Not everyone approves of legalised gambling, or is easily convinced that anything good can come of it.
But the reality is that thanks to a monopoly over it, the non-profit Hong Kong Jockey Club is not only the city’s biggest taxpayer and one of its biggest employers, but also its biggest community benefactor, through its Charities Trust.
It is therefore admirably suited to help lead the mission of making the city an international hub of philanthropy.
That is the vision behind the news that the Jockey Club will contribute HK$5 billion in seed money for a charity research institute to promote a culture of philanthropy.
With the world facing a technology revolution, including work-life changing artificial intelligence, philanthropy will have a part to play in channelling private and corporate wealth in socially beneficial directions.
Jockey Club chairman Michael Lee Tze-hau told a conference in Hong Kong the Institute of Philanthropy would become a forum where leaders, philanthropists and key stakeholders could exchange ideas and take part in city, regional and global events.
Programmes would also be formulated to cultivate professionals in philanthropic and non-profit sectors. The club aims to boost charities on the mainland, in Asia and other regions, as well as Hong Kong.
The goal resonates on the mainland, where growth of wealth and prosperity is positive for the development of a vibrant philanthropic culture. The institute would be expected to collaborate with local, mainland and international universities, foundations and think tanks.
This will consolidate Hong Kong’s position as a financial centre, and plays into the government’s drive to establish the city as a secure, tax-effective base for family offices for the super-rich and their philanthropic activities. It is a culture well developed in the United States and other countries where professionals manage the investment of philanthropic funds.
The Jockey Club is taking the lead with a more systematic way of approaching philanthropy. That is not only something to be welcomed, but also supports the government’s pitch to family offices by promoting the city as an international finance and wealth management centre.
Philanthropy is a large part of that. It also complements Hong Kong’s reputation for compassion and generosity – on show after the recent black rainstorm through the relief work of volunteers, community leaders and civil servants, as well as different NGOs. As Chief Executive John Lee Ka-chiu told the conference, such a community spirit is vital to the city’s rise as a philanthropic hub.
As a financial services hub, Hong Kong already has the tools and resources for philanthropic social initiatives. The institute would complement and help mobilise them to best effect.
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