Responding to Covid-19: Who’s Doing Good?

30 March 2020 - 05 April 2020

THE GIVERS
Philanthropists are donating supplies and funding initiatives supporting hard-hit communities.

Azim Premji, one of India’s most generous philanthropists, earmarked Rs1,125 crore (nearly US$150 million) to fight Covid-19. This charitable initiative is a joint effort by his eponymous foundation and Wipro, the IT company he founded. The Azim Premji Foundation is giving US$132 million, Wipro’s commitment is around US$14 million, and Wipro Enterprises around US$4 million. The funds will focus on providing immediate humanitarian aid.

Ratan Tata, Tata Trusts chairman and CAPS advisory board member, took to Twitter after he announced a Rs500 crore (approximately US$66 million) donation. In his message he stated, “In this exceptionally difficult period, I believe that urgent emergency resources need to be deployed to cope with the needs of fighting the Covid-19 crisis, which is one of the toughest challenges the human race will face.” Tata Sons and Tata Trusts have contributed a combined Rs1,500 crore (approximately US$200 million) to the fight against Covid-19.

Jack Ma and Joe Tsai, co-founders of Alibaba, have donated 2.3 million masks, 170,000 pieces of protective gear, and 2,000 ventilators to New York—the US epicenter of the coronavirus pandemic.

THE NONPROFITS
Charities are stepping up their operations and joining forces to serve communities affected by Covid-19.

Meer Foundation, an NGO that works to rehabilitate burn and acid attack survivors and empower women in India, is joining the fight against Covid-19. Along with Ek Saath-The Earth Foundation, it will provide food to over 5,500 families and set up a kitchen to produce 2,000 cooked meals for households and hospitals in India. Meer Foundation and Roti Foundation will provide 300,000 meal kits for 10,000 people per day for at least a month. Meer Foundation will also provide essential items and groceries to over 3,500 wage workers across Delhi.

China NGO Consortium for Covid-19 was jointly launched by foundations (including the Narada Foundation) and local NGOs on February 2, 2020. So far, 67 Chinese foundations and NGOs have joined the consortium to share information and technical knowledge, build the capacity of front-line NGOs, and mobilize funding. The consortium also fosters collaborating to coordinate the social sector’s response to the pandemic.

Singapore’s Community Chest, the fundraising arm of the government’s National Council of Social Service, is giving SG$3,000 (approximately US$2,100) to social service agencies to cope with outbreak-related expenses.

THE BUSINESSES
Companies are setting up their own Covid-19 relief funds, leveraging their resources to contribute to relief efforts, and supporting government initiatives. Others are offering medical supplies, food and beverages, and cash vouchers to affected communities. Companies across Asia are also taking a “business not as usual” approach to help relieve financial stress.

Setting up funds to help combat Covid-19.

Hang Lung Group established the Hang Lung Novel Coronavirus Relief Fund to support a series of volunteering activities to combat Covid-19. This includes delivering health and food kits to over 10,000 beneficiaries in Hong Kong and mainland China. Hang Lung also donated nearly US$1 million from the Fund to Leishenshan Hospital.

Bajaj Group committed Rs100 crore (nearly US$14 million) to the fight against Covid-19 in India. The funding will go towards multiple initiatives including upgrading healthcare infrastructure, testing, and procuring medical equipment. A significant portion will go towards an economic aid program in rural areas, which includes direct survival grants followed by a livelihood intervention using a revolving fund mode. 

Jollibee Group allocated nearly US$20 million for an emergency fund to provide its employees with the needed financial support during the quarantine period enforced in the Philippines. The fund covers all employees of the Group’s offices, stores, commissaries, and logistics centers, including senior citizens and people with disabilities assigned to stores under the joint employment program with local government units.

Gokongwei Group’s philanthropic arm, the Gokongwei Brothers Foundation, established a near US$2 million fund to help fight Covid-19 in the Philippines. Funds are earmarked for front-line healthcare workers and will be distributed among UP Medical Foundation, referral hospitals identified by the Department of Health, and other hospitals at the forefront of the fight against Covid-19. The Foundation has also distributed in-kind donations, including PPE.

The Metrobank and GT Capital Holdings Group of the Ty family pledged a US$4 million fund for initiatives that support the fight against Covid-19 in the Philippines. These initiatives will help produce test kits and purchase PPE for front-line healthcare workers.

