Temasek Trust launches S$10m fund for initiatives that support virus-hit communities

Singapore

TEMASEK Trust, the philanthropic arm of Singapore investment company Temasek Holdings, has launched a S$10 million fund to support ground-up initiatives that help communities affected by the novel coronavirus outbreak, it said on Wednesday.

The oscar@sg fund will be anchored by a S$10 million sum from Temasek Holdings and supports projects that "embrace the values of ownership, sustainability, care, assurance, resilience (Oscar)". This programme will provide up to S$5,000 of direct sponsorship and match third-party funding sources dollar-for-dollar up to a maximum of S$50,000, with a provision to increase the sum to S$100,000 in exceptional cases.

The fund has already attracted donations from corporate partners and individual philanthropists. Among them, Temasek Holdings subsidiary Pavilion Capital and Temasek Trust's private equity fund ABC World Asia have donated an additional S$1.7 million to the fund.

"We believe sometimes the best and the most effective ideas come from ground-up. Through the oscar@sg fund, Temasek Trust aims to support meaningful ground-up initiatives that seek to address community needs exacerbated by the present Covid-19 crisis," said Cheo Hock Kuan, chief executive officer of Temasek Trust.

"We believe everyone can participate in the nation's fight against Covid-19," she added.

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Individuals or groups of individuals can apply for the grant. Additionally, non-profit organisations registered with the Accounting and Corporate Regulatory Authority or the Registry of Societies are also able to apply.

Applicants to the fund must submit a workable implementation plan with adequate risk consideration and impact accountability, added Temasek Trust.