DBS Foundation’s contributes S$14.5 Million to expand support for ITE students

With the aim to support students from lower income families, the DBS Foundation has partnered with the Institute of Technical Education (ITE) to provide a Career Readiness Programme. Committing S$14.5 million, the largest one-off donation ITE has received, the initiative aims to ease financial pressures on students to encourage more students to graduate and prepare themselves for the future.

Over three years, the donation amount will go towards providing 24,000 study awards for students from lower-income families. After all, such students often struggle to afford daily expenses or may be contributing to their household income, which may require them to split their time between their studies and part time-work. With many responsibilities competing for their time, students may be disincentivised from finishing school.

Each award is worth S$600 and will be given to students who have good conduct and complete a financial literacy module, to not only alleviate their immediate pressures, but also provide foundational financial knowledge for their futures. In light of this landmark donation, the government will match the contribution dollar-for-dollar, and broaden the resources available through the ITE Endowment Fund.

Beyond financial support, the programme expands learning opportunities for those part of the ITE Work-Study Diploma (WSDip), an apprenticeship-based pathway for ITE graduates that blends classroom learning with salaried on-the-job training. Over the next three years, about 400 WSDip trainees will receive one-to-one mentorship from DBS employees, who will provide career guidance and help students acclimate to workplace expectations. Complementing this is a series of financial planning bootcamps covering topics such as the Central Provident Fund, savings, insurance, and investments.

The partnership builds on a long-standing relationship between DBS and ITE, whose joint mentorship and financial education efforts have reached more than 115,500 students since 2019. With this expanded commitment, both organisations hope to deepen their impact: not only helping students enter the workforce, but ensuring they are better prepared to navigate and thrive within it.

“At the DBS Foundation, we believe everyone deserves an equal chance to build a better life, regardless of one’s circumstances,” said Karen Ngui, Head of DBS Foundation. “Education is one of the most powerful enablers of social mobility and through this partnership with ITE, we hope to support students from lower-income families so they can remain in school, complete their education and be empowered with essential skills to thrive. By doing so, we hope these students will be able to progress in life and eventually break out of one cycle, so a better one can begin.”