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Money Mind – Leaving A Legacy

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Two female individuals can be seen in the picture, both dressed in red shirts and holding a volleyball ball.

How can you leave your mark on the world and make an impact on the lives of others?

LISTEN: Catherine Loh, CEO, Community Foundation of Singapore (CFS); lawyer and CFS ambassador, Nadia Ahmad Samdin

Money Mind, weekdays 10am to 2pm on #CNA938.

Speaking after the association’s annual general meeting at Kallang Netball Centre on Friday, Liang-Lin, a fund manager for a US$7 billion (S$9.5 billion) firm focused on green real estate investments in Asia, hopes to bring her expertise to the table and increase the amount of financial support for Singapore netball during her four-year term.

The 53-year-old took over from Deputy Speaker of Parliament Jessica Tan, who has been the association’s president since 2012. Tan had reached the end of her tenure, which saw the national team make several breakthroughs, including a gold medal at the 2015 SEA Games in Singapore.

Liang-Lin holds various appointments such as being Singapore’s representative to the G20 for Women appointed by the Ministry of Finance. She is also a board member of the Community Foundation of Singapore, which promotes philanthropy through facilitating the establishment of charitable funds.

She said: “One of the things that is overlooked when we look at philanthropy and fundraising is that sport is not really part of the things that people will automatically think about.

“Less than one per cent of the funds that we raise in the Community Foundation goes to sport. The values that sport brings need to be amplified more, so that corporates… see the need to support sport. I think that link needs to be stronger so that we get not just more corporate sponsors, but also they can come in for longer periods of time.”

While national agency Sport Singapore provides funding to netball, corporates can also do their part, she added.

She said: “If we play our cards correctly, we can get corporates to come in and hopefully support them, to see the wider purpose of sport and bring the nation together.”

She also hopes the association can be proactive in looking for financial support, adding: “We must work more strategically with governing bodies on educating corporates on the importance of really supporting sport.”

The former netball player also made references to the recent Women’s World Cup for football, noting the “ability for a game that focuses on women in the sport to bring global attention”.

She said: “I want that kind of trajectory of the limelight going to women’s sport. I think that is a trend that will continue, and I hope that netball will be part of that trend.”

Meanwhile, Tan was satisfied that she has achieved the three objectives she had set out to do when she came on board – to improve quality of play, build a fan base and create an ecosystem which involves coaches and players.

The 57-year-old added: “As much as I do feel sad about having to step down, but at the same time, leadership renewal is very important.

“I think Trina will help to galvanise the team together, and bring a lot of new perspectives and quality to the association.”

Join us in making an impact on Singapore sports scene! Reach out to us for more information.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

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The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

Events

CFS Change Matters Series: Mens, Manus and Machina – How AI Empowers People, Institutions & the City in Singapore

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Charitable Business professionals standing before a screen.

Artificial intelligence (AI) will be a disruptive influence on society, for good as well as ill – and there is a duty to provide a sense of hope, upfront, that humans will be able to prevail.

That was the core message of the inaugural CFS Change Matters Series talk, “Mens, Manus and Machina – How AI Empowers People, Institutions & the City in Singapore”. It was delivered on 21 June 2023 by Professor Jinhua Zhao, Associate Professor of Transportation and City Planning at the Massachusetts Institute of Technology (MIT).

“Mens”, “manus” and “machina” are Latin for “mind”, “hand”, and “machine” respectively, and the title plays on MIT’s motto, “mens et manus”. The title of the talk is also the name of a multi-disciplinary collaborative project between MIT and Singapore’s National Research Foundation. The collaboration is co-led by Prof Zhao, and aims to address the following questions:

  1. How will we design technology and train humans to build the skills and habits for human success in a robotics-heavy environment?
  2. How will we adapt our social and business institutions to create the incentives and protections for innovation and human welfare?

In his talk, Prof Zhao shared four key insights into AI.

1. AI will transform, rather than reduce, demand for workers

Enablement, not elimination, of workers

The aftermath of the Industrial Revolution (1760-1840) saw the rise of the machine, leading to a major change in the way we worked. This did not, however, reduce overall demand for workers.

