Maybank Singapore launches Maybank Family Fund

Fund targets to raise S$1mln for low-income families through customer events, staff recreation club efforts, and other product and service offerings.

In a bid to do more for the community, Maybank Singapore established the Maybank Family Fund, in partnership with the Central Singapore CDC, to foster cohesive and self-reliant families in the District. The partnership, which will span a minimum of five years, will see Maybank pledging to raise SGD 1 million over the next two years for the Fund. In an internal fund-raising exercise in May, Maybank raised SGD 100,000 over just three days, and together with the Bank’s dollar-for-dollar matching, the Fund is launched on Tuesday with SGD 200,000, according to a Maybank Singapore report.

The Fund will be administered by Central Singapore CDC, and used to support programmes that will be jointly agreed upon by Central Singapore CDC and Maybank. Both parties are currently exploring a series of programmes, possibly starting with a pilot project to sponsor insurance coverage for the sole breadwinners of low-income families.

Other needs that the Fund could potentially address include family-related programmes, such as a financial literacy programme to cultivate better saving habits in low-income families and offering lunch pocket money for underprivileged school children.

Said Ms Pollie Sim, Chief Executive Officer, Maybank Singapore, “This is the year of Maybank’s 50th anniversary celebration. Having been here in Singapore and growing with the community for the past 50 years, we want to reach out and help in a bigger way - which is why we decided to establish the Fund, and partner Central Singapore CDC, an organisation we trust will effectively help these people in need.”

Mark Tan, General Manager of Central Singapore CDC said, “The Maybank Family Fund and Maybank Night Walk 2010 demonstrate Maybank’s strong commitment to the community. These initiatives support our central belief that concrete steps should be taken by stronger members of the community to pitch in to help the less able. This unique effort is highly commendable, and something that all responsible corporate entities should seek to emulate in their own way.”

Fundraising will be done through customer events, staff recreation club efforts, as well as in tandem with some of the Bank’s product and service offerings.

Maybank Night Walk 2010
As part of Maybank’s 50th anniversary celebration, the Bank is organising the Maybank Night Walk 2010, the first of its kind around Marina Bay. The walk takes place on 2 October 2010 and circles the Marina Bay area, offering a scenic stroll which showcases Singapore’s city skyline. Maybank pledges to channel all registration fees – at SGD 15 per participant – into the Maybank Family Fund.

Said Ms Pollie Sim, “For the past 50 years, we have journeyed on with our customers. To have such an event is symbolic of the walk we have taken together through the years. Our staff will be out in full force, and I hope that our customers as well as members of the public will join us in this walk, especially with Maybank contributing 100 per cent of the registration fees to the Maybank Family Fund. We are targeting to garner 10,000 participants, which would mean that, together, we will be contributing another SGD 150,000 to the Fund.

“This walk is also designed to be a leisurely one so that even the young and old can join us. And since there isn’t a competitive element to the walk, we hope that families can also take the opportunity to enjoy one another’s company as they walk for a good cause.”