Standard Chartered Foundation invests $6 million to boost youth employability

Standard Chartered Foundation invests $6 million to boost youth employability

Standard Chartered Foundation on November 6 announced a $6 million investment to create and fund programmes that will help young people in Singapore and ASEAN secure employment and improve their long-term economic prospects.

Patrick Lee, Standard CharteredCEO for Singapore and ASEAN, 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."

The majority of this investment will be funded through the Standard Chartered 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. 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 jobs during the programme's initial phase, which will also include a landscape assessment to understand untapped potential and opportunities ahead of defining the details.

The second part of the investment will see the Standard Chartered Foundation partner Community Chest, the philanthropy arm of the National Council of Social Service, and Daughters of Tomorrow (DOT) to roll out “Youth Employment for Success” (YES) to help young women, aged between 18 and 35 years, from lower-income communities. The YES initiative will run until 2028, during which the women will receive job-readiness and wellbeing related training to help them build confidence and improve their employment prospects.

Von Leong, DOT's board president, said, “Standard Chartered's commitment to empower 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.”

Lee 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.”

VIR