Citing economist James Bessen, 1 Prof Zhao noted that the number of ATMs in the USA grew rapidly from the 1970s, when the first ATMs were installed in banks. However, the role of the bank teller was not eliminated, but enabled. Bank tellers now focused on value-added services centered on human interactions, which could not be replaced by ATMs. As such, the number of bank tellers increased.

Employment grows along with automation

While automation has led to displacement and job loss, there has historically not been a fall in overall employment. Increased productivity from automation, as well as the growth of new human desires over time, have created entirely new jobs and industries.

This has led to an overall increase in employment; in fact, the 2018 US Census counted that more than 60% of jobs in 2018 had not yet been “invented” in 1940.

2. AI is not all the same

Expert versus Learning Systems

AI systems generally fall into two categories: expert systems and learning systems.

  • Expert systems rely on predefined rules and a knowledge base to mimic the expertise of specialists.
  • Learning systems, such as machine learning, mimic the way the brain learns and processes information.

Discriminative versus Generative Models

In addition, AI systems mainly adopt either a discriminative or a generative model in relation to their inputs.

  • Discriminative models classify or discriminate between different inputs, based on their features.
  • Generative models learn the patterns and relationships within the data input to generate new samples that resemble the original data.

The ubiquitous ChatGPT, for example, is a Large Language Model, an example of a generative model AI that can produce human-like chat responses.

3. The real impacts of AI on society

AI will replace white-collar jobs, not blue-collar jobs

While the Industrial Revolution replaced manual workers, AI’s superior analytic and generative skills enable it to replace white-collar jobs like office workers and scientists.

For example, a Google-developed AI known as AlphaFold was able to significantly outperform human scientists in the field of protein structure prediction – a feat normally requiring decades of expertise from humans.

As such, it is “highly skilled” white-collar jobs that may be at risk from AI – a concerning proposition for developed economies that depend heavily on these jobs.

The response of social institutions will determine the impacts of AI

The impact of AI does not occur in a vacuum. Tapping the beneficial impacts of AI on living standards depends on how successfully social institutions can take advantage of it. For example, society must continue to be responsible for providing financial safety nets for those displaced by AI, and for caring for seniors who may find it harder to adapt.

These institutions must also respond to not just the economic challenges, but the social challenges of AI. Citing the intellectual Yuval Noah Harari, Prof Zhao noted that generative AI, for example, could destroy the ability for people to have meaningful conversations – and undermine democracy in the process.2

4. Science, government, and individuals can respond to AI productively

Science can help us control AI

Science must solve the alignment problem3 in order to develop beneficial AI – which takes only actions that achieve human objectives and preferences. Otherwise, AI could unintentionally act in a way that is destructive and harmful to humanity.

Governments can educate humans to fill areas that AI cannot

While AI is powerful, it is not superior to humans in all areas. Humans are better than AI at:

  • Creativity: being able to apply knowledge from one area to another area
  • Dexterity: tasks involving manual dexterity
  • Social intelligence: conducting “social negotiations” with humans, such as knowing when it is safe to turn while driving
  • Long-term planning: being able to break long-term plans (e.g. a 5-year plan) into shorter increments

With that in mind, governments should focus education on creativity and communication, as well as critical thinking: the ability to judge, and to ask the right questions. This prepares students to become evaluators, directors and planners, instructing AI to act on their goals.

The role of teachers will also change as AI evolves and becomes deployable at scale as an individual, customized teaching assistant. AI will enhance students’ learning and help teachers understand students; teachers will be tasked with socially engaging, empathizing with, and supervising students, rather than merely delivering content.

Individuals can change their mindsets to be resilient in the face of AI

Finally, the impact of AI, and job displacement, on individuals will not purely be economic. It will be personal as well, given how central work is to our social and emotional lives, and to our sense of purpose.

Individuals can make the following mindset changes, in order to be resilient:

  • Adopting a lifelong learning mindset: this means developing new skills while working, rather than focusing on academic learning as preparation for work.
  • Adopting a flexible mindset: understanding that while change is the new normal, humans have always had the capacity to adapt. This is especially important for youths.

