Chinese entrepreneur donates US$5 million for blockchain research. Feng Han, co-founder of the blockchain company Elastos, has donated US$5 million to the Massachusetts Institute of Technology (MIT) to establish the university’s blockchain research wing. The “Initiative on the Digital Economy (IDE) Blockchain Pillar and Activities Fund” will foster the development of a diverse range of blockchain projects, connecting emerging talent with thought leaders in the industry. “I am excited to facilitate the development of blockchain ecosystems through partnerships with organizations and universities, similar to MIT,” said Feng. “Leaders throughout the blockchain landscape should seize opportunities to support research and development of the industry, to ensure it matures in a regulatory compliant, transparent, and responsible manner. This is not the last incubator that I hope to establish to shape the parameters of a healthy blockchain ecosystem.”
Singaporean university receives SG$9 million (approximately US$6.5 million) to attract top young Swedish scientists. The Knut and Alice Wallenberg Foundation, the largest private financier of research in Sweden, is making a SG$9 million cash donation to Nanyang Technological University (NTU) to establish a new postdoctoral fellowship program to support up to 40 fellows over the next six years. Through the fellowship, some of Sweden’s most outstanding young scientists will spend two years at the Singaporean university to conduct postdoctoral research. “We are deeply grateful to the Knut and Alice Wallenberg Foundation, whose new generous gift comes after their SG$12.6 million donation to NTU just three months ago. The Wallenberg family is known for their passion for cutting-edge research and technologies, and NTU is privileged to be one of only three international universities to benefit from the Wallenberg Foundation’s recognition and support,” said Professor Subra Suresh, president of NTU.
China Global Philanthropy Institute (CGPI) hosts the Global Social Finance Forum (GSFF) in Shenzhen. On September 21, 2018, the CGPI hosted the second GSFF in Shenzhen, China, under the guidance of the Shenzhen Municipal People’s Government, Futian District People’s Government, United Nations Development Programme (UNDP), and China International Center for Economic & Technical Exchange (CICETE). The theme of this year’s GSFF was “Social Investing as a Force for Good, and leaders in social finance and impact investing were invited as guests and participants.
Hong Kong charity diverts annual mooncake waste. The Chinese tradition of exchanging boxes of mooncakes with friends and family during the Mid-Autumn Festival is now a staggering US$2 billion international industry. However, most are leftovers from manufacturers who overproduced in an attempt to cash in on the tradition. More than two million mooncakes, valued at least US$12.8 million, will be thrown out in Hong Kong alone after the Mid-Autumn Festival. Food Grace, a local charity, collected the leftovers this holiday season to redistribute them to low-income families and individuals. Convincing individuals, however, to donate their mooncakes is still taking time to catch on, according to Conrad Tsang, a project officer at the charity. “We have to educate and encourage them [to donate] and that [even if] you are not sending a mooncake as a gift, [it] does not harm your relationship with your partners or with your employees,” said Casey Ng, founder of Food Grace.
Indian companies’ CSR spending to depend only on previous year’s profit. India’s 2013 CSR law mandates that companies must spend 2% of their three-year average annual net profit towards a social cause. The amended law that came into effect on September 19 of this year states that companies will have to consider only their previous year’s net profit. A recent study of 1,186 eligible and listed companies by CRISIL, a credit rating agency, showed that over the past two financial years the amount spent on CSR surged at a compound annual growth rate of 14%, despite a lukewarm 5% growth in net profit.
Samsung extends helping hand during major national holiday. During Chuseok, one of Korea’s largest holidays, Samsung employees carried out various volunteer activities to provide assistance to residents in need of help. Along with the Korean Red Cross, Samsung employees delivered groceries to senior citizens and other residents in need for three weeks. They visited 780 social welfare facilities, including a children’s center, senior’s welfare center, and support center for migrant workers.
Using online platforms to help Palu earthquake victims in Indonesia. On September 28, 2018, a 7.4-magnitude earthquake and tsunami hit Palu, Donggala, and Mamuju in Central Sulawesi, Indonesia, claiming 832 lives (as of yesterday) and injuring many others. The Jakarta Post has highlighted different ways that people can help through donations. Notably, Kitabisa.com, a crowdfunding website, and Tokopedia, an e-commerce platform with various donation channels (such as Donasi Palu), were featured. Both platforms have been recognized by the publisher for their transparency and accountability.
Miss Nepal on a social mission. Shrinkhala Khatiwada, Miss Nepal 2018, is on a mission to contribute to society after her coronation in April. In an effort to address post-earthquake reconstruction, she is building health posts in rural villages and raising funds in London for this cause. As a former architecture student, she is exploring the concept of healing by architectural design. “This is just the beginning of my work in philanthropy and architecture. Eventually, I want to use my fame to build more of what Nepal needs, whether it is health posts in remote areas or schools and homes in disaster zones,” she said.
Japanese firms prepare for large-scale volunteering during 2020 Olympic Games. The Tokyo Organizing Committee has started its search for 80,000 volunteers on Wednesday. Major companies in Japan are encouraging employees to volunteer for the 2020 Tokyo Olympics and Paralympics. Many are even sending employees in order to show their support. Brokerage giant Nomura Holdings Inc., for example, has picked 300 employees through an internal application process to volunteer for the 2020 Games.
Website duplicates Giving.sg campaigns; site admin apologizes, says it was a mistake. A website has been found falsely canvassing donations for various fundraising campaigns that were originally posted on the national giving portal Giving.sg, which is managed by the National Volunteering and Philanthropy Centre (NVPC). The campaigns’ webpages indicated that they had garnered Nepalese Rs. 17,290 (approximately US$147) in donations. The website, Giving Nepal, claims to have posted the design mock-ups online by mistake and that no funds were actually collected. The NVPC clarified that Giving.sg is still a safe and secure online platform that has not been affected by any security breach. It also said that none of its donors’ information has been leaked.
Singaporean watchdog body introduces transparency guide for charities. The Commissioner of Charities (COC) introduced a new Visibility Guide framework to help charitable organizations be in a better position to present their financial information, use of donations, and activities. The framework by the COC not only helps charities put out key information to its stakeholders in a simple manner, but it also guides donors on each charity’s causes and impact. The framework was introduced together with an annual report template for nonprofit organizations. To encourage more giving, trust is crucial, and to build trust, good governance is necessary, said the Minister for Culture, Community and Youth Grace Fu, who also launched the framework during the 2018 Charity Governance Conference.