Despite years of rapid economic growth, Asia is still home to about two-thirds of the world’s poor. In this context Credit Suisse has organized the sixth annual Philanthropists Forum in Singapore.
Some 180 guests from around the world attended the forum to hear about the evolving state and professionalisation of philanthropy in Asia.
Opening the event, Francesco de Ferrari (pictured below), Head Private Banking Asia Pacific, underscored two main themes on the topic of philantrophy: First, the importance of education philanthropy in Asia.
«This reflects not only the values of family and generational unity, but also how a younger generation of «millennial» philanthropists sees the transformational impact of education not only in their own success, but for generations to come,» de Ferrari said.
Becoming Role Models
The second topic was how the landscape of philanthropic giving is also changing education and many other causes, with a stronger focus on measurable impact and effectiveness and the rise of social impact initiatives, venture philanthropy, and technology-based measurements.
Speaking as the Guest-of-Honor, Ng Chee Meng (pictured above), Minister for Educations (Schools) said: «A key reason why giving is important is that it supports and creates virtuous cycles in our societies. Those who give become role models to inspire others to do the same.»
New Report Released
«We must not neglect the fact that there are those among us who may not have done as well or benefitted as much from the Asian growth story, and are at risk of getting left behind,» Ng Chee Meng said.
Credit Suisse released a report on Thursday, commissioned by the bank and written by Economist Intelligence United, titled «The giving chain: How philanthropy is driving progress in Asian education» which presents a series of mini-case studies exploring some of the best practices in educational philanthropy across Asia.
New Ways to Maximize Impact
«We see education as a clear focus among our own client’s as well as the bank’s philanthropic efforts, and all of us are exploring new and innovative ways to maximize impact. «There is an increasing emphasis on measuring the outcomes of giving, and on ensuring investment returns are delivered,» Ng Chee Meng added.
At the end of last year, Credit Suisse partnered with UOB Venture Management to launch an Asian Impact Investment Fund exclusively for UHNW clients. This is the first institutional-grade managed impact product in Asia, de Ferrari underscored.
Very Encouraging Interest
We have seen very encouraging interest and participation in the fund from our clients and earlier this year, the first investment was made in a manufacturer of infant nutritional supplements in China for distribution to the poorest children nation-wide, thereby helping to reduce the incidence of anaemia, child-stunting and malnutrition.
Again the impact is measurable, said de Ferrari – we expect this investment to benefit as many as one million infants over the coming three years and beyond.