Final thoughts: how philanthropy can respond to AI

Philanthropists reading this may wonder: how do I respond to the challenges posed by AI? CFS is Singapore’s first community foundation, with 15 years of experience and a network of over 400 charity partners. We leverage our experience and grantmaking expertise to identify and evaluate key opportunities for individual and corporate donors to make greater impact.

We think the following giving approaches may be valuable to respond to AI:

  • Supporting seniors to age well in the community, so they remain cared for and are not left behind.
  • Enabling youths to access quality education, through schools and Institutions of Higher Learning, and prepare for the AI-empowered future.
  • Funding efforts to improve employability, so that individuals develop the skills they need to keep working.
  • Ensuring that mental wellbeing is supported, to help individuals build the resilience to cope with changes.
  • Tackling climate and environment issues, to mitigate and adapt to this additional source of negative disruption.

To find out more about CFS and our leading role in Singapore’s philanthropy ecosystem, please click here.

CFS would like to extend our heartfelt gratitude to our donors Oliver Kwan and Helen He from the Evergreen Changemaker Fund for their invaluable support and extending the invitation to Prof Zhao, which made this event possible.

References

1 Bessen, James. “Toil and Technology.” Finance & Development 52, no. 1 (March 2015): 16–19. https://www.imf.org/external/pubs/ft/fandd/2015/03/pdf/bessen.pdf.

2 “Yuval Noah Harari Argues That AI Has Hacked the Operating System of Human Civilisation,” The Economist, April 28, 2023, https://www.economist.com/by-invitation/2023/04/28/yuval-noah-harari-argues-that-ai-has-hacked-the-operating-system-of-human-civilisation.

3 The problem of aligning AI with humans’ objectives and values.

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

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News

Singapore Tatler: Kith and Kin

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Family relaxing on couch, on a magazine. (Singapore Tatler Upfront)

The family behind Naumi Hotels and Rang Mahal Restaurants, Surya, Ritu and Gaurang Jhunjhnuwala, shares how its late patriarch Shyam Sundar Jhunjhnuwala’s spirit of entrepreneurship and giving lives on through the generations with the S S Jhunjhuwala Charity Fund established with the Community Foundation of Singapore (CFS). With philanthropic advice from CFS, the family continues its patriarch’s legacies and focuses on education, welfare initiatives, as well as health-related issues for underprivileged women and children in Singapore. Read more.

Courtesy of Singapore Tatler, February 2019

Speaking after the association’s annual general meeting at Kallang Netball Centre on Friday, Liang-Lin, a fund manager for a US$7 billion (S$9.5 billion) firm focused on green real estate investments in Asia, hopes to bring her expertise to the table and increase the amount of financial support for Singapore netball during her four-year term.

The 53-year-old took over from Deputy Speaker of Parliament Jessica Tan, who has been the association’s president since 2012. Tan had reached the end of her tenure, which saw the national team make several breakthroughs, including a gold medal at the 2015 SEA Games in Singapore.

Liang-Lin holds various appointments such as being Singapore’s representative to the G20 for Women appointed by the Ministry of Finance. She is also a board member of the Community Foundation of Singapore, which promotes philanthropy through facilitating the establishment of charitable funds.

She said: “One of the things that is overlooked when we look at philanthropy and fundraising is that sport is not really part of the things that people will automatically think about.

“Less than one per cent of the funds that we raise in the Community Foundation goes to sport. The values that sport brings need to be amplified more, so that corporates… see the need to support sport. I think that link needs to be stronger so that we get not just more corporate sponsors, but also they can come in for longer periods of time.”

While national agency Sport Singapore provides funding to netball, corporates can also do their part, she added.

She said: “If we play our cards correctly, we can get corporates to come in and hopefully support them, to see the wider purpose of sport and bring the nation together.”

She also hopes the association can be proactive in looking for financial support, adding: “We must work more strategically with governing bodies on educating corporates on the importance of really supporting sport.”

The former netball player also made references to the recent Women’s World Cup for football, noting the “ability for a game that focuses on women in the sport to bring global attention”.

She said: “I want that kind of trajectory of the limelight going to women’s sport. I think that is a trend that will continue, and I hope that netball will be part of that trend.”