Macquarie Group is joining the effort and allocating A$20 million (approximately US$13 million) to the Macquarie Group Foundation to support select nonprofits in their response and relief work for Covid-19. Alongside this, the Foundation is offering flexible funding to its grantees during this time.

Supporting government initiatives.

Aboitiz Group’s Ramon Aboitiz Foundation partnered with the Cebu City government and the Metropolitan Cebu Water District for #HUNAW, a handwashing campaign to help mitigate Covid-19. The initiative includes installing sinks in areas with low water supply and without clean handwashing facilities, as well as deploying handwashing trucks to reach impoverished communities and densely populated informal settlements.

PLDT, one of the Philippines’ largest telecommunications companies, teamed up with the Department of Health to establish an emergency hotline for Covid-19. PLDT chairman and chief executive officer Manuel V. Pangilinan said the collaboration is part of the company’s continuing efforts to fight Covid-19, noting that the hotline can help provide information and enable health authorities to deliver proper patient diagnosis and treatment.

India’s PM CARES fund, the Prime Minister’s Citizen Assistance & Relief in Emergency Situations Fund, has seen significant contributions from India’s private sector. Among the list of donations are: Rs500 crore (approximately US$67 million) from Reliance Industries; Rs400 crore (approximately US$53 million) from Aditya Birla Group; Rs150 crore (approximately US$20 million) from HDFC Group; Rs105 crore (approximately US$14 million) from LIC; and Rs50 crore (US$7 million) from Uday Kotak and Kotak Mahindra Bank.

Bangladesh Association of Banks donated Tk147.73 crore (approximately US$18 million) to the Prime Minister’s Relief and Welfare Fund for purchasing medical equipment to combat Covid-19.

Indonesian conglomerate Bakrie Group donated US$1.2 million to the Covid-19 taskforce led by the government’s National Disaster Mitigation Agency. Bakrie Group CEO and president director Anindya Bakrie stated that his company wanted to contribute to helping the government combat the Covid-19 outbreak in Indonesia as the pandemic had led to a “multi-dimensional crisis”.

Korean conglomerate LG will donate 50,000 diagnostic test kits to Indonesia to help the Indonesian government handle the spread of Covid-19.

Companies are leveraging their resources to help fight Covid-19. Examples include: Godrej Group, which launched the #ProtektIndiaMovement, a nationwide campaign to promote mass awareness around handwashing. As the country’s second-largest soap maker, the Group has pledged to ramp up its production to meet the demand for soap and sanitizers. Indorama Ventures (IVL), the Thai petrochemical company, is accelerating the production of a fiber to make 54 million masks in one month.

Companies are donating PPE, test kits, and other medical equipment to front-line healthcare workers and affected communities. Examples include: Hang Lung Group in Hong Kong and mainland China; Aboitiz Group, SM Group, and Filinvest Development Corp in the Philippines; Chaudhary Group in Nepal; and Sido Muncul and Mayapada Group and the Tahir Foundation in Indonesia.

Companies are donating food, beverages, and cash vouchers to communities affected by quarantine measures, such as low-income families and daily-wage earners. Examples include: Aboitiz Group’s food subsidiary Pilmico, Fruitas Holdings, Manila Water Foundation, Jollibee Group, and San Miguel Corporation in the Philippines; Chaudhary Group in Nepal; Sido Muncul and Mayapada Group and the Tahir Foundation in Indonesia; and Reliance Industries in India. Companies with large numbers of daily-wage earners in their ecosystem, like Zee Group in India, are committing to continuing their pay to ensure that families of daily-wage earners are not severely impacted during Covid-19.

Companies in the Philippines are joining forces through the Philippine Disaster Resilience Foundation (PDRF), a private sector disaster risk reduction and management network. PDRF has partnered with Globe Telecom’s e-wallet service Gcash, Fintech Alliance Philippines, Smart Communications’ e-wallet service Paymaya, and crowdfunding platform Gava Gives to purchase PPE for healthcare institutions. Another example is Project Ugnayan, a fundraising initiative led by top business conglomerates in cooperation with the PDRF and Caritas Manila. The initiative has reached a total of P1.62 billion (approximately US$33 million) in donations to aid those economically displaced by the ongoing Enhanced Community Quarantine in Greater Metro Manila.

