As populations across Asia grow older at an unprecedented pace, governments and communities are grappling with the far-reaching implications of this demographic shift. From rising healthcare demand and shrinking workforce to increased social isolation and digital exclusion, the pressures of an ageing society are increasing.

In response, financial institutions are beginning to play a more active, long-term role in supporting the wellbeing of seniors. They are moving beyond purely transactional services to take on a more meaningful social role in helping older adults live well and stay connected.

Focusing on this segment of society, Singapore’s two largest banks, DBS and OCBC, have unveiled their own initiatives targeting the nation’s ageing population, collectively committing over S$9 million ( US$6.7 million ) to support more than 180,000 seniors through tailored, data-driven programmes.

Both efforts underscore how financial institutions are stepping up as proactive social partners, tackling the intertwined challenges of health, connectivity, and economic dignity that ageing societies in Singapore and across the region increasingly face.

Community, nutrition and connection

Through its DBS Foundation, DBS has launched a S$7.3 million programme to address nutritional shortfalls and social isolation among 6,000 lower-income seniors in 12 ageing towns. Beginning in June 2025, seniors will receive twice-weekly nutritious meals, take part in monthly social and enrichment activities, and join quarterly supermarket trips, all supported by DBS’s 14,000-strong employee base.

This initiative builds on a seven-month series of 38 pop-up markets, an earlier S$3.8 million effort by the foundation that provided free groceries and financial literacy support to more than 30,000 low-income households.

Karen Ngui, head of DBS Foundation, stresses the urgency of the initiative: “With Singapore becoming a super-aged society next year, there’s an urgent need to do more to enable everyone to age well with purpose, dignity and joy.”

Empowering through practical support

Meanwhile, OCBC’s new SeniorCare programme takes a holistic approach, spanning the four pillars of health, wealth, literacy, and lifestyle. With over S$2 million committed, the initiative aims to reach more than 180,000 seniors over the next three years.

Seniors will gain access to discounted medical and dental services through partners like Raffles Medical and Q&M Dental, alongside Singapore’s first corporate-backed, home-based counselling programme for underprivileged seniors.

Financial inclusion is also a focus, with the introduction of special time deposit and savings rates, and the deployment of dialect-speaking staff placed at branches to help seniors in their native languages.

The programme also builds on the bank’s long-running Digital Silvers workshops to teach digital banking and scam prevention, while offering regular talks on Central Provident Fund ( CPF ) and financial planning. Lifestyle enhancements include exclusive voucher booklets and partnerships with popular brands to bring everyday savings and benefits to senior customers.

OCBC Group chief executive officer Helen Wong highlights the broader significance of her bank’s programme: “As Singapore becomes ‘super-aged’, we are delivering practical, data-informed solutions that empower seniors to live meaningfully and securely.”

Through their deep community partnerships, targeted financial products, and mobilizing internal workforces, the institutions say they are now raising the bar for how banks can support ageing societies in practical, sustained ways.

Together, as well as addressing immediate needs, the two Singaporean lenders could be starting a trend to reshape the narrative for banks and other financial firms in addressing Asia’s ageing challenge.