Meanwhile, Tan was satisfied that she has achieved the three objectives she had set out to do when she came on board – to improve quality of play, build a fan base and create an ecosystem which involves coaches and players.

The 57-year-old added: “As much as I do feel sad about having to step down, but at the same time, leadership renewal is very important.

“I think Trina will help to galvanise the team together, and bring a lot of new perspectives and quality to the association.”

Join us in making an impact on Singapore sports scene! Reach out to us for more information.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
admin bluecube

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

News

Bank of Singapore partners Community Foundation of Singapore to provide clients with philanthropy services

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a person pushing a person in a wheelchair

Bank of Singapore, the private banking subsidiary of OCBC Bank, has partnered with non-profit organisation Community Foundation of Singapore (CFS) to provide its clients with philanthropic services. 

 With this partnership, CFS will work with the bank’s clients to translate their interests, values and goals into philanthropic strategies that meet giving goals of the clients and match the needs of the local community. To develop these strategic giving plans, CFS will use insights from its Charities and Grants team and consult its philanthropy advisors.

In a press release on Monday (May 23), Bank of Singapore stated that the partnership comes at an “opportune time” as philanthropic activities amongst ultra-high and high net worth individuals are on the rise. 

Headquartered in Singapore, the bank serves high net worth individuals and wealthy families markets of Southeast Asia, Greater China, Philippines, India Sub-Continent and other international markets. 

Based on statistics from Knight Frank, 54 per cent of global family offices, a strategic client segment that the bank is focused on building, were increasing their philanthropic activity in 2021. 

Bahren Shaari, chief executive officer of Bank of Singapore, believes that CFS’ expertise and insights into Singapore’s charitable landscape will help the bank’s clients to map out charitable-giving goals that align with their values and ambitions.

This article was originally published in The Business Times here. Source: The Business Times © SPH Media Limited. Permission required for reproduction.

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Stories Of Impact

Helping migrant workers with a home and a heart

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Happy group of individuals posing with a 'home' sign.

When Li Meimei*, a single mother of two young children from Chongqing, China came to Singapore last year, she had hoped to be able to work to pay off the loan of RMB 200,000 (SGD 40,000) which she had taken out in her home country.

However, she got far more than she had bargained for when she started working for a beauty and massage parlour in Singapore. Not only did Li have to pay kickback to her employer, she was also coerced to perform illicit acts for customers. When Li refused, she was punished with menial labour such as cleaning and clearing out rubbish.

While working, Li suffered a fall and fractured her tailbone. Her employer was unsympathetic, and after discovering that Li would take a long time to recover, cancelled her work permit and attempted to repatriate her without compensation of salary or returning her kickback.

Eventually, Li managed to seek reprieve when she approached the Humanitarian Organization for Migration Economics (HOME). HOME is supported by the Migrants Emergency Assistance and Support (MEANS), a Community Impact Fund (CIF) managed by the Community Foundation of Singapore (CFS). HOME provided Li with shelter, food and a transport allowance, even paying for her medical bills which allowed her to continue treatment for her injury.

Singapore is host to more than a million low-skilled and semi-skilled migrant workers from countries in the region, and many of these workers experience similar situations faced by Li Meimei. Unpaid salaries, overwork, physical and psychological abuse are the problems that some of these men and women have to endure during their employment in Singapore. A significant number of migrant workers are also victims of forced labour and human trafficking.

Through CFS’s casework team, HOME was able to assist 1,400 marginalised migrant workers in 2019. Out of that number, 409 workers were provided with financial assistance to pay for temporary accommodation, seek medical care and buy food. CFS disbursed a grant of over $47,500 in June 2019 using donations via Giving.sg. Such financial assistance is also extended to support male migrant workers who are evicted from their dormitories, or for migrant workers to purchase flight tickets and bus rides to reach their home countries safely.

HOME received IPC charity status in 2004, and continues to be one of the few organisations in Singapore that provides support to migrant workers and is dedicated to upholding their rights. Their efforts are primarily directed towards the welfare and empowerment of migrant workers, which are focused on but not limited to shelter, transport, crisis support, skills development, counselling and medical needs.

*not her real name

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
admin bluecube

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

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