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Monetary Authority of Singapore (MAS) Family Office Circle Webinar: Philanthropy in Singapore and the Region
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Events

Events

Monetary Authority of Singapore (MAS) Family Office Circle Webinar: Philanthropy in Singapore and the Region

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The Community Foundation of Singapore’s (CFS) CEO, Ms. Catherine Loh, was invited to speak at a virtual closed-door Family Office Circle event titled Philanthropy in Singapore and the Region on the 22nd of July, organised by the MAS-EDB Family Office Development Team[1] in partnership with the Asia Philanthropy Circle (APC) and CFS.    

The event was attended by 55 international and local participants, involving single family offices and family foundations who had either set up or are setting up a presence in Singapore.

Ms. Kelly Teo, Deputy Director and Head of MAS’ Banking Development Division, observed in her opening remarks that there was an increasing interest among single family offices, especially those involving the next-generation, to give back to society such as through  philanthropy. This sentiment is corroborated by the UBS Family Office report 2020 which found that philanthropy is becoming the most important activity by the time of the third generation. However, many were unsure about how to start and who to give to. The Family Office Circle event was hence organised to share with single family offices about the philanthropy landscape and giving opportunities in Singapore and the region.

The crucial role of Philanthropy in Singapore

CFS’s CEO Ms Catherine Loh participated in a fireside chat, hosted by Ms. Stacey Choe, the Chief Operating Officer (COO) of APC on Singapore’s philanthropy landscape, its gaps and opportunities.

Catherine spoke about the need for philanthropy in Singapore, despite being widely regarded as a wealthy country. She explained that due to the widening income gap, social inequality is deepened in our society, and philanthropic donations are needed to provide relief to those in need and to find long term solutions to reduce social inequality. 

While Singapore does not have absolute poverty, relative poverty is a concern here. Research has shown that a family of 4 needs between S$2,500 to $2,950 a month in gross household income to live decently. 

The Covid-19 pandemic has hit the lower income more seriously than those with higher incomes.  The lower income and less educated are likely to find it challenging to pivot and adapt to a workplace that is changing due to technological advancements.   

Singapore also requires solutions to a rapidly ageing society.  Other critical areas of need would be looking at issues related to mental health and environment.  All these issues are critical to the future stability of Singapore.

When asked about how we could support those who are most in need, Catherine answered that she would prefer donors to ask what kind of social change they would like to see instead. She said that asking that question would lead to effecting long term change, for instance, helping the poor to get out of the poverty cycle.

Catherine also extolled the benefits of participating in philanthropy, citing that families who engage in it together are happier and pass down shared values to the next generation. Philanthropy also reduces the income gap and promotes cohesion in countries, and benefits the rest of the region as well through exchange of expertise and the replication of successful philanthropic pilot programs.

A Donor’s Giving Journey

Catherine was delighted to have Mr. Govind Bommi, the Founder and Chairman of Filtrex Holding Pte. Ltd, to share his inspiring giving journey as a donor of CFS and what motivated him to give.

CFS donor Mr. Govind Bommi came from very humble beginnings. He was born in Bangalore, India, to a family of six children who lived off a single income.

Despite his family’s modest background, it was his mother’s generosity towards the beggars who came to his house in the evenings that made the deepest impression on him. It was her philosophy towards helping others that struck a chord with him and formed the basis of his own giving nature, leading to the founding of the Andal Cares Fund, named in honor of his mother.

Mr. Bommi now considers Singapore his home, after moving here 20 years ago. He set up a water filtration and purification company, and says it’s best to participate in the community that one lives in and find out how best you can help others. Currently, Mr Bommi’s Andal Cares Fund is administered and managed by CFS, and supports rehabilitation programmes by the Metta Association. 

The Philanthropy Landscape in the region and its opportunities

The CEO of APC, Ms. Mafruza Khan gave an introduction to APC and the work that they do while COO Ms. Stacey Choe spoke about the philanthropy landscape in the region, its key trends and opportunities to build a better Asia through philanthropy together. She also shared about the unique challenges that philanthropists faced in Asia and suggested how philanthropists can convene together and collaborate to catalyze the necessary changes.

If you would like to learn more about philanthropy giving in Singapore, read here.

[1] A strategic partnership between the Monetary Authority of Singapore and the Singapore Economic Development Board.

