More than 120 people from low-income families, as well as children with special needs, were hosted to an early reunion dinner, complete with face painters and magicians.
The celebration on Monday evening at Parkroyal on Beach Road was organised by United Overseas Bank (UOB) and its clients.
Attendees were given goodie bags containing items such as noodles, cookies and bak kwa, and received auspicious couplets with well wishes written by a Chinese calligrapher.
Mr Eric Tham, the bank's head of group commercial banking, said the event was part of UOB's "tradition of uniting with our clients to give back to the community".
"We hope that today's celebrations... provided them with a memorable start to the Year of the Rat," he added.
He hoped the event helped to spread festive cheer among those "who may not be able to celebrate the Lunar New Year as fully as they wish", Mr Tham added.
The guests were invited through their connections with the Central Singapore Community Development Council, The Business Times Budding Artists Fund and Very Special Arts - all involved in the cause of levelling the playing field for the less privileged.
Central Singapore District Mayor Denise Phua encouraged more businesses to hold similar events for those in need.
"Businesses, like individuals, should aspire not only to be successful, but also significant," she said.
UOB will hold a fund-raising dinner for its clients on Jan 29. There, a specially commissioned artwork will be auctioned to raise funds for the Central Singapore Community Development Council, The Business Times Budding Artists Fund, Very Special Arts and The Straits Times School Pocket Money fund.