Standard Chartered Foundation ("the Foundation") announced a US$6 million investment to create and fund programmes that will help young people in Singapore and ASEAN secure employment1 and improve their long-term economic prospects.
Making the announcement last night at a client networking event attended by Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore, Mr Chee Hong Tat and Standard Chartered leaders including Group Chair, Ms Maria Ramos, Mr Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered, said the investment is a firm demonstration of the Bank's longstanding commitment towards improving the economic opportunities and access for youth, specifically young women, in markets where it operates.
Supporting a thriving blue economy sector in ASEAN
The majority of this investment will be funded through the Foundation towards developing a programme to explore possibilities in creating a thriving blue economy to help sustain coastal ecosystems and improve the economic livelihoods of different communities in ASEAN.
Globally, 282 million youth are not in employment, education, or training (NEET)2. This includes 19 million young people in ASEAN alone, where young women are 1.5 times more likely to be unemployed compared to men. To help address this issue, the Foundation, which has helped to enable more than 100,000 jobs for young people around the world since 2019, will explore potential blue economy-related jobs3 during the programme's initial phase, which will also include a landscape assessment to understand untapped potential and opportunities ahead of defining the programme detail.
Catalysing philanthropy and sustainability through partnerships
The second part of the investment will see the Foundation partner Community Chest, the philanthropy arm of the National Council of Social Service, and Daughters of Tomorrow (DOT) to roll out a "Youth Employment for Success" (Y.E.S.) programme to help young women, aged between 18 and 35 years, from lower-income communities. The Y.E.S. programme will run until 2028, during which the women will receive job-readiness and well-being related training to help them build confidence and improve their employment prospects.
Ms Von Leong, DOT's Board President, said, "Standard Chartered's commitment to empowering young women aligns perfectly with DOT's mission to break cycles of poverty through long-term employment. Through this partnership, we hope to support women to not only find jobs, but also build meaningful, sustainable livelihoods for them and their families."
Mr Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered, said, "As an international bank present in most markets in ASEAN, we are privileged and uniquely positioned to be able to catalyse philanthropy and sustainability. The flagship ASEAN blue economy programme funded by the Standard Chartered Foundation, together with our industry partners, holds immense economic potential that we hope can translate into tangible job opportunities that will uplift youth employability in this vibrant region. Similarly, our partnership with DOT reinforces the Bank's SG60 commitment, as we continue to make a positive impact on the community, together with our employees in Singapore."