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News

Berita Harian: Programme to prepare youths for the workplace launched

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Read more.

Translation:

Two programmes to help disadvantaged youths transition from school to work were launched yesterday in conjunction with the opening of the A.P.T.I.T.U.D.E Centre at ITE College Central.

Launched by the Singapore Youth Impact Collective (the ‘Collective’), the initiative is the first of its kind in Singapore that uses the collective impact model and allows donors and non-profit organisations to solve complex social issues together.

CFS deputy CEO Joyce Teo explained further: “This approach recognises the value of collaboration in addressing complex social issues that requires the coordinated efforts of multiple entities, often from different sectors.”

The Collective wants to increase the ability of youths from underprivileged backgrounds to succeed in the workforce through training and skills development.

The Collective comprises six members, namely Changi Foundation, the Community Foundation of Singapore (CFS), Credit Suisse, Octava Foundation, SHINE Children and Youth Services (SHINE) and TOUCH Community Services (TOUCH). To date, the funders have pledged close to $1 million towards the programmes.

The programmes, A.P.T.I.T.U.D.E Centre at ITE College Central and Youth Forte, aim to encourage young people to get their education qualifications, to develop their socio-emotional skills and provide them with access to job opportunities.

For example, A.P.T.I.T.U.D.E which is run by TOUCH in collaboration with ITE will offer structured programmes.

TOUCH youth coaches will work closely with the ITE-identified classes and help students work hard towards achieving their dreams

The Youth Forte programme targets youths 17 to 21 years’ old who are not in school or not working more than six months, and are facing difficulties entering the workforce.

Conducted by SHINE, the programme guides these young people through various stages including assessment, individual guidance, socio-emotional training, job skills training, practical training and vocational training that provides WSQ certification.

Talking about leveraging on the collaboration, Anita Low-Lim, Senior Director (Children and Youth Group), TOUCH, said, “This is a great opportunity for TOUCH to work with similar-minded partners who want to improve the work of youth development work and develop better training programmes.”

Benjamin Teo, Centre Director for Yishun Centre, SHINE, agreed:“The collective impact model allows non-profits to tackle operational challenges together with the donors. I’m positive this will help us in making a greater in the lives of these youths and their families.”

The Collective’s programmes are for youths aged 17 to 25 who may need support in school or after graduation as they seek employment.

Their aim is to empower 230 youths to be work-ready over the next three years.

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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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Stories Of Impact

The Tabung Project – Saving together for a better future

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Launched in 2013, the Tabung Project is a simple yet inventive micro-savings programme by the Healthy Start Child Development Centre (HSCDC), a childcare centre by Beyond Social Services serving children from disadvantaged backgrounds.

With generous support from a donor through the Community Foundation of Singapore (CFS), families who take part in the Tabung Project are encouraged to save in an innovative way. The idea is simple: every child brings home a tabung (“savings bank” in Malay) where family members and even the child are encouraged to contribute. Each month, Tabung Counting Days are conducted, and each child’s savings is then poured into a community savings pool.

Through a multiplier strategy, the collective savings are matched by the donor and government, yielding a greater savings deposit. The impact of the programme is that every dollar saved multiplies into much more as a result of this generous funding support. As an initiative which involves the whole family, the Tabung Project also inculcates an appreciation of the importance and benefits of saving together.

Today, over 84% of students at HSCDC are involved in the project. Based on review sessions, 70% of the participating parents have developed a positive mindset and culture of saving. Many of them have also expressed their gratitude for the project, which both motivates and helps them kickstart savings for their children, and enables them to tap the CDA funds for their children’s childcare and healthcare expenses.

“The Tabung Project is a small gesture toward a more inclusive society,” explains Gerard Ee, Executive Director of Beyond Social Services, “For low-income families who find it difficult to meet household expenses let alone save, their children will not have much in their Child Development Account (CDA) to meet their educational and healthcare expenses. This project is trying to help them meet practical expenses for their children’s well-being.”

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Events

CFS’ LaLa Café Series: Wellness Talk and Mindfulness Practice

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CFS’ LaLa Café is a virtual place to learn, socialise and rejuvenate for everyone at CFS. It is conducted by our employees, partners, and vendors to cultivate a growth-driven and dynamic work environment.

For the latest edition of LaLa Café, we invited Desmond Lim, psychotherapist, wellness advocate, and coach from Mind Culture to share about Mental Wellness and Mindfulness Practice.

