Ambassador-at-Large Professor Tommy Koh, Chairman of SymAsia Foundation

Distinguished Guests 

Ladies and Gentlemen


Good morning. First, let me commend Credit Suisse for facilitating and supporting philanthropy in Asia Pacific through organising the annual Philanthropists Forum. Since 2011, this forum has been a very successful and highly anticipated platform for philanthropists, thought leaders, and expert practitioners to gather from around the world to discuss key issues related to philanthropy. 

Today, I am pleased to see you gather at Credit Suisse’s first in-person philanthropy event since the COVID-19 pandemic. This event has been aptly named ‘Philanthropists Connect’. I am sure all of you are eager to meet, share with, and learn from one another once again. 

The world of philanthropy has also seen many changes. The pandemic has exacerbated pre-existing inequalities. Issues such as poverty, inequity in access to healthcare, gender inequality, and climate change are now top-of-mind for countries across the region. According to the Doing Good Index 2022, the World Institute for Development Economics Research estimates that more than two-thirds of those newly forced into poverty live in South Asia, East Asia and the Pacific. A recent report by the Asian Development Bank also found that the proportion of people living in extreme poverty in Asia Pacific had risen to 5 per cent in 2020 – almost doubled of the 2.9 per cent that was projected for the same period had the pandemic not occurred. This was a bleak reminder that the fight against poverty has been set back by at least two years due to the pandemic.

It is no longer sufficient that only governments think about building a fairer society, as individuals and corporations too must play their part. It is thus encouraging that philanthropy has risen rapidly in recent years, both on an individual and corporate level. 

According to the 2022 Wealth-X Philanthropy Report, 2020 was a landmark year for philanthropy, with donations by individuals reaching US$488 billion globally. Many corporations also stepped up. For instance, Credit Suisse launched a global initiative that matched staff donations dollar for dollar, raising S$35 million and benefiting over 1,400 charitable organisations around the world.

We were also heartened to see an outpouring of generosity closer to home. Last year, the President’s Challenge raised S$15 million for 93 benefitting agencies. We hope to continue the momentum this year. According to an October 2021 Straits Times article, 91 philanthropic foundations in Singapore contributed over S$264 million in their latest financial year, supporting a range of causes. More wealthy families also set up philanthropic foundations during COVID-19. 

In 2021, Credit Suisse’s Philanthropy Advisory team helped a record number of clients set up foundations on their donor-advised platform, SymAsia Foundation. These donors come from across North and South Asia. Their donations are equally diverse in geography and cause, ranging from education to environment. But even before 2020, philanthropy in Asia had already been expanding due to the increasing rate of wealth creation in the region and intergenerational wealth transition.

The convergence of wealth creation and wealth transition has led a mindset shift in how the next generation handles their newly inherited wealth. Many NextGen philanthropists integrate a social impact lens not only into their private wealth but also their business and way of life. This underscores the theme of today’s event, ‘From Bringing Wealth to Purpose, to Bringing Purpose to Wealth’, based on findings from a philanthropy white paper commissioned by Credit Suisse.

In the past, individuals would become more active in philanthropy after attaining business success. They would then contribute their wealth to support their desired social purpose. But NextGen philanthropists start from a different baseline – they no longer compartmentalise how they deploy capital between their investment portfolio and philanthropy. Instead, they embed philanthropic impact into business strategy, moving beyond corporate social responsibility to seeking purpose in tandem with business growth. At the same time, they put high importance on looking after the communities they operate in. This is important because businesses exist not only to make money for shareholders. Businesses gain legitimacy when they support the community. And if communities flourish and do well, this in turn helps to support businesses because they are in a better position to buy and pay for such services.

NextGen wealth holders are also exploring different ways of doing good, such as investing with the purpose of creating impact in meaningful causes. For example, they invest in development or environmental projects with overall lower returns or higher risk potential. This improves the attractiveness of the investments to other investors who would otherwise typically not invest in these projects. In doing so, more capital can be attracted from the private sector to achieve sustainability or social developmental goals. The speakers today all embody the new generation of change-makers in their own way. Each of them has a unique take and experience on social innovation and creating impact. I am sure that their sharing will resonate even after today’s conference.

Besides adopting multiple ways of doing good, philanthropists are also appreciating the need for meaningful collaboration. Global frameworks like the United Nations Sustainable Development Goals have given a common language to disparate needs on the ground, enabling philanthropists the world over to recognise that they are all working towards the same overarching goals. Several collaborative platforms for philanthropy have emerged in Singapore, such as the Asia Philanthropy Circle founded by Mr Laurence Lien, The Majurity Trust founded by Mr Danny Yong and Mr Hsieh Fu Hua, and the Asian Venture Philanthropy Network. Across the ecosystem, family foundations, corporate foundations, family offices, impact funds, intermediaries and impact organisations are partnering to maximise the impact of their philanthropic dollar to achieve tangible goals in improving the lives of communities in need. 

As part of the Singapore Government’s efforts to support developments in this space and facilitate the channelling of wealth to purposeful causes locally and globally, the Monetary Authority of Singapore and the Singapore Economic Development Board are working with relevant stakeholders to enhance our philanthropic ecosystem through initiatives such as the development of objective due diligence and impact monitoring solutions, the facilitation of philanthropic partnerships and investments, building philanthropy advisory competencies and deepening the talent pipeline. For philanthropy to be effective, it too requires talent, especially to measure the impact and outcome of philanthropic investments.

These private and public sector initiatives precipitate new opportunities for philanthropy. Asian philanthropy is at a juncture marked both by a growing desire to respond to deepening social needs and a way to do so innovatively, collaboratively and sustainably. During the pandemic, Asian philanthropists helped in bridging resources and communities. Many are supportive of national initiatives like the SG Cares movement and are making efforts to work with various stakeholders to build a more inclusive society. 

What is it that we want to achieve through philanthropy? The goal is to create a fairer and more equitable world where everyone has the chance to uplift themselves. People deprived of even the most basic needs, cannot achieve their full potential. We have also seen that increasingly the family that you are born into can make a big difference to your life outcomes despite efforts to boost meritocracy. Why should we worry if the gap widens between rich and poor, the successful and those less so? Let me just quote Amartya Sen.

“We need to ask the moral questions: Do I have a right to be rich? And do I have a right to be content living in a world with so much poverty and inequality? These questions motivate us to view the issue of inequality as central to human living.” 

As Noam Chomsky said, “If we choose, we can live in a world of comforting illusion.”

I am confident that the discussions today will inspire many to reflect on how they can best use their wealth, experience, and other resources to benefit and create opportunities for the wider community. I wish you all a very fruitful meeting. Thank you.