS) jointly launched two programmes to support vulnerable communities in Hong Kong.
SilverConnect is helping to transform healthcare service delivery for the elderly by developing an integrated tele-practice platform. This platform offers them a range of digital healthcare services, so they can conveniently access essential support and social care from their homes or residential care facilities.
By enhancing accessibility, the programme aims to improve the long-term health and well-being of over 52,000 elderly and caregivers.
The second programme, Treasure Wealth, Treasure Love, adopts a holistic approach to financial education and planning by helping people build financial resilience so that vulnerable groups are better prepared to face the future with confidence.
It will see DBS volunteers and social workers collaborate to provide financial literacy workshops, group activities and personalised coaching to vulnerable populations, including under-privileged families and the elderly.
“Treasure Wealth, Treasure Love is a family financial education initiative that we believe is much needed for low-income families,” Paredes says. “As the market and economy become more volatile, access to financial literacy is increasingly important for many families.”
“Through this programme, we aim to guide them in strengthening their financial resilience. We estimate that about 46,000 people will benefit; it’s something we’re very excited about.”
The DBS Foundation pledges to continue shaping programmes that provide essential needs and foster a more inclusive environment for vulnerable communities.
Driving opportunity for the ‘silver’ economy
DBS is also supporting the development of the “silver” economy – the growing market shaped by people over 50 and their evolving needs – by recognising the private sector’s role in addressing ageing-related challenges. Through its wealth management services, the bank offers products designed to support financial security in later life.
Paredes says an individual’s investment needs should evolve with age, and that businesses should recognise the opportunities this shift presents. Banks should carefully review and evaluate the investor’s appetite for risk, taking into account their stage of life.
A more conservative approach becomes important to safeguard their investments and prioritise more stable financial products as investors age. This growing demand for low-risk, income-generating options presents a significant opportunity for businesses operating in the silver economy.
Local social enterprises supported by DBS Foundation Grants are contributing to this initiative. Hong Kong companies, The Project Futurus, which promotes “dignified dining” in the form of “soft meal” solutions for seniors, and Motive Force, which is helping to transform traditional rehabilitation and exercise for all ages and abilities, were among 22 Asian businesses that received the DBS Foundation Grant 2024, totalling S$4.5 million.
Both Hong Kong grantees are working to improve the quality of life for older adults and reflect a wider belief that business innovation can help make ageing a more empowered and fulfilling experience.
Knowledge to navigate investment risks
The bank also aims to equip its customers and the wider public, especially the elderly, with the knowledge to navigate financial risks. It continues to upgrade its technologies to protect customers against scams.
“Financial scams are an area of serious concern,” Paredes says. “We play a major role in helping our customers and the community protect themselves. At DBS, we invest a substantial amount of resources and systems to detect and track fraud, and we raise awareness through campaigns about different scams – not just among our customers, but also the public and the beneficiaries of our community programmes.”
Through these different efforts, DBS and the DBS Foundation are not only addressing the immediate challenges of an ageing population, but also fostering a more inclusive, resilient future for Hong Kong.
“As the city continues to evolve, DBS remains steadfast in its mission to build a better world where every individual, regardless of age, can thrive,” Paredes says.