Desmond shared that deep breathing exercises can help reduce anxiety, stress, fatigue, difficulty sleeping, and physical discomfort. He advised staff to look out for any symptoms of burnout such as; feeling tired most of the time, falling sick easily, having frequent headaches and muscle pains, change in appetite and sleeping habits, a sense of failure, and loss of motivation.

To avoid burnout, practising self-care by doing things that make us happy is important — it helps boost our emotional well-being. Self-care activities also increase self-esteem, higher productivity, and motivation. We were reminded to take care of ourselves first before taking care of others. 

He ended the workshop with breathing and meditation exercises. To see more, watch the video demonstrations below: 

CFS takes pride in advocating good mental health practices amongst our employees and supports Mental Health Funds such as Mind the Gap 200. 

To find out more about our programmes and start your giving journey, visit us here.

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Stories Of Impact

#MyGivingJourney x Stefanie Yuen Thio: Maximising impact with her purpose-driven philanthropy 

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#MyGivingJourney is a series where CFS features extraordinary women in Singapore and their efforts in philanthropy. This story features Stefanie Yuen Thio, Joint Managing Partner, TSMP Law Corporation and Board of Director at CFS. 

When COVID-19 first hit in early 2020, Stefanie Yuen Thio was appalled that healthcare workers had trouble getting a taxi or a Grab. It didn’t seem fair: front liners in our fight against the pandemic were shunned because people were afraid, they would transmit the virus. So Stefanie decided to do something about it.  

Through her family’s #GivingBack Foundation, she donated $20,000 to start the Sayang Sayang Fund (SSF). One of the fund’s first initiatives was to give out taxi vouchers to nurses and hospital staff. SSF has since ballooned to over $9.6 million thanks to the generosity of Singaporeans and financially helped close to 360,000 people hard hit by the pandemic. But the outreach that remains closest to Stefanie’s heart is helping weary essential workers get a ride home.   

SSF is one of several community impact funds under the Community Foundation of Singapore (CFS), designed to tackle unmet needs on the ground. Stefanie’s #GivingBack Foundation, meanwhile, is one of a growing number of personal foundations that CFS has facilitated. “CFS provides a guiding hand to people starting on their journey of giving, or those who want to be more purposeful and effective in their donations,” notes Stefanie, who is joint managing partner at TSMP Law Corporation.  

Stefanie chose CFS as it is a cause-neutral, one-stop philanthropy advisory platform. It can set up funds quickly and cost-effectively. It works with over 400 registered charities in Singapore and can enlighten and match donors with the causes they are most passionate about — as well as highlight charities that have the greatest needs. Moreover, it conducts due diligence, which builds trust in giving. As Stefanie sees it, “CFS helps donors to structure their giving for maximum impact and sustainability.”  

The #GivingBack Foundation has centred on children, the elderly and foreign workers. Among the charities, it has funded is Smile Asia, which provides free cleft operations to disadvantaged children in the region. And while Stefanie donates a tenth of her income to charity and the church, she believes writing a cheque is not the only way to contribute. 

She makes an effort to volunteer in person and has involved her son Jonathan from an early age. When he was in primary school, she brought him along on all of her law firm’s charity events. This included learning to cook with intellectually disabled kids and a day out at the Outward Bound School with boys from Boys’ Town. When he was 15, Jonathan accompanied her on a trip to Uzbekistan to serve on a Smile Asia trip. “Now that he’s older, we involve him in discussions on how to allocate funds from the foundation,” she adds. 

Exposing the next generation to philanthropy early will help institutionalise giving, making it less ad hoc and more strategic, she believes. “I would like giving to be a default. So that the question of “can I afford to give?” or “why should I donate when I already pay taxes?” is no longer a legitimate response,” she says.  

She is already seeing this in Singapore. “It’s in the young people. They may not yet have built up a hefty bank balance but they give their time and with their hearts. I see it in older folks who want to leave some of their assets to charity when they pass because they are thinking about their legacy. And for the others, they want to invest in a better world for their children.”   

Begin your own journey of giving with CFS. Read more about the #MyGivingJourney series here. 

This article was written by Sunita Sue Leng, a former financial analyst and journalist, who believes that the written word can be a force for good. She hopes to someday write something worth plagiarising. 

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