Real estate companies are waiving rent so that tenants can lend more financial assistance to their employees. Examples include: SM Supermalls, Gokongwei Group’s Robinsons Land Corp, and Filinvest Lifemalls in the Philippines; and Central Pattana, Phuket Square, and Rangsit Plaza in Thailand.

Banks are setting forth financial relief measures for their customers. The Straits Times shares examples of banks around the world, including in Singapore and Malaysia, that are suspending loan repayments as Covid-19 upends financial stability for many borrowers. Another example is Gokongwei Group’s Robinsons Bank in the Philippines, which is offering its customers an extension of the payment period for their various loan products.

Another company taking a “business not as usual” approach is Coca-Cola Philippines. It canceled all of its commercial advertising activities and dedicated its advertising budget of US$2.94 million to supporting Covid-19 relief and response efforts. The funds will support front-line healthcare workers and economically challenged communities in the Philippines. The company also pledged support to its distributors who serve small sari-sari stores and carinderias.

THE SOCIAL ENTERPRISES
While social enterprises are joining the fight against Covid-19, they’re also bearing the financial brunt of the pandemic.

Malaysian Global Innovation & Creativity Centre surveyed 239 startups and social enterprises in Malaysia on the impact of Covid-19 on their business. About 25% said they will not be able to survive for longer than two more months, and a mere 3% are confident of surviving at all if Covid-19 continues for more than 12 months. When asked about the need for financial aid, 35% said they needed loans, 24% asked for grants or subsidies, and 4% asked for deferment in repayments. However, the majority (75%) were unaware or unsure of the various support instruments or incentives available during this time. For example, Malaysia’s central bank, Bank Negara, and CIMB Bank have both set forth financial relief measures for borrowers.

THE INNOVATORS
Social innovation is leading to new ways to mitigate the spread of Covid-19.

Thai hospitals deploy ‘ninja robots’ to aid coronavirus battles. The robots were first built to monitor recovering stroke patients but have been quickly repurposed to help fight Covid-19. So far, the robots have helped staff at four hospitals in and around Bangkok to reduce the risk of infection by allowing doctors and nurses to speak to patients over video. Later models will be designed to bring food and medicine to patients and to disinfect hospital wards.

THE TRUSTBREAKERS 

In this section, we usually share stories about scandals that are having negative repercussions for the social sector. With the fear and anxiety surrounding Covid-19, there are some trust-breaking stories circulating from price-gouging to faulty medical supplies. Fortunately, the stories of people being constructive during these times far outnumber them. We look forward to bringing more of these positive stories to you in the coming weeks.

RESOURCES

Azim Premji Foundation published a Covid-19 Pandemic Response Plan, a set of guidelines for civil society organizations in India looking to join the fight against Covid-19 and amplify their efforts. The Foundation brought together experts and practitioners from relevant fields to adumbrate areas of response in which organizations can contribute significantly to relief efforts, including assessing critical needs and conducting the “last-mile connect and delivery” of supplies and services to extend the reach of government relief measures.

We’d also like to hear from you. How is your organization responding to Covid-19? Email us your stories at research@caps.org

Responding to Covid-19: Who’s Doing Good?

16 March 2020 - 29 March 2020

THE GIVERS
Philanthropists are funding vaccine research, donating supplies, and setting up funds to support hard-hit communities. Crowdfunding websites in Indonesia and Singapore are also seeing a surge in donations.

Jack Ma, Alibaba co-founder, has donated millions of masks, test kits, and other relief materials to countries around the world. This includes the hardest-hit countries—the United States, Korea, Iran, Spain, and Italy—as well as other countries across EuropeAsia, Latin America, and Africa. Ma’s initiative is a collaboration between his eponymous foundation and Alibaba Foundation. The Jack Ma Foundation pledged US$14.4 million to vaccine research—including US$2.15 million to Australia’s Peter Doherty Institute for Infection and Immunity and US$2.15 million to researchers at Columbia University in New York. 

Anand Mahindra, Mahindra Group chairman, offered 100% of his salary to a new Mahindra Foundation fund that will assist hardest-hit communities like small businesses and self-employed individuals.

Lei Jun, Xiaomi CEO, contributed US$1.8 million to relief efforts. The donation went to his home province of Hubei—the epicenter of the outbreak.

