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NTUC and Blockchain Association Singapore Aim to Raise $250K for Lower-Income Members Through Digital Charity Auction

The Blockchain for Good event will be the first time NTUC is using Non-Fungible Tokens to raise funds.
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16 Sep 2021
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The NTUC-U Care Fund and Blockchain Association Singapore (BAS) are working to raise $250,000 worth of funds to help lower-income union members and their families.

The fundraising will be done through the inaugural Non-Fungible Token (NFT) charity auction event Blockchain for Good.

The amount raised will go towards supporting various assistance programmes, including helping families defray their cost of living and their children’s school expenses, as well as caring for the elderly.

The auction will take place over a week in Singapore from 4 October 2021 to 10 October 2021.

NFTs are digital assets that represent digital or real-world objects like art, music, in-game items and videos. They are bought and sold online.

NFTs have seen a rise in popularity in recent times, dominated by the arts and collectables segments, with sales of these assets rising to more than US$2 billion in the first quarter of 2021.

One of the auction NFTs titled 'Protectors of the Soul' contributed by Yang Amat Mulia Pengiran Anak Hamlatul Arsy Mulia, daughter of HRH Prince Haji Sufri Bolkiah

First Time NTUC Raises Funds with NFT

NTUC Assistant Director-General Zainal Sapari said: “We are happy to collaborate with industry associations such as BAS as part of our fundraising efforts this year to help our lower-income members and their families, who may need an additional boost to tide through these difficult times.

“It is our first time doing an NFT charity auction, and I hope this new and unique initiative will pique the interest of corporates and individuals to come on board through similar means for us to make it a sustainable fundraising effort for a worthy cause.”

Mr Zainal is also the NTUC Care and Share Department director, which oversees the NTUC-U Care Fund.

Key collaborators supporting the event include Singapore Airlines, KrisShop, Amazon Web Services Inc., Drew & Napier, Aleta Planet, Nexia TS, Ode to Art, Coinhako and RegTank.

The event will also see contributions and support from Speaker of Parliament Tan Chuan-Jin, and NFT influencers such as Mai Fujimoto and Yang Amat Mulia Pengiran Anak Hamlatul Arsy Mulia, daughter of Brunei’s HRH Prince Haji Sufri Bolkiah.

BAS Co-Chair Chia Hock Lai said: “This charity event is an exciting moment for the Republic. We are honoured to leverage our expertise and network to contribute to such a noble cause. The possibilities that blockchain technology provides us seems limitless, and we are fully behind utilising blockchain and NFTs to support Singapore’s first NFT charity auction.”

Members of the public interested in contributing their NFTs for the auction or supporting the event can do so through an NFT platform hosted by BAS at www.singaporenft.org.

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Looking for meaningful ways to give back to society? The NTUC-U Care Fund offers a direct avenue to make a difference in the lives of workers and their families in Singapore. By supporting the Fund, you contribute back to society and foster a more inclusive and resilient environment where everyone has the opportunity to thrive. Our Purpose at NTUC-U Care Fund At the heart of the NTUC-U Care Fund lies a deep commitment to supporting union members and their families. Our purpose is threefold: To alleviate financial burdens and provide essential support to members facing hardship. We understand that unexpected events can create financial strain. Through various assistance programmes, the NTUC-U Care Fund provides a safety net for those in need, helping them cover essential living expenses. This is one of the ways we can help individuals and families and give back to society by supporting those who need assistance most. To enable members' children to build a brighter future through educational subsidies and opportunities for growth. We believe that every child deserves access to quality education. Our initiatives support students facing financial challenges, ensuring they can stay in school and reach their full potential. By investing in education, we help children and youths contribute back to society and be an enabler for the aspirations of the next generation. To support the recovery of members in times of contingency to rebuild their lives and livelihoods. When unforeseen circumstances strike, we help workers and their families get back on their feet. Our programmes provide financial assistance and resources to help individuals recover from setbacks so that they can rebuild their lives. This support enables individuals to regain their independence and contribute to society. The NTUC-U Care Fund embodies these values through various initiatives that directly address the needs of our beneficiaries, creating a positive ripple effect throughout the community. Supporting Singapore’s Working Families Strong families form the foundation of a thriving society. The NTUC-U Care Fund recognises the importance of supporting working families, particularly those facing financial challenges. Here’s how your charity donation can help: 1. Providing Financial Relief for Daily Essentials Rising living costs can place a significant strain on lower-income families. The NTUC-U Care Fund provides financial assistance in Singapore through initiatives like the NTUC Hardship Grant, helping families cover essential expenses such as groceries and school needs. This initiative ensures that families can meet their basic needs and maintain the standard of living. 2. Ensuring Access to Education for Children and Youths Education is a powerful tool for social mobility and personal growth. However, unforeseen circumstances can disrupt a child's education. The NTUC-U Care Fund, through programmes like the Education Awards and Youth Enable Programme, helps students stay in school by providing financial assistance for school fees, textbooks, and other educational expenses. This support enables children and youths to continue their education and reach their full potential, regardless of their family's financial situation.   Building Pathways to Stability and Growth Beyond immediate relief, the NTUC-U Care Fund focuses on enabling individuals and creating opportunities for long-term success. 1. Supporting Families in Building a Foundation The NTUC-U Care Fund provides essential financial assistance and resources, empowering families to establish a stable foundation. This support enables them to address immediate needs and proactively plan for a secure future, reducing their vulnerability to unforeseen challenges. 2. Facilitating Recovery and Reintegration When workers face setbacks like retrenchment or illness, the NTUC-U Care Fund can offer support for their recovery and reintegration. This support may include financial aid and access to resources that help them to regain their footing and return to work, promoting self-sufficiency and resilience. Building a More Inclusive and Resilient Singapore By addressing financial and educational challenges faced by workers and their families, the NTUC-U Care Fund contributes to a more inclusive and resilient Singapore. Our initiatives create a safety net for those in need, empower individuals to overcome adversity, and foster a sense of community and support. We believe everyone deserves the opportunity to thrive, and our work reflects this commitment to building a better future for all. By supporting the Fund, you are giving back to society and helping to create a stronger Singapore. Donate to NTUC-U Care Fund Support the NTUC-U Care Fund by donating to charity. Your generosity can make a difference in the lives of workers and their families, helping to build a stronger and more compassionate Singapore. Every donation counts. Make a donation