Businesses tackling Asia's ageing crisis awarded S$3 million at DBS Foundation's Impact Beyond Awards
They were unveiled during the DBS Foundation Impact Beyond Dialogue on Thursday (May 29).
Collectively, the winners will receive S$3 million from the DBS Foundation and support from the bank to further aid them in tackling urgent needs in ageing societies through developing new products, upscaling their operations and more.
The emergency-response device, known as the Buddy of Parents (BOP) Button, is for seniors who live alone or lack 24/7 caregiving support.
The wall-mounted, battery-operated BOP Button helps to connect seniors to a round-the-clock emergency response centre if they press it. This emergency device is the flagship product of BOP, a wholly owned subsidiary of Singapore-based technology provider iWow Technology.
Another winner, Evercare Health – a Hong Kong-based healthcare service – is tackling eldercare from another angle: using AI-powered algorithms to match caregivers and clients.
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Through Evercare's mobile app, patients and their caregivers are offered features that include scheduling, in-app communication and payment processing. This is alongside connecting seniors with qualified caregivers and specialty services by considering each patient's personal preferences.
Rounding out the list of winners were China-based Hua Kang Health Industry Group and India-based Life Circle Health Services.
Force for good
The awards build on the foundation's commitment to help purpose-driven businesses create an impact, which includes an annual DBS Foundation grant programme for social enterprises that has been running since 2015. This programme has disbursed S$21.5 million in funding to more than 160 organisations regionwide.
'We hope these innovative businesses for impact will demonstrate that businesses can indeed be a force for good,' said Karen Ngui, head of DBS Foundation and DBS group strategic marketing and communications. 'Ageing well should not be a privilege for just the select few but a shared promise for all.'
Ngui highlighted that living in a world where the number of people aged over 60 outnumber those younger than five is 'sobering to see'.
Singapore was deemed an aged society in 2017 and is barrelling towards a 'super-aged' status in 2026. By 2030, one in four of Singaporeans will be aged 65 and above.
An ageing population could create social fractures as seniors, especially those living alone, are more susceptible to social isolation. Rising life expectancies also put a strain on the Republic's healthcare system and raise the emotional and financial burdens on families and caregivers.
These were some of the issues explored by the four winners, as well as some senior executives from DBS, GovTech chief executive Goh Wei Boon and Dr Fidah Alsagoff, vice-chairman of life sciences at Temasek International, during the Impact Beyond Dialogue.
Kenneth Wong, CEO of Evercare Health, pointed to an inflection point that many will probably go through – transitioning from being someone's child to being their caregiver.
For some, the change develops gradually but it can be immediate for others, said Wong, adding that, regardless, it is something that many are never prepared for. His AI-powered technology is aimed at simplifying that and making healthcare more flexible and accessible.
Chen Jer Yaw, executive director of BOP, noted that the human-centeredness of these technologies is also important.
'We must understand that technology is to aid (the) human ability to reach out to our loved ones,' he said, adding that though nothing will replace human touch, AI's advancement can still help reduce feelings of isolation.
Support needed
However, businesses looking to address issues raised by an ageing population have also realised that they cannot face the problem alone.
Both the CEO of Life Circle Health Services and the chairman of Huakang Health Group highlighted that they needed two types of support. The first of which, to understand their customers, would be partnerships with grassroots organisations that have worked closely with seniors and caregivers.
The second would be government support to help them scale up operations.
Tan Su Shan, CEO of DBS, noted that besides creating partnerships between various parts of the ecosystem, building transborder relations is also important.
'We have to create these bridges so that, in spite of whatever geopolitical noises we have, we can embrace AI for good and use it really to create good for the firm and for our societies.'
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