ImpactSG launched to link family offices to philanthropic causes

Philanthropy has evolved beyond writing a cheque, says chairman of non-profit body

- Shermaine Ang

Non-profit organisation ImpactSG was launched by President Tharman Shanmugaratnam on Nov 21, to engage a growing community of family offices here to contribute to Singapore and the Asean region.

The ImpactSG community comprises 75 individuals of more than 10 nationalities from family offices, philanthropic foundations and the private sector, who have pledged to contribute to various causes. The majority are new to giving or newcomers to Singapore, though most are based in Singapore.

There are around 1,650 single family offices here set up by the super rich.

Speaking at the launch held at the National Gallery Singapore, Mr Ravi Menon, Singapore's Ambassador for Climate Action and chairman of ImpactSG's board of directors, said that Singapore has been a magnet for both talent and wealth, with over $5 trillion of assets managed here and more than 1,600 single family offices.

"This openness has stood us in good stead and will continue to be a source of Singapore's economic vitality," he said.

"But openness, if not well managed, has its downsides. There is a misperception that wealth and talent inflows have led to higher inflation and inequality. The key is more purposeful integration of incoming talent and wealth to contribute meaningfully to our society and to the region."

He said philanthropy has evolved beyond "writing a cheque", with organisations providing advisory services to donors, cause-based funds addressing unmet needs in society and impact being tracked.

He said ImpactSG will focus on impact measurement and data-driven giving.