The recipient of The Straits Times Singaporean of the Year 2018 award, Ms Siti Noor Mastura, was presented with $20,000 in cash and a trophy, while the other 10 finalist teams each received $5,000, among other prizes.
The prize money is sponsored by UBS Singapore. Other sponsors include Singapore Airlines (SIA), Millennium Hotels and Resorts, Tridente Automobili and Osim.
SIA will sponsor a pair of business-class tickets for the winner, as well as a pair of economy-class tickets for each of the other 10 finalist teams.
The winner will also get a five-night stay in any of Millennium Hotels and Resorts' global properties, while the finalists will each enjoy a three-night stay.
Osim will sponsor a uDiva 2 Massage Sofa for the winner, while the other finalists will each receive a uJolly Full Back Massager.
Tridente Automobili, the official importer for Maserati in Singapore, provided a fleet of 11 cars to drive the finalist teams to the ceremony. Some of the cars were driven by the owners themselves.
Mr Kwek Leng Beng, chairman of Millennium and Copthorne Hotels (M&C), said: "M&C has been an active participant of worthy initiatives, like The Straits Times Singaporean of the Year Award which recognises Singaporeans at their best. The awards help to motivate all of us to be the best we can.
"We understand the importance of connecting, having empathy and the passion to serve and do good. I am proud our hotels can be a part of the Singaporean of the Year Award. It celebrates the best of the Singaporean character," he added.
Mr Edmund Koh, president of UBS Asia Pacific, said it is heartening to see how the award "has grown to be a very special award that celebrates the triumph of the human spirit, and it is our honour to acknowledge individuals who have gone above and beyond to make a difference in Singapore".
He added: "This year, our finalists continue to do us proud in their extraordinary acts of bravery and kindness. We congratulate all the finalists as they are each deserving in their own way. Our congratulations to Siti Noor Mastura, whose mission of promoting understanding and peace among different faiths is a true inspiration to all of us to further strengthen harmony and inclusion in Singapore."
At least one finalist has decided to donate his prize money. Hai Sing Catholic School teacher Teo Yee Ming, 44, who was joined by his wife, daughter and niece at the award ceremony, discussed the matter with his wife.
He intends to give the money and prizes to The Straits Times School Pocket Money Fund, which helps students from low-income families yearly. He said that it was the biggest donation he had ever given.
"The initiative serves schoolchildren and I am a teacher. For me, that is meaningful," he said.