Amid the joyful rhythms, hustle and bustle of chatter, and clinking glasses, people can be seen milling about with the latest fashion from world-famous brands.
A portrait of a weekend that promises to be not only a fascinating night of racing but also a symbol of celebration of prosperity and life, considering that many people crown Formula 1 as a financial juggernaut.
This remarkable setting is well-founded, considering that Asia's increasing wealth, which has created a growing middle class over the past few decades, has transformed the global economic landscape and strengthened its position as the driving force of the economy in the 21st century.
These socio-economic shifts have not only raised the standard of living that make enjoying night racing as one of the common annual entertainments for many but have also driven innovations, attracted large-scale investments, and played an important role in coining a new phase of the philanthropic movement that not only focuses on giving but also taking into account impact and sustainability.
According to the 2021 Credit Suisse Global Wealth Report, the Asia-Pacific region is expected to account for over 30 percent of the 84 million millionaires and 28 percent of 344,000 ultra-high-net worth individuals globally in 2025.
Hence, an evolving philanthropic landscape, with a rise in innovative models to catalyze philanthropic capital, and the enhanced capabilities and multi-sector collaboration needed to tackle today’s increasingly complex and interconnected global challenges, require specialized and systematic upskilling of the philanthropic sector in Asia.
In response to that, on September 15, 2023, Temasek Trust, an endowment trustee of Temasek, launched the Philanthropy Asia Alliance, an initiative dedicated to catalyzing collaborative philanthropy in Asia through dynamic multi-sector partnerships.
“In Asia or beyond, whether private, public, or people sector, whether first-mile catalyst or last mile delivery in philanthropy, the way to the future must be through collaborative pathways and collective action,” CEO of Temasek Trust Desmond Kuek stated in his opening remarks for the Philanthropy Asia Summit 2023 where the Philanthropy Asia Alliance was launched.
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He noted that the Philanthropy Asia Alliance is a platform for everyone to come together in a coalition for action to prime Asia as a force for good.
Asia, as a continent rich in culture and diversity, is a place where the spirit of giving has been embedded in society for generations. The culture of giving is one of the local wisdoms of Asian society, from the ancient tradition of alms in Buddhism to zakat in Islam and philanthropic efforts in modern times.
Global Tanoto Foundation CEO, J. Satrijo Tanudjojo, stated that Asia has long recognized the importance of giving back to society, with emphasis on the values of selflessness and giving without expecting anything in return.
He highlighted the cultural and religious teachings that underlie a sense of responsibility to help those in need, fostering an outlook of giving that spreads throughout society.
”However, there is a need to collaborate to think about sustainability and the impact of philanthropic activities on society,” he remarked.
Tanoto Foundation is one of the five members that became the forerunner of Philanthropy Asia Alliance last year.
Hence, impact-driven philanthropic actions have a tremendous opportunity to grow in Asia.
This is proven by the extraordinary amount that Philanthropy Asia Alliance had earned on its launch day, totaling US$777 million, with the number of memberships reaching more than 80 members and partners.
“We hope many more will be encouraged to join us in our alliance, on any boat – as a donor of any sum, a knowledge expert in any related field, or a program partner championing any of our calls-to-action,” Kuek stated.
Moreover, the need to create a supportive ecosystem for developing impact-based philanthropic activities has also been initiated with the launch of Amplifier, a mentorship program aiming to catalyze impact ventures to deliver positive change at scale, by Temasek Trust ecosystem entities.
“We set up the Amplifier to support impact innovators – their success is ours too. By working together, we can unlock possibilities not just for Asia but also the world,” Director of Philanthropy Asia Alliance Ryan Tan stated.
Apart from Amplifier, there is also the need to build capabilities for Asia’s philanthropic ecosystem to improve collaboration. In an effort to create this, Temasek Trust and the Philanthropy Asia Alliance announced their plan to set up an Asia Centre for Changemakers.
The Centre will build capabilities and communities in the regional philanthropic ecosystem to support more collaborative and innovative ways of giving and driving impact. It will cultivate communities through programs and events on philanthropy, social entrepreneurship, and impact in partnership with global and regional institutions.
“This is aligned with our aim to build the capabilities and communities to mobilize philanthropic capital to prime Asia as a force for good. We invite like-minded, strategic partners to join us in building the Centre to strengthen Asia’s philanthropic ecosystem,” CEO of the Philanthropy Asia Alliance Lim Seok Hui remarked.
Asian people often view giving as not only a moral obligation but also a way of life that often forms the basis of important life events, such as weddings and religious holidays.
This outlook of giving is a powerful force for positive change in the region. From vibrant metropolises to serene remote villages, act of compassion, kindness, and generosity always shape the day and underscore a collective commitment for a better future for generations to come.
Hence, a collaborative philanthropy movement is an integrated effort that will definitely have a place in the hearts of Asian people.
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