The Asia Community Foundation (ACF), based in Singapore, officially launched in September as it seeks to address educational and sustainable development goals (SDGs) across Asia.
Described as the Asia-focused independent community foundation, ACF says it will function as an intermediary between donors and non profit partners.
The foundation is incubated by the Asia Philanthropy Circle (APC), a network of philanthropists across Asia led by founders who have given a combined $300 million (Singaporean dollars) in grants.
ACF aims to build a community of donors across the private wealth space – from seasoned grant makers looking to amplify their impact, to newer givers seeking a partner to embark on their giving journey with. The foundation aims to support 200 active donors in their philanthropic endeavours and administer S$150 million a year towards lasting impact across the region by 2030.
Singapore is chosen as the hub for the ACF because if its transport links to the rest of the region.
“We have seen an increase in desire from Ultra High Net Worth individuals and family offices to contribute to philanthropic causes in Singapore and the region,” said Mr Laurence Lien, co-founder and ACF’s chief executive.
“More of these individuals and families are prioritising philanthropic efforts that are not just aligned with their personal values and goals, but also ones that are sustainable with a long-lasting impact on communities at large. We see potential in driving strategic philanthropy in Asia from Singapore in tandem with the nation’s goal to position itself as a regional philanthropic hub.”
AFC says it will offer donor advised funds (DAFs) from its base in Singapore for “regional and local giving”.
It aims to introduce a technology-enabled platform that will allow grant makers to seamlessly track and view progress of their DAFs, by 2026.
Donor advised funds (DAFs) have been under the spotlight with some calling them a form of ‘zombie’ philanthropy.
In a special feature on the topic, Alliance looks at both the good DAFs can do as well as exploring the main criticisms of DAFs, such as that donors enjoy immediate tax breaks while sitting on large sums of money which are not disbursed in a timely manner.
The Bill & Melinda Gates Foundation will join ACF as a partner.
“We believe ACF will play a critical role by enabling philanthropists to increase collaboration, give more effectively and efficiently and, ultimately, accelerate progress towards the Sustainable Development Goals across Asia,” said Robert Rosen, Director, Philanthropic Partnerships, Bill & Melinda Gates Foundation.
Sustainable development goals (SDGs) have also come under the spotlight.
The September 2023 issue of Alliance magazine, now available to read in print and digital formats, looks at what exactly SDGs mean and how they must meet the real needs of communities.
Shafi Musaddique is news editor at Alliance magazine.
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