SINGAPORE - DBS Bank and Singtel are helping front-line workers, non-profit organisations and marginalised communities hit by fallout from Covid-19.
DBS is outlaying $2.5 million to help feed vulnerable groups in Singapore, while Singtel is dishing out around $2 million to assist front-line medics, among other groups.
Singtel raised the $2 million thanks to donations its management committee, directors and employees made, which the telco then matched dollar for dollar.
It will distribute the money through its philanthropy programme to 18 charities and social enterprises, including $500,000 to The Courage Fund.
The fund, which was set up in 2003 for healthcare staff and victims who battled Sars, now aims to help front-line workers combating the coronavirus outbreak.
DBS is looking to ensure vulnerable groups have enough to eat.
A bank spokesman noted on Thursday (April 16) that demand for food has increased as more people are placed on no-pay leave or made redundant.
"The Food Bank Singapore, which distributes dry food rations or fresh produce to some 360 beneficiary organisations islandwide, has seen monetary and food donations fall sharply," the spokesman added.
The bank will start by providing 200,000 meals to the elderly and low-income through the Food Bank with products bought from clients including the Koufu Group, Chang Cheng Group and Wee Nam Kee.
The spokesman said: "Apart from providing food to those in need, DBS will also be giving much-needed support to the hard-hit food and beverage sector."
A further 100,000 meals will be provided to migrant workers supported by non-profit initiative ItsRainingRaincoats.
The bank will match the funds raised by the public dollar for dollar, up to $500,000. The initiative is part of the bank’s wider $10.5 million donation to help communities in countries across the region such as China, Indonesia and India.