Li Ka Shing, Hong Kong tycoon, donated US$13 million to help Wuhan amidst its outbreak. His eponymous foundation also sourced medical supplies for hospital workers in Hong Kong and Wuhan.

The Lee family, which controls Henderson Land Development, set up an anti-epidemic foundation with seed-funding of US$1.4 million.

Adrian Cheng, scion of the family group behind New World Development and Chow Tai Fook Jewellery, donated over US$7 million to nonprofits, schools, and hospital in Hong Kong and Guangzhou.

Indonesian crowdfunding platform Kitabisa sees surge in fundraising campaigns for Covid-19. A total of 513 campaigns have been initiated by public figures, nonprofits, and members of the general public. Total donations amounted to US$1.4 million as of March 23.

Giving.sg, sees 67% spike in donations. More than US$1.5 million was raised on Singapore’s official fundraising site. 15% of the total was raised from campaigns included in the SG United Movement—a government initiative launched on February 20th to streamline contributions to coronavirus-related initiatives.

THE NONPROFITS
Charities in different cities are stepping up their operations and raising money for communities both at home and abroad.

The Hong Kong Jockey Club Charities Trust set up a HK$50 million (approximately US$6.5 million) Covid-19 Emergency Fund to provide emergency support to local communities and mitigate the health and societal impact of the outbreak.

Singapore Red Cross collected donations worth more than US$4.5 million for relief efforts related to the outbreak. Approximately US$1.7 million went to purchasing and distributing protective equipment for hospital staff and other healthcare workers in China. The charity also worked to educate Singaporeans about the outbreak by calling and visiting senior citizens to ease their concerns.

Pakistan’s largest charities, including Al-Khidmat Foundation and Saylani Welfare, are aiding the country’s Covid-19 efforts. Al-Khidmat Foundation is distributing soaps, sanitizers, and face masks across the country, and has designated isolation wards in the 52 charity hospitals it runs. Saylani Welfare has introduced a mobile phone application and telephone service where families in need can register themselves to get rations and supplies.

THE BUSINESSES
Companies are setting up their own Covid-19 relief funds, leveraging their resources to contribute to relief efforts, and supporting government initiatives. Others are donating through charities or donating needed medical supplies. Companies across Asia are also taking a “business not as usual” approach to help relieve financial stress.

Setting up funds to help combat Covid-19.

Tencent announced a US$100 million Global Anti-Pandemic Fund, with an initial focus on sourcing medical supplies for hospitals and healthcare workers. Prior to this global fund, Tencent had also established the China Anti-Pandemic Fund, which had allocated US$211 million towards research, medical supplies, technology support, as well as towards support for frontline workers, patients and their families. 

Alibaba set up a US$144 million fund to source medical supplies for Wuhan and Hubei province.

Godrej Group earmarked a fund of around US$7 million for community support and relief initiatives in India focused on public health.

Swire Group Charitable Trust (Swire Trust) established the HK$3 million (approximately US$400,000) “Community Fund to fight Covid-19” to support NGOs in delivering their services safely amidst the outbreak. Swire Group also donated over US$1.5 million to help combat the outbreak in Hong Kong.

K. Wah International (KWIH) announced a roughly US$500,000 donation through its KWIH Anti-Epidemic Fund for Tung Wah Group of Hospitals (TWGH). The fund will convert part of the Jockey Club Ngai Chun Integrated Vocational Rehabilitation Centre into a surgical mask production factory. TWGH will provide job training for people with disabilities to assist in the production of an estimated 2.2 million surgical masks per month.

Samsung Group raised nearly US$1 billion for an emergency support fund to aid to its subcontractors amidst Covid-19.

HSBC announced a US$25 million Covid-19 donation fund. The money will support international medical response, protect vulnerable communities, and ensure food security around the world. US$15 million will be made available immediately, with the remaining designated for long-term Covid-19 commitments.

Supporting government initiatives.

Unilever Vietnam committed US$2.245 million and partnered with the Ministry of Health and Ministry of Education and Training to implement its “Stay Strong Vietnam” initiative. Unilever also pledged to donate 550 tonnes of personal hygiene items, sanitization products, and food products to over 1.6 million people across 3,000 schools, hospitals, and isolated communities.

Petronas contributed nearly US$5 million worth of medical equipment and supplies for medical front-liners in Malaysia through its CSR arm Yayasan Petronas. The contribution will be carried out in stages in collaboration with Malaysia’s Ministry of Health and the National Disaster Management Agency.

