WMI and the Private Banking Industry Join Forces to Strengthen Singapore’s Position as a Philanthropy Hub
SINGAPORE - Media OutReach - 28 March 2023 - The Wealth Management Institute (WMI) and the Private Banking Industry Group (PBIG) announced the launch of the Impact Philanthropy Partnership (IPP) today, which aims to bring together family principals and offices to tackle society's most pressing challenges and issues.
The IPP, supported by the Monetary Authority of Singapore (MAS), will create a dedicated series of events and research publications to build greater awareness and momentum for philanthropy and newer models of giving such as venture philanthropy and impact investing.
"The number of family offices in Singapore continues to grow, and many have a strong appetite to give back to society, both in Singapore and regionally. The IPP will convene thought leaders, changemakers and innovative philanthropists from Asia and around the world, to inspire a broader movement for more strategic and impactful giving," says Foo Mee Har, CEO of WMI.
"Philanthropists and family offices can do tremendous good, especially in areas that lack market support. They can quickly deploy unrestricted funds in response to urgent problems such as natural disasters, back high-risk purposeful ventures, convene stakeholders and promote collaboration, develop and share research, and support large-scale implementation of solutions to pressing social problems. The IPP will build momentum to grow support of causes in Singapore as well as regionally," she adds.
One of the key initiatives under the IPP will be a Social Impact Discovery Series, a structured programme providing learning opportunities and thought leadership covering approach-related 'how-to' topics, as well as cause-related topics focused on specific areas of need locally and regionally.
Each partner will play a vital role in the partnership by leveraging their unique networks and expertise to raise awareness and convene the ecosystem, further amplifying the impact of the initiative. WMI will lead and execute the events, programmes and research.
Commenting on the partnership, Arnaud Tellier, CEO BNP Paribas Wealth Management Asia and Chairman of the PBIG Philanthropy Workgroup, says, "The PBIG Philanthropy workgroup has been working in close partnership with the private, public and people sectors to deepen philanthropic capabilities in the private banking industry. We started this journey in 2021 to enhance Singapore's traditional philanthropy eco-system, through continuous development of philanthropic infrastructure, services and capabilities from Singapore and for the region. The workgroup is now looking to foster growth in other innovative models of philanthropy, such as that of blended finance and impact investing. We look forward to play a catalytic role is transforming Singapore into a philanthropy centre for Asia."
Phua Wee Ling, Executive Director, Financial Centre Development Department, MAS, says, "The IPP is an important initiative in line with MAS' vision for Singapore to become Asia's centre for Philanthropy. It will facilitate collaborations between like-minded families and individuals who are keen to utilise their wealth to be a force for good to address needs ranging from climate action and poverty alleviation to inclusive education and resilient healthcare. The IPP initiative complements other efforts to build a supportive ecosystem that include deepening the talent pool for philanthropic advisory services in Singapore, developing due diligence and impact monitoring solutions and enhancing policies to encourage giving."
Beyond supporting the IPP, the PBIG has recently also worked to incorporate Philanthropy Advisory as a new Technical Skill and Competency (TSC) under the Institute of Banking and Finance Singapore Standards. This reflects the growing importance for wealth advisors of advising clients on philanthropy. In line with this, WMI has launched the Certificate in Philanthropy and Social Impact to support deeper learning in this critical area.
The IPP is open to members of the Global-Asia Family Office Circle as well as networks from PBIG, MAS and ecosystem partners. For more information about the IPP, please contact georgewong@wmi.edu.sg.
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About WMI
Established in 2003, the Wealth Management Institute (WMI) is committed to building capabilities for investing in a better tomorrow. Founded by GIC and Temasek, our vision is to be Asia's Centre of Excellence for wealth and asset management education and research. WMI is appointed as Singapore's Lead Training Provider for Private Banking by the Institute of Banking and Finance Singapore (IBF) and supported by the Monetary Authority of Singapore (MAS). WMI also helms the Global-Asia Family Office Circle, a network platform that fosters a trusted environment to build capabilities and community in the family office sector.
WMI provides a comprehensive suite of practice-based certification and diploma programmes and collaborates with leading universities for master's qualifications. With over 18,000 annual enrolments, WMI provides training in asset management, wealth management, compliance, risk management, family office, as well as the development of the next generation across more than 100 programmes.
About the Private Banking Industry Group
The Private Banking Industry Group comprises senior industry leaders and representatives from the private banking industry. It was re-constituted from the Private Banking Advisory Group in 2011, with the support of the Monetary Authority of Singapore to further strengthen the competency and market conduct standards of the private banking industry in Singapore.
The Private Banking Industry Group is currently co-chaired by Monetary Authority of Singapore and UBS AG. The Private Banking Industry Group Executive Committee comprises the Association of Banks Singapore (ABS) and 14 banks.
