SINGAPORE – Media OutReach – 28 March 2023 – The Wealth Management Institute (WMI) and the Private Banking Industry Group (PBIG) announced the launch of the Impact Philanthropy Partnership (IPP) today, which aims to bring together family principals and offices to tackle society’s most pressing challenges and issues. The IPP, supported by the Monetary Authority of Singapore (MAS), will create a dedicated series of events and research publications to build greater awareness and momentum for philanthropy and newer models of giving such as venture philanthropy and impact investing.
“The number of family offices in Singapore continues to grow, and many have a strong appetite to give back to society, both in Singapore and regionally. The IPP will convene thought leaders, changemakers and innovative philanthropists from Asia and around the world, to inspire a broader movement for more strategic and impactful giving,” says Foo Mee Har, CEO of WMI.
“Philanthropists and family offices can do tremendous good, especially in areas that lack market support. They can quickly deploy unrestricted funds in response to urgent problems such as natural disasters, back high-risk purposeful ventures, convene stakeholders and promote collaboration, develop and share research, and support large-scale implementation of solutions to pressing social problems. The IPP will build momentum to grow support of causes in Singapore as well as regionally,” she adds.
One of the key initiatives under the IPP will be a Social Impact Discovery Series, a structured program providing learning opportunities and thought leadership covering approach-related ‘how-to’ topics, as well as cause-related topics focused on specific areas of need locally and regionally.
Each partner will play a vital role in the partnership by leveraging their unique networks and expertise to raise awareness and convene the ecosystem, further amplifying the impact of the initiative. WMI will lead and execute the events, programs and research.
Commenting on the partnership, Arnaud Tellier, CEO BNP Paribas Wealth Management Asia and Chairman of the PBIG Philanthropy Workgroup, says, “The PBIG Philanthropy workgroup has been working in close partnership with the private, public and people sectors to deepen philanthropic capabilities in the private banking industry. We started this journey in 2021 to enhance Singapore’s traditional philanthropy eco-system, through continuous development of philanthropic infrastructure, services and capabilities from Singapore and for the region. The workgroup is now looking to foster growth in other innovative models of philanthropy, such as that of blended finance and impact investing. We look forward to play a catalytic role is transforming Singapore into a philanthropy center for Asia.”
Phua Wee Ling, Executive Director, Financial Center Development Department, MAS, says, “The IPP is an important initiative in line with MAS’ vision for Singapore to become Asia’s center for Philanthropy. It will facilitate collaborations between like-minded families and individuals who are keen to use their wealth to be a force for good to address needs ranging from climate action and poverty alleviation to inclusive education and resilient healthcare. The IPP initiative complements other efforts to build a supportive ecosystem that include deepening the talent pool for philanthropic advisory services in Singapore, developing due diligence and impact monitoring solutions and enhancing policies to encourage giving.”
Beyond supporting the IPP, the PBIG has recently also worked to incorporate Philanthropy Advisory as a new Technical Skill and Competency (TSC) under the Institute of Banking and Finance Singapore Standards. This reflects the growing importance for wealth advisors of advising clients on philanthropy. In line with this, WMI has launched the Certificate in Philanthropy and Social Impact to support deeper learning in this critical area.
The IPP is open to members of the Global-Asia Family Office Circle as well as networks from PBIG, MAS and ecosystem partners. For more information about the IPP, please contact
[email protected].
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