Investing in Youth: StanChart's US$6M for ASEAN Future

The Standard Chartered Foundation, a philanthropic arm of the global banking giant, has announced a substantial investment of US$6 million aimed at significantly boosting youth employment and fostering sustainable livelihoods across Singapore and the broader ASEAN region. This strategic commitment underscores the foundation's dedication to addressing critical socio-economic challenges, particularly the widespread issue of youth unemployment, and promoting long-term economic resilience.

Addressing a Critical Global Challenge: Youth Unemployment

Globally, the challenge of youth unemployment, or the lack of engagement in employment, education, or training (NEET), remains a pressing concern. Staggering statistics reveal that 282 million young individuals worldwide fall into the NEET category. Within the vibrant and rapidly developing ASEAN region, this figure stands at approximately 19 million, presenting a significant hurdle to regional progress and stability. A particularly concerning aspect highlighted by recent data is the gender disparity in employment opportunities; young women in ASEAN are 1.5 times more likely to be unemployed than their male counterparts. This imbalance not only hinders individual potential but also impacts broader economic development, as it limits the full participation of a substantial segment of the workforce. The Standard Chartered Foundation's investment directly confronts these statistics by creating tangible pathways to employment and economic independence for the youth.

Pioneering the ASEAN Blue Economy Initiative

A substantial portion of the US$6 million investment is strategically allocated to the development of an ASEAN blue economy program. This initiative represents a forward-thinking approach to sustainable development, aiming to harmonise economic growth with environmental conservation. The blue economy concept extends beyond traditional marine industries to encompass a range of sustainable practices that leverage ocean resources for economic benefit while preserving vital coastal and maritime ecosystems. For the ASEAN region, which boasts extensive coastlines and rich marine biodiversity, this initiative holds immense potential.

The program's core objective is twofold: to ensure the long-term sustainability of critical marine environments and to significantly improve the economic livelihoods of communities across the region that depend on these ecosystems. The initial phase of this ambitious program will involve a comprehensive landscape assessment. This crucial step is designed to identify untapped potential within the blue economy sector and pinpoint specific, viable job opportunities that align with sustainable practices. Such an assessment will provide a robust framework for targeted interventions, ensuring that investments translate into meaningful, long-term employment and empower local communities to thrive in an environmentally responsible manner. It seeks to bridge the gap between ecological preservation and economic prosperity, offering a model for sustainable development that can be replicated and scaled.

Empowering Women: The Youth Employment for Success (Y.E.S.) Programme in Singapore

Beyond the regional blue economy focus, the Standard Chartered Foundation is also launching a pivotal initiative within Singapore: the Youth Employment for Success (Y.E.S.) programme. This initiative reflects a localised, targeted approach to youth empowerment, particularly addressing the specific challenges faced by young women from lower-income communities. The foundation is partnering with two reputable local organisations: Community Chest, the philanthropy arm of the National Council of Social Service, and Daughters of Tomorrow (DOT), an organisation dedicated to supporting underprivileged women.

Scheduled to run until 2028, the Y.E.S. programme is meticulously designed to support women aged 18 to 35. It will offer a comprehensive suite of job-readiness and well-being training modules. These modules are not merely about skill acquisition; they are crafted to build confidence, enhance resilience, and ultimately strengthen the employability of participants. By equipping these women with essential professional skills, emotional support, and a renewed sense of self-worth, the programme aims to break cycles of poverty and facilitate their successful integration into the workforce. This partnership aligns seamlessly with Standard Chartered's broader commitment to fostering financial inclusion and promoting gender equality, recognising that empowering women economically has a ripple effect on families and communities.

Standard Chartered's Broader Vision and Impact

The latest investment builds upon the Standard Chartered Foundation's established track record of making a tangible difference globally. Since 2019, the foundation has already played a significant role in creating more than 100,000 job opportunities for young people worldwide. This consistent impact underscores the institution's commitment to its corporate social responsibility agenda and its belief in the transformative power of investing in human capital.

Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered, articulated the strategic significance of these initiatives:

"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."

Mr. Lee's statement highlights the dual benefits of these programmes: unlocking economic potential through sustainable development and reinforcing the bank's commitment to local communities. Investing in youth employment and sustainable livelihoods is not just a philanthropic endeavor; it is a strategic investment in the future stability, prosperity, and human capital of the ASEAN region. By empowering young individuals, particularly those from vulnerable groups, Standard Chartered is contributing to a more inclusive and resilient economy, ensuring that the benefits of growth are shared more equitably.

Conclusion

The Standard Chartered Foundation's US$6 million pledge for youth employment and sustainable livelihoods in Singapore and ASEAN represents a significant step towards addressing critical societal challenges. Through the innovative ASEAN blue economy programme and the targeted Y.E.S. initiative, the foundation is not only creating immediate job opportunities but also building long-term capacity for sustainable development and economic resilience. This comprehensive approach, combining environmental stewardship with social empowerment, underscores a holistic commitment to fostering a brighter, more equitable future for the youth of the region. As these programmes unfold, they are poised to make a profound and lasting impact on individual lives and the collective prosperity of ASEAN.