In a world grappling with increasingly complex environmental and social challenges, the role of philanthropy is undergoing a profound transformation, particularly in Asia. The recent Philanthropy Asia Alliance (PAA) summit underscored this evolution, highlighting how new funding mechanisms and collaborative approaches are reshaping the philanthropic landscape. The summit, held in Singapore in April, brought together 450 leaders from various sectors to discuss and strategize on “Partnerships for Action,” emphasizing the need for systemic solutions and collective efforts. The rising influence of family offices One of the most striking trends in Asian philanthropy is the burgeoning role of family offices, investment firms set up to manage the wealth of a single family. With an estimated 1,400 single family offices in Singapore alone, these entities are increasingly pivotal in driving innovative, impact-focused philanthropy. This shift is largely driven by the younger generation of these families, known as Next Gen funders, who, more than their predecessors, prioritize environmental, social and governance (ESG) criteria and seek evidence-based interventions. Seok Hui Lim, CEO of PAA, encapsulated this trend, saying that philanthropy in Asia “is increasingly seen as a catalyst for innovative solutions and funding mechanisms to tackle environmental and social challenges,” and that the Next Gen funders moving it in this direction “are keen to embrace more collaborative, impact-driven approaches to philanthropy.” Kathlyn Tan, director of Rumah Group, emphasized the long-term strategic vision of family offices. “As the natural world crumbles around us, family offices have the aptitude to recognize long-term threats and opportunities and…This article was originally published on Mongabay
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