Expanding Range of Institutions and Organisations that Advise New Family Offices on Philanthropic Endeavours
Ministry of Culture, Community and YouthSpeakers
Summary
This question concerns Mr Keith Chua’s inquiry regarding the expansion of institutions advising Family Offices on philanthropy and the establishment of platforms for various sectors to present grant proposals. Minister for Culture, Community and Youth Edwin Tong Chun Fai highlighted existing resources such as the Community Foundation of Singapore, Community Chest, and the newly launched Impact Philanthropy Partnership. The government currently works with intermediaries like the Economic Development Board and financial institutions to connect donors with organizations that match their interests with impactful giving opportunities. These initiatives help Family Offices navigate the local ecosystem and encourage meaningful philanthropy across sectors including social services, healthcare, arts, heritage, and sports. As more Family Offices establish themselves in Singapore, the government will continue to monitor and review advisory support to ensure resources are effectively channeled toward making a positive societal impact.
Transcript
16 Mr Keith Chua asked the Minister for Culture, Community and Youth (a) whether there are plans to expand the range of institutions and organisations currently available to advise new Family Offices on their philanthropic endeavours; and (b) whether such plans will include the establishment of platforms for the social services, education, healthcare, arts, heritage and sports sectors to present grant proposals to Family Offices.
Mr Edwin Tong Chun Fai: There are many organisations and platforms that new Family Offices (FOs) can tap on to inform and shape their philanthropic endeavours. These include the Community Foundation of Singapore (CFS), Community Chest, as well as groups such as the Asia Philanthropy Circle and Asian Venture Philanthropy Network. In March, the Wealth Management Institute and the Private Banking Industry Group, supported by Monetary Authority of Singapore (MAS), launched the Impact Philanthropy Partnership to bring together high net worth individuals and FOs to galvanise giving and encourage philanthropic partnerships. These organisations and communities can help new FOs better understand our local giving ecosystem and how they can contribute.
Our approach is to work with intermediaries that already have touchpoints and connections with FOs, to raise awareness of philanthropic causes and practices and encourage meaningful and impactful philanthropy. For example, Government agencies such as the Economic Development Board and MAS, as well as intermediaries, such as financial institutions with wealth management services, law firms and tax advisory services connect interested donors with CFS. CFS then matches donors with impactful giving opportunities across different sectors – social and welfare, education, health, arts and heritage, sports, and so on – depending on the donors' interests.
As more FOs set up in Singapore, the Government will continue to monitor and review the philanthropic advisory support available to enable them to channel their capital and other resources towards meaningful philanthropic purposes, to make a positive impact on society.