Asia philanthropy push targets scale, flexibility and impact
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
Asia’s philanthropic sector is being urged to become more flexible, strategic and conviction-led as giving across nine Asian jurisdictions is projected to total US$1.5 trillion over the next decade. The call comes as the Commission on Asian Philanthropy, launched in Hong Kong two years ago, works to improve how charitable capital is deployed against social, economic and environmental challenges.
Key Points
- The Commission on Asian Philanthropy projects philanthropic giving in nine Asian jurisdictions will reach US$1.5 trillion over the coming decade.
- The commission was launched two years ago at the Hong Kong Jockey Club’s Philanthropy for Better Cities forum in Hong Kong.
- Hong Kong Jockey Club chairman Martin Liao Cheung-kong said philanthropy matters more as governments no longer face major global challenges alone.
- This year’s philanthropy summit drew about 2,000 delegates from philanthropy, sport, government, business and academia, according to Liao.
- The 13-member commission spans 10 jurisdictions, including Hong Kong, mainland China, Singapore, Japan and Saudi Arabia, covering 70 per cent of Asia’s population and 80 per cent of GDP.
Why It Matters
For Hong Kong, the discussion goes beyond charity volumes to whether the city can turn its convening power into a durable role as a regional philanthropy hub and East-West bridge. If giving is better coordinated and professionalised, more private capital could be directed toward complex public needs that governments and markets are struggling to solve alone.