Government-Linked Companies (GLCs) and Government-Linked Investment Companies’ (GLICs) Disaster Response Network, is coordinating support from companies to assist the Malaysian Health Ministry in tackling the Covid-19 pandemic. The Disaster Response Network is managed by a joint secretariat led by Yayasan Hasanah, a foundation under Khazanah Nasional, and Telekom Malaysia. Early contributions from GLCs, GLICs, and private sector entities exceed US$9 million.

Malaysian companies including Spanco, DRB-HICOM, MMC Corp, and YTL Corp contributed donations ranging from US$230,000 to US$500,000 to the Covid-19 fund launched by Prime Minister Tan Sri Muhyiddin Yassin.

11 Filipino-Chinese organizations, led by the Federation of Filipino-Chinese Chamber of Commerce and Industry, announced a donation of nearly US$2 million worth of medical supplies. The donation will help the Philippines’ Department of Health acquire testing kits and other protective equipment.

Tencent joined Baidu and ByteDance to donate a total of US$115 million towards researching new treatments and helping authorities in the most affected areas in China.

Adaro Energy, Indonesia’s major coal producer, gave the government US$1.3 million to help it fight Covid-19 through its task force.

Leveraging their own resources.

Alibaba Cloud, DAMO Academy, and DingTalk together launched a series of AI technologies and cloud-based solutions to support companies and research organizations worldwide.

Mahindra Group offered resorts owned by the company to be used as Covid-19 hospitals. The Group’s chairman announced that the company is prepared to help government efforts. The Group’s engineering team also indigenously developed a prototype for a ventilator that could cost less than US$100 each.

Reliance will make 100,000 masks per day and offer free fuel to emergency vehicles. Reliance’s CSR arm has prepared one of its hospitals in Mumbai to be India’s first 100-bed facility for Covid-19 patients, and is offering free meals in various cities to support affected communities.

New World Development is outfitting a factory to manufacture more than 200,000 masks per day, and it has partnered with a nanotechnology company to research how nanodiamonds can be used to make masks more protective against bacteria and viruses.

Donating through charities or donating supplies.

The Ministry of Corporate Affairs in India announced that the spending of CSR funds towards Covid-19 initiatives is eligible to be counted as CSR activity under the Companies Act. This frees up around US$2 billion in philanthropic capital to go towards combatting Covid-19.

Tata Trusts has committed nearly US$200 million to fight Covid-19. The funds will be used to buy protective equipment for medical workers, respiratory systems, testing kits, as well as for setting up modular treatment facilities for patients.

Shimao Property Holdings donated around US$4 million, via the Red Cross Society of China, to help combat the outbreak.

APP, a subsidiary of Indonesia-based Sinar Mars Group, donated US$14.4 million to the Overseas Chinese Charity Foundation of China.

Huawei contributed to the construction of the Huoshenshan Hospital in Wuhan and donated medical supplies, computer tablets, and other technological equipment to several European countries. This includes 2 million face masks.

Hyundai Motor Group, SK Group, and LG Group donated over US$4 million each to the Community Chest of Korea to assist the hardest-hit city of Daegu and North Gyeongsang province.

Samsung Group donated a combined US$24.6 million to the Korea Disaster Relief Association.

Hana Financial Group, Shinsegae Group, Doosan Group, and CJ Group each offered nearly US$1 million in donations to the Korea Disaster Relief Association.

Lotte Group donated nearly US$1 million, of which US$254,000 went to the Korean Red Cross.

For hard-hit communities, including those in North Gyeongsang province, SK Group’s SK Siltron announced nearly US$400,000 for face masks and hand sanitizers. LG Household & Healthcare announced nearly US$1 million for hand sanitizer. Lotte provided meals and hygienic supplies to welfare facilities and gave sanitization products, food, and daily necessities to lower-income households, senior citizens, and healthcare workers.

SoftBank CEO Masayoshi Son pledged to donate 1 million masks to elderly care facilities and doctors in Japan.

Fast Retailing, the parent company of Uniqlo, is donating 10 million masks to medical institutions in Japan and around the world. It’s also donating garments for medical staff and 1 million masks to countries with high infection rates—including the United States and Italy. 

Shiseido Group donated US$1.