Temasek Holdings-owned Temasek Trust has on Monday announced the launch of TT Foundation Advisors (TTFA) which aims to be a one-stop independent provider of philanthropy advisory and management services to philanthropic foundations, family offices, business corporations, philanthropists, and charities across Asia.
“The launch of TT Foundation Advisors is aligned with Temasek Trust’s aim of building a vibrant and impactful philanthropic ecosystem in Asia by supporting the increasing interest of individuals and family offices in legacy, impact and giving to build a positive, sustainable future for every generation,” Temasek Trust Chief Executive Officer Desmond Kuek said in a statement.
According to the statement, Asia’s philanthropic landscape is fast evolving and growing in significance, with more than a third of global wealth is projected to be in the hands of Asian millennials by 2030.
It is noted that three in five family offices surveyed in the region regard philanthropy as a higher priority for their principals now vis-à-vis just a few years ago.
Meanwhile, three in five also stated that younger family members expect more extensive support from their family offices than the senior generation – for example, in developing creative solutions to address environmental and sustainability challenges, along with wide-ranging support to enable personal goals.
There is also a shift from cheque book to catalytic philanthropy, with a greater emphasis on impact measurement and management, and more outcomes-driven, evidence-based giving.
According to the statement, Singapore is fast becoming a regional philanthropic hub, with more than 1,400 Single Family Offices (SFOs) and 50 percent of Southeast Asia’s top family businesses.
It noted that SFOs aiming to qualify for overseas donation tax incentives under the Monetary Authority of Singapore (MAS) Philanthropy Tax Incentive Scheme (PTIS) which encourages philanthropic activities abroad through Singapore, may outsource their required Philanthropy Professionals and appoint independent, trusted Donor Advised Funds (DAF) as their qualifying local intermediaries.
SFOs are also seeking reliable advice for using regular donations and blended finance grants to fulfill their Local Spending Requirement under MAS’ 130/U schemes, it added.
It also said private banks planning to offer DAF and philanthropy advisory services may also appoint an independent and trusted partner to provide solutions.
These developments have heightened demand for outsourced independent philanthropy advisory services and DAFs to facilitate local and regional giving, it said.
According to the statement, TTFA has been set up to meet this increased demand and aims to build regional philanthropy capabilities by improving access to philanthropy advisory and management services.
It said TTFA will harness Temasek Trust’s networks, capabilities, and its ongoing initiatives with like-minded partners to build a vibrant and impactful philanthropic ecosystem in Asia.
For example, TTFA clients can benefit from impact measurement, and management training and insights from Temasek Trust ecosystem entities such as the Center for Impact Investing and Practices (CIIP) and the Asia Centre for Changemakers (ACC).
They can embark on collaborative philanthropic projects and initiatives via the Philanthropy Asia Alliance (PAA), an action-oriented global alliance comprising more than 80 members and partners who have come together with the shared aim of catalyzing innovative solutions to drive positive impact and prime Asia as a force for good.
TTFA clients can also access curated global impact opportunities on Co-Axis, a digital catalytic capital marketplace for founders and funders of projects with social and environmental impact.
“The launch of TT Foundation Advisors is a positive industry development and will help to strengthen the philanthropic ecosystem. Philanthropy advisory and management services will be more accessible,
“Clients now have another option of a reputable and trusted service provider which is not linked to a financial institution,” said David Chee, Partner, Private Wealth and Middle East Practices, Wong Partnership.
TTFA is helmed by philanthropy advisory services industry veteran Dickson Lim.
As Head of TTFA, Lim leads a team who will work with philanthropists, family offices, business corporations, and organizations in Asia to strategize, structure, execute, manage, review, and transition their philanthropic visions and legacies, across generations, geographies, and leadership successions.
Prior to joining Temasek Trust, Lim was Executive Director and Head of Philanthropy & Community Impact, Singapore at UBS, where he spearheaded the development and implementation of its regional philanthropy and social responsibility initiatives.
Before that, he worked at BNP Paribas Singapore as the Head of Individual Philanthropy Services for Southeast Asia. He has served in various roles across the non-profit sector for 20 years.
“There is a significant opportunity to drive meaningful impact in Asia, with a fast-growing need for trusted philanthropy advisory and management services,
“My team and I at TT Foundation Advisors will leverage Temasek Trust’s insights, capabilities, and resources, as well as the expertise and evidence-based interventions across the wider philanthropic ecosystem, and partner with our clients to deliver strategic and impactful solutions that resonate with their passions, values, and the communities they care deeply about,” said Lim, Head, TT Foundation Advisors.
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