In total, DBS Foundation awarded $3 million in prize funding to four firms developing technologies that “shape the future of ageing in Asia”. The winning firms were chosen from a list of close to 100 submissions from around the world.
China-based integrated care provider Huakang Health Industry Group received $1 million, while Hong Kong-headquartered healthtech platform Evercare Health and India-based eldercare company Life Circle Health Services received $500,000 each.
According to DBS Foundation, DBS Bank will also provide support to catalyse their next phase of growth, “whether through new product development, scaling operations, capacity-building or more”.
The Impact Beyond Award builds on DBS Foundation’s commitment to catalyse the growth of purpose-driven businesses and create impact. This includes running an annual DBS Foundation grant programme for social enterprises since 2015, through which it has disbursed $21.5 million in grant funding to more than 160 grantees across the region, in addition to other forms of support, such as preferential banking packages, mentorship and networking opportunities.
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DBS CEO Tan Su Shan says: “We are proud to recognise our Impact Beyond Award winners — not just for their innovation, but for their deep commitment to tackling real societal challenges with purpose and heart. Their work exemplifies how businesses can create meaningful impact while achieving sustainable success.”
The winners were unveiled at DBS Foundation’s second Impact Beyond Dialogue on May 29, where the winners spoke on panels alongside DBS executives, GovTech CEO Goh Wei Boon and Temasek International’s vice-chairman of healthcare and life sciences (global partnerships) Dr Fidah Alsagoff.
The second edition of the Dialogue was attended by some 220 invited guests including business leaders, philanthropic foundations and the bank’s private wealth, small- and medium-sized enterprises (SMEs) and institutional banking clients.
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Karen Ngui, head of DBS Foundation, says: “Societies are ageing rapidly and it is sobering to see that we’re living in a world where there are more people over 60 years of age than below five. We are therefore very encouraged to see DBS Foundation's inaugural batch of Impact Beyond Award winners embed purpose at the core of their business, as they focus on delivering transformative solutions to meet the urgent needs of ageing societies.”
Ngui, who is also head of DBS’s group strategic marketing and communications, adds: “We hope these innovative businesses for impact will demonstrate that businesses can indeed be a force for good. Ageing well should not be a privilege for just the select few but a shared promise for all — as we work together to build a future where seniors of today, and tomorrow, can live with dignity and purpose.”
More about iWow’s subsidiary
Having previously collaborated with the GovTech on landmark projects like the TraceTogether token, iWow is currently partnering with the Singapore government to extend access for its solutions to vulnerable seniors.
BOP’s flagship product, the BOP button, is a wireless and battery-powered remote monitoring and alert device that can detect falls or other accidents, and connects seniors to a 24/7 emergency response centre via intercom. Caregivers, meanwhile, are notified through an accompanying mobile app. The wireless alert system requires no Wi-Fi.
iWow’s BOP button, officially launched in June 2023, has been deployed in 10,000 HDB rental flats to date. BOP products are also currently available for purchase through retailers like Harvey Norman.
BOP plans to offer a suite of age-tech senior care solutions. Upcoming products for 2025 include BOP Presence, a system of motion detection sensors that provides caregivers with real-time insight into activity levels; and BOP Companion, an AI-powered home concierge service with medication reminders and telemedicine support.
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iWow listed on the Catalist board in April 2022. The firm issued a profit warning on May 23, guiding for a net loss after tax of around $1.8 million for FY2025, swinging into a loss from a net profit after tax of $2.6 million in FY2024.
iWow will release its financial results for FY2025 ended March 31 by May 30.
As at 4.03pm, iWow shares are trading flat at 18 cents, while DBS shares are trading 19 cents lower, or 0.41% down, at $44.96.
