Temasek Trust launches Asia-focused philanthropy ecosystem
Ilyas Salim
THERE are fisheries in Indonesia that must be better run to give ocean conservation a fighting chance. Over in the Philippines, basic healthcare needs to be made more accessible and affordable.
This is where the newly launched Philanthropy Asia Alliance (PAA) comes in. Its job is to be a collaborative platform that gathers stakeholders such as organisations and governments, and to connect global and regional philanthropists, so they can form partnerships to tackle such Asia-focused issues.
Together, the members of this network hope to create the infrastructure so that organisations, funders and project leaders can find each other more easily and collaborate on a deeper level.
PAA was unveiled on Friday (Sep 15) by Temasek Trust, the philanthropic arm of Singapore investment company Temasek Holdings.
To get things kickstarted, the alliance already has pledges amounting to more than S$1 billion from its partners, which to date include more than 80 global organisations and companies. They include DBS Foundation, the Bill & Melinda Gates Foundation, Mapletree Investments and the World Economic Forum.
The amount includes US$100 million from Temasek Trust to grow the ecosystem and support PAA’s working capital.
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PAA aims to build capabilities and capacities in the philanthropic sector, and facilitate multi-sector partnerships to come up with Asia-focused solutions for global challenges such as climate change.
Several initiatives were thus launched on Friday, to catalyse impact and sustainability and improve synergies between impact-minded companies and organisations.
For instance, Temasek Trust and DBS Foundation have worked together to launch a new digital catalytic capital marketplace, which aims to channel private investments towards solutions for social and environmental problems.
The platform, Co-Axis, will connect funders to social enterprises and blended-finance projects. It will also serve as a hub where participants can exchange best practices, insights and innovative financing strategies related to their philanthropic endeavours.
Dawn Chan, CEO of the Centre of Impact Investing and Practices and managing director at Temasek Trust Capital, said there is significant potential for increased focus on – and usage of – impact outcome measurements in the regional philanthropic sector, for more effective solutions.
However, she said impact capital investing represents a “continuum of capital”.
“Sustainable companies and enterprises need a smooth hand-off between philanthropy and catalytic capital all the way through to commercial capital. Communities need to engage with one another and exchange insights and best practices, to increase impact at scale and at speed, and that is the platform we are endeavouring to build,” she said.
Other initiatives announced on Friday included an amplifier mentorship programme that aims to identify and support promising impact-focused startups by providing them with mentorship, professional services and access to capital.
A new Asia Centre for Changemakers will also be set up by Temasek Trust and PAA to offer programmes and events on philanthropy, social entrepreneurship, and impact, in partnership with global and regional institutions. The centre will be based in Singapore.
PAA members and other funders can access a list of curated programmes to support, with these coming under three anchor mandates – climate and nature, inclusive and holistic education, and global and public health. There are currently 29 such programmes – which tackle regional issues such as women’s education and improved access to drinking water – and the list is growing.
Chief executive of Temasek Trust Desmond Kuek said: “Collaborative, collective action is key to tackling the interconnected and complex challenges confronting us.”
He added: “(PAA) will harness the strengths, ideas and best practices of members and partners to jointly pioneer philanthropic innovations, to realise our bold ambitions as an alliance to prime Asia as a force for good.”
PAA’s patron is Tharman Shanmugaratnam, Singapore’s ninth president, who was inaugurated just the evening before the launch of the alliance.
Describing the alliance as “a significant and much-needed initiative”, he said: “The challenge we face is unprecedented – combining the need for bolder actions to tackle climate change, with the imperatives of job creation and income growth in developing Asia. It can only be addressed through a whole new wave of innovations, in virtually every sector, including farming.”
He added: “PAA will bring global and regional philanthropies together to work with governments, businesses, and other stakeholders to catalyse and scale up these innovations.”
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