Five Philanthropy Initiatives Making a Mark in Singapore (2024 Edition)

The Sustainable Philanthropy Framework blossoms, intertwining the city's progress with the roots of change.

Singapore continues to be at the forefront of philanthropy and charitable efforts in Asia, with several initiatives making significant strides in 2024. From exclusive summits to innovative tax incentive schemes, these programs are setting new benchmarks in how philanthropy can be structured and its impacts maximised. Here's a look at five key initiatives reshaping the philanthropic landscape in Singapore.

Philanthropy Asia Summit (PAS)

Since its inception in 2021, the Philanthropy Asia Summit has become a vital platform for global and regional philanthropists. Its primary goal is to foster collaborations that tackle societal issues effectively. Focusing on climate change, education, and public health, the summit is by invitation only, underscoring its exclusive and high-impact nature. The Philanthropy Asia Alliance spearheads this initiative, demonstrating a solid commitment to addressing critical global challenges.

Sustainable Philanthropy Framework

Launched in early 2024, the Sustainable Philanthropy Framework offers corporates a clear guide to measuring the social impact of their philanthropic activities, including donations, volunteering, and inclusive hiring. This initiative encourages closer cooperation between the corporate sector and social service agencies, aiming to create a more impactful and sustainable philanthropic ecosystem in Singapore.

Launched in early 2024, the Sustainable Philanthropy Framework offers corporates a clear guide to measuring the social impact of their philanthropic activities

Philanthropy Tax Incentive Scheme (PTIS)

The Philanthropy Tax Incentive Scheme, a collaborative effort by the Monetary Authority of Singapore (MAS) and the Ministry of Finance (MOF), is designed to encourage charitable contributions by offering tax deductions for donations, including those made overseas. This scheme not only incentivizes philanthropy but also broadens the scope of eligible charitable activities, making it a pivotal development in Singapore's philanthropic framework.

Guidance on Regulation of Grantmakers

Introduced recently, this guidance allows foundations more flexibility in their operations, including conducting research, direct service, and the issuance of loans and social impact bonds. The latter introduces a novel approach to funding charities, where philanthropists can invest in social outcomes and share returns with investors, further expanding the financial instruments available for charitable work.

WMI's Impact Philanthropy Partnership (IPP)

The Impact Philanthropy Partnership, initiated by the Wealth Management Institute (WMI) and supported by the MAS, represents a significant step towards innovative philanthropy. Launched in March 2023, it aims to unite wealth owners with the family office ecosystem, promoting venture philanthropy and impact investing as key strategies for meaningful philanthropic engagement.

These initiatives highlight Singapore's innovative approach to fostering a vibrant philanthropic environment, emphasising collaboration, sustainability, and impact. As these programs continue to evolve and expand, they reinforce Singapore's position as a leading centre for philanthropy in Asia.