SINGAPORE - Start-ups dedicated to tackling social and environmental issues can look forward to a new source of funding and mentorship.

The DBS Foundation and Singapore Management University (SMU) have jointly launched a new DBS Foundation Social Impact Prize to identify sustainable business solutions to address social and environmental problems globally.

The award is worth $150,000, including $100,000 in cash and non-monetary components worth $50,000 such as mentoring by DBS' senior management, and branding and publicity opportunities.

The global competition is part of SMU's Lee Kuan Yew Global Business Plan Competition. The deadline for entry submission is Nov 17, 2019.

Director of SMU Institute of Innovation and Entrepreneurship, Mr Hau Koh Foo, said that the Lee Kuan Yew Global Business Plan Competition has the potential to be a globally recognised platform for young entrepreneurs to develop innovative ideas with a positive impact for current and future cities.

"Smart cities innovations are happening right now, particularly with advanced technologies such as artificial intelligence, robotics integration, smart mobility and more."

"Yet, with all these advancements, we need to constantly remind ourselves how can these innovations and solutions help benefit the residents of these cities," he said.

More details of the DBS Foundation Social Impact Prize are available at websites go.dbs.com/SIP or https://www.smu.edu.sg/lky