The Singapore Millennium Foundation (SMF) was first endowed in 2001 at the turn of the millennium to contribute to the development of human capital through research and higher studies, as a way to build upon the foundation of knowledge.

More than 200 scholarships for postgraduate studies and post-doctoral research have been given out, including 37 in 2007. These include areas such as engineering, physical and material sciences, life sciences, and environmental sciences, including water and renewable resources. More recently, awards were given to medical doctors to pursue translational research.

In 2007, SMF also awarded S$12.5 million over five years for research in liver cancer, mental health and bio-diesel fuels. It also sponsored the Lee Kuan Yew Water Prize to recognize outstanding contributions by individuals or organisations towards solving the world's water challenges.