New ImpactCollab platform to matchmake S'pore's funders with verified social enterprises
(From left) Mr Steve Loh, executive director of SMU's Lien Centre for Social Innovation; Mr Achal Agarwal, incoming chair of AVPN board; Ms Anupama Anand, Asia programme officer at Gates Foundation; Mr Teo Kai Xiang, MAS deputy director; and Mr Kevin Teo, AVPN's chief technology officer. PHOTO: AVPN
SINGAPORE – Think of it as a matchmaking platform, but instead of helping people find love, the newly launched ImpactCollab aims to connect the growing pool of wealthy funders with vetted, credible charities, social enterprises and other mission-driven organisations across Asia.
Backed by the Monetary Authority of Singapore (MAS) and the Gates Foundation, ImpactCollab – the brainchild of AVPN – a network of some 600 social investors in Asia – was officially launched at the Singapore Management University (SMU) on June 27.
'At its core, ImpactCollab aims to make good philanthropy accessible,' said Mr Kevin Teo, head of ImpactCollab and chief technology officer at AVPN, adding that the long-term goal is for the platform to mobilise up to US$100 million (S$127 million) in philanthropic capital by 2030.
Singapore has emerged as one of Asia's leading hubs for family offices – privately held companies that manage the wealth of ultra-rich families. By the end of 2024, the number of single family officers here has shot past 2,000. The number of millionaires in Singapore also rose to 333,204 in 2023, with a combined net worth of US$1.2 trillion.
Some private bankers here have noted that with the rise in private wealth, there is growing interest in philanthropy and impact investments for family legacies and tax-saving purposes. But many funders are held back due to difficulties in identifying beneficiaries, ensuring accountability, measuring impact and navigating cross-border giving.
This has been the experience of Mr Raveen Bharvani, 61, a managing director at LGT Bank in Singapore who has worked with many multi-generational families and high-net-worth individuals over his 40-year career.
He said: 'In my client engagements, I've observed a strong and growing interest in philanthropy. However, many clients face challenges in identifying credible opportunities, establishing the right partnerships, and ensuring their contributions are deployed effectively.'
A platform like ImpactCollab thus comes in useful when private bankers and wealth managers like him had to connect their clients with like-minded partners and collaborators.
AVPN offers its paid members access to a curated pool of some 400 impact organisations – from non-profits to charities – on the ImpactCollab platform, which uses the Governance Maturity Framework that it co-developed with the Lien Centre for Social Innovation at SMU.
The framework assesses impact organisations against markers such as strength of leadership, codes of conduct, transparency and accountability. They are also screened against the London Stock Exchange World-Check for further assurance.
Ms Patricia Lee, 40, a director at Citi Private Bank, said ImpactCollab allows donors to filter and search for vetted charities or programmes that are aligned to their philanthropic intent. At the same time, the platform also helps smaller and newer charities to raise their profile and potentially broaden their donor base, so it is useful in 'bridging the gap'.
Ms Long Lee Syin, 49, a managing director at LGT Bank, agreed that such a platform can be a bridge between wealth and purpose. 'In the coming years, I expect more clients will demand that their private banks and advisers offer not just financial solutions, but impact solutions that are seamlessly integrated into their overall portfolios and align with their personal and social goals,' she said.
Singapore's tax policies encourage donations both locally and overseas. The Republic has been granting 250 per cent tax deductions on donations to local institutions of a public character for more than a decade.
More family offices have also shown interest in making overseas donations with the launch of the Philanthropy Tax Incentive Scheme at the start of 2024, which provides qualifying donors with a 100 per cent tax deduction.
Ms Gillian Tan, assistant managing director (development and international) and chief sustainability officer of MAS , said the launch of ImpactCollab is in line with MAS' vision to strengthen Singapore's role as a trusted and responsible financial centre. She hopes the platform will help unlock meaningful capital flows in Singapore and the region.
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