AVPN launches ImpactCollab to make philanthropy more accessible for private banks

Business Times

9 hours ago

[SINGAPORE] AVPN, a network of social investors in Asia, on Friday (Jun 27) launched ImpactCollab, an online platform to make philanthropy more accessible for private banks and wealth managers by connecting them to social impact organisations.
Kevin Teo, head of ImpactCollab and chief technology officer of AVPN, said: 'It is a three-year initiative designed to scale philanthropic capital development both domestically and globally, and enables AVPN members, grantmakers, and wealth and philanthropy advisers to discover, assess and engage with a curated pool of verified and reputable impact organisations.'
AVPN engages directly with private banks to join the platform, as it has a network of more than 600 diverse funders and resource providers across 33 markets. ImpactCollab aims to mobilise up to US$100 million by 2030.
Meanwhile, impact organisations gain visibility and credibility through ImpactCollab, and can streamline their fundraising efforts. Currently, there are more than 400 verified organisaitons on the platform.
Backed by the Monetary Authority of Singapore and Gates Foundation, the platform is currently in its second phase, which now features the Governance Maturity Framework. Phase one launched in April last year and kicked off the framework's design.
Improving governance and building trust
The Governance Maturity Framework was co-developed with Singapore Management University's Lien Centre for Social Innovation. It assesses impact organisations against parameters such as strength of leadership, codes of conduct, transparency and accountability.
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Steve Loh, executive director of the centre, said: 'The rationale for this approach was to strike a balance between the needs of impact organisations and the expectations of their various stakeholders.'
Loh added that this framework helps donors make 'more informed, strategic decisions' by providing a transparent way to evaluate governance, as well as a road map for impact organisations to 'strengthen institutional resilience' in the long term.
The framework also builds trust between donors and impact organisations, which is fundamental in philanthropy.
He said: 'Many organisations rely on longstanding relationships, community reputation and donor confidence. Strong, transparent and principled leadership is key to building and sustaining that trust.'
Bridging the gap
ImpactCollab's Teo observed that private wealth in Asia is growing, but first-time philanthropists still face barriers to giving.
'One of the biggest challenges is having clear and verifiable data on credible organisations to support. This is especially important for wealth managers and private banks in Singapore, where strong due diligence and governance standards are required,' he said.
AVPN noted that Asia is expected to account for 230,000 of the world's ultra-high-net-worth individuals (UHNWI). In Singapore alone, there are around 2,000 family offices, more than 300,000 millionaires and US$1.2 trillion of wealth under management.
However, much of this capital is 'largely untapped'. Citi Private Bank and LGT Bank – two private banks that have joined ImpactCollab – said their clients who are unfamiliar with philanthropy encounter challenges when trying to enter the space.
Raveen Bharvani, managing director, relationship manager at LGT Bank (Singapore), said: 'In my conversations with clients, I've found that many of them have a strong desire to make a difference through their philanthropy, but they have always struggled with identifying credible opportunities, connecting with the right partners, and ensuring their contributions are being used effectively.'
He added that the philanthropic landscape can be 'overwhelming', as there are multitudes of causes and organisations to consider, making it difficult to navigate.
Patricia Lee, director at Citi Private bank, said her clients face similar issues, and ImpactCollab can bridge this gap and ease clients' concerns around legitimacy and impact.
'ImpactCollab allows donors to search and filter charities/programmes that are aligned to their philanthropic intent and have additional comfort that these charities/programmes have gone through a degree of screening, due diligence and a verifiable need and impact,' she added.
Lee said the platform will be a 'useful tool' for donors, and can serve as an educational platform for them to fine-tune their philanthropic strategy.
Long Lee Syin, managing director, wealth planning, at LGT Bank (Singapore) said: 'As more UHNWI in Asia embrace philanthropy, platforms like this will allow more collaborative giving – pooling resources with peers to tackle big challenges like climate action or inequality at a scale that no single donor could achieve alone.'
ImpactCollab has already partnered local intermediaries, such as giving.sg, Community Chest and the Community Foundation of Singapore.
Teo said: 'These partnerships help us bridge funders with credible, mission-driven organisations at the local level. We are actively expanding this network across 18 markets in Asia, including Singapore, Malaysia, Indonesia, Thailand, the Philippines, India and China.'
It aims to standardise 1,200 verified impact organisations in total by April 2027.
The platform will evolve to support outcomes-based funding, Teo added, which will facilitate more cross-border giving.
'The upcoming Outcomes Marketplace… will allow grantmakers to purchase verified social outcomes through standardised contracts, outcome rate cards and third-party validation,' he said.