DBS Foundation donates record $14.5m to help ITE students from lower-income families

SINGAPORE – DBS Foundation has donated a record $14.5 million to the Institute of Technical Education (ITE) to fund 24,000 study awards over the next three years.

Each award, worth $600, will be given to students who show good conduct and complete a financial literacy module developed through an ongoing DBS-ITE partnership to strengthen financial education.

The donation is part of DBS Foundation-ITE’s Career Readiness Programme, which encompasses financial support, mentorship and financial literacy education.

The Government will match DBS Foundation’s donation dollar for dollar, contributing the same amount to the ITE Endowment Fund, which will further support students in need.

The donation, which will benefit 8,000 students from lower-income families annually, was announced at an event on Nov 7 at the DBS Foundation Theatre at ITE College Central, where 300 representatives from different sectors gathered for a dialogue on the future of ageing societies.

At the event, Minister of State for Education and Digital Development and Information Jasmin Lau said the DBS Foundation-ITE partnership embodies what

Prime Minister Lawrence Wong called a “we first” society,

where resources and expertise are used to support others.

She urged attendees and their organisations to also consider how they can partner one another and the Government to build a Singapore where every individual, regardless of background, has the opportunity to succeed and to contribute meaningfully to society.

Alongside the donation, DBS staff will mentor trainees in ITE’s Work-Study Diploma (WSDip) programme, which is an apprenticeship-based diploma pathway that combines classroom learning with on-the-job training.

DBS employee volunteers help to understand their mentees’ needs, and provide career and life advice to ease their transition into the workforce. This one-to-one mentorship programme is expected to benefit about 400 WSDip trainees in the next three years.

This builds on ongoing mentorship and financial literacy outreach efforts between DBS and ITE that have benefited close to 115,500 ITE students since 2019, said the foundation.

Ms Koh Ling Yee, assistant vice-president of DBS People of Purpose – the bank’s employee volunteerism movement – has mentored two ITE students so far. She also encourages her colleagues to be volunteers.

“I learnt a lot about our youth and I’m impressed that they already know what they want in life at this age,” she said. “Through my sharing sessions with them, I have also gained more self-awareness as I look back and within.”

Jack Piay, a second-year ITE College Central student in the Higher Nitec in business administration course, was mentored by three DBS employees from May to August 2025.

“They didn’t just see us as ITE kids, but took time to understand us and treated us as friends,” said the 18-year-old. “The sessions helped me see things in new perspectives because I am listening to the advice of people who know the real world and have much more experience.”

He added that he learnt much about investments, and is inspired to be part of the company one day.

Ms Karen Ngui, who heads DBS Foundation, said the partnership supports students from lower-income families so they can remain in school, complete their education and be empowered with essential skills to thrive.

ITE chief executive officer Low Khah Gek said the foundation’s generous contribution will go a long way towards helping its students and enabling them to focus on their learning.

Among those who attended the dialogue was Singaporean kitefoiler Maximilian Maeder. Asked for his thoughts on ageing well, he noted that seniors have gone through life and learnt many lessons, and often have interesting stories to tell.

He urged people to engage the seniors in their midst and to encourage them to open up.

“At the very core of what it means to be human is giving love, and ageing well is about continuing to give love successfully as one ages,” he said.