Temasek Trust, the philanthropic unit of Singapore wealth fund Temasek, has joined forces with some of the world’s leading private foundations for collective action on worthy causes in Asia.
Philanthropy Asia Alliance aims to develop thought and action leadership in philanthropy, and enable scalable impact through multi-sector partnerships and associations.
Among its early core members, aside from Temasek Trust, are Bill & Melinda Gates Foundation, Dalio Philanthropies, Li Ka Shing Foundation, four companies of Sinar Mas, and Tanoto Foundation.
The members and their supporters have initially committed more than US$200 million to support its initiatives. This includes US$100 million from Temasek Trust to underwrite the setting up of the alliance’s infrastructure, and build capabilities to forge partnerships, develop knowledge, and catalyze “calls to action” (CTAs).
Commenting on the initiative, Temasek Trust chairman Ho Ching says: “The Philanthropy Asia Alliance signals changes we are seeing in the philanthropy ecosystem in Asia. The readiness to collaborate, bias for action, and new funding models mean our pooled resources will be flexible and nimble as we develop solutions that can scale good in Asia.”
While Asia is a vibrant and diverse region with 60% of the world’s population, it is also a region with vast economic inequality as well as pressing social and environmental issues, making it an ideal testbed for new philanthropic models to deliver impact at scale.
The formation of the Alliance was prompted by calls for a more coordinated and outcome-focused way to develop Asia-specific solutions.
The initiative was announced at the recent Philanthropy Asia Summit 2022 in Singapore, which was attended by principals and heads of global and regional philanthropies, family offices, next-generation philanthropists, and leaders of various sectors.