- The evolving philanthropic landscape has given rise to new philanthropic models and a need for enhanced capabilities, requiring specialised and systematic upskilling of the philanthropic sector in Asia
- The Centre will build capabilities and communities in regional philanthropic ecosystem to support more collaborative and innovative ways of giving and driving impact
- Like-minded strategic partners invited to participate in building the centre which is targeted for launch in early 2024
Singapore, 15 September 2023 – Temasek Trust and the Philanthropy Asia Alliance (PAA) announced their plan to set up an Asia Centre for Changemakers (ACC) in Singapore, with the support of Asia Philanthropy Circle, CBC Group, Dalio Philanthropies, ImpactSG, Quantedge Foundation, and others in the philanthropic community at the 3rd Philanthropy Asia Summit.
Need for Specialised & Systematic Upskilling of Asia’s Philanthropic Sector
The Asia-Pacific region is expected to account for over 30% of the 84 million millionaires and 28% of 344,000 ultra-high-net worth individuals globally in 2025[1]. An estimated US$3 trillion will be in the hands of a new generation in the region in the next three decades[2]. The evolving philanthropic landscape, with a rise in innovative models to catalyse philanthropic capital, and the enhanced capabilities and multi-sector collaboration needed to tackle today’s increasingly complex and interconnected global challenges, require specialised and systematic upskilling of the philanthropic sector
in Asia.
Empowering Emerging Changemakers to Explore, Experiment & Engage
ACC will focus on professional education to build capabilities for Asia’s philanthropic ecosystem. It will cultivate communities through programmes and events on philanthropy, social entrepreneurship, and impact in partnership with global and regional institutions. Through research and thought leadership initiatives, it will equip changemakers with the knowledge and skills to drive innovation and advance Asia’s philanthropic ecosystem. Its programmes and initiatives will be designed to benefit wealth owners, social entrepreneurs and connectors, advisors, professionals, and public and private institutions.
“The Asia Centre for Changemakers will develop a regional community of active and informed changemakers ready to deploy their resources, skills, and passion for a better tomorrow. This is aligned with our aim to build the capabilities and communities to mobilise philanthropic capital to prime Asia as a force for good. We invite like-minded, strategic partners to join us in building the Centre to strengthen Asia’s philanthropic ecosystem,” said Ms. Lim Seok Hui, CEO, Philanthropy Asia Alliance.
Singapore as Regional Hub for Impact-driven Capital & Philanthropy
ACC will be based in Singapore, an emerging regional hub for impact-driven capital and philanthropy. More than half of Asia’s family offices are estimated to be in Singapore[3], with over 1,100 single family offices based there at the end of 2022[4]. Combined with its role as a global business, finance, technology and logistical hub, Singapore’s philanthropic ecosystem can deploy innovative philanthropic financial models and catalyse partnerships to generate real impact. Singapore also has a strong presence of cross-sector players that effectively leverage financial, human, and social capital, to tackle key developmental challenges, including environmental sustainability, healthcare, and education.
Strong Support for Centre by Philanthropic Community
Members of the global and regional philanthropic community have expressed support for the setting up of such a Centre in Singapore, and how it can play a key role in strengthening the regional philanthropic ecosystem through capability-, capacity-, and community-building.
“The development of the Asia Centre for Changemakers is exciting, given potential synergies with Asia Philanthropy Circle’s efforts to foster collaborative, strategic philanthropy and build capacity in Asia. The Centre will contribute towards broadening and deepening our philanthropic community for greater social impact together,” said Mr. Laurence Lien, Co-Founder and founding CEO, Asia Philanthropy Circle, a membership network of philanthropists.
“We are supporting the Asia Centre for Changemakers with the belief that attracting and developing the best talent is key to driving the growth of the regional philanthropy ecosystem. This would in turn contribute to improving the quality and delivery of much-needed community programmes in Asia. We need to focus on building capacity to design solutions for greater impact,” said Mr. Fu Wei, CEO of CBC Group, a healthcare-dedicated investment firm headquartered in Singapore.
“We are thrilled to be a founding member of the Philanthropy Asia Alliance and applaud the establishment of the Asia Centre for Changemakers initiative. We are confident that this initiative will increase the resources and expertise directed toward important philanthropic efforts in the region,” said Mr. Ray Dalio, Founder of Dalio Philanthropies.
“The Asia Centre for Changemakers (ACC) will help anchor Singapore as a hub for strategic philanthropy and impact. To support this effort, we have launched the ImpactSG Pledge to grow a community of family offices and high net worth individuals in Singapore, who are committed to contributing socially and financially to Singapore and the region. We look forward to working with the Philanthropy Asia Alliance, Temasek Trust, and other partners to develop ACC and strengthen the regional philanthropic community.” said Dr. Daniel Lim, Mr. Edmund Twohill, and Mr. Kwee Ker Fong, Co-leads of ImpactSG, a ground-up initiative in support of Forward Singapore that seeks to engage and mobilise the Singapore-based philanthropic community to contribute to Singapore and the region.
“We look forward to partnering with the Asia Centre for Changemakers, which will play a key role in strengthening the capabilities in the philanthropy ecosystem, as well as in supporting the development of professional talent, to make impactful change in the region,” said Mr. Xie Yao Quan, CEO of Quantedge Foundation (Singapore), a philanthropic foundation established by the principals of Quantedge Capital.
Discussions are ongoing with several prospective partners.
The Centre is targeted for launch in early 2024.
END
Note to Editors
About Temasek Trust
Temasek Trust, established by Temasek Holdings, is a steward of philanthropic assets, advocate of sustainability and catalyst of positive impact. It provides governance and financial oversight of endowments for an ecosystem of entities with the shared purpose of building better for every generation by protecting the planet, uplifting communities, connecting people, and advancing capabilities. In forging new pathways for philanthropy and impact investing with like-minded partners, Temasek Trust aims to promote catalytic philanthropy as a force for good. For more information, visit www.temasektrust.org.sg
About Philanthropy Asia Alliance
Philanthropy Asia Alliance (PAA) is a Temasek Trust initiative dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. By harnessing collective strengths, PAA multiplies impact, accelerates positive change, and takes urgent action to address the pressing environmental and social challenges of our time. PAA’s flagship programme is the annual Philanthropy Asia Summit, supported by Temasek Trust and Temasek Foundation. PAS features Calls to Action to foster innovation, drive momentum, and scale impact in addressing environmental and social challenges. For more information, visit http://philanthropyasiaalliance.org
[1] 2021 Credit Suisse Global Wealth Report
[2] Wealth-X Family Wealth Transfer 2021 Report
[3] 2023 Global Family Office Compensation Benchmark Report by KPMG Private Enterprise and Agreus
[4] ‘Wealth Management’, Monetary Authority of Singapore [Accessed 25 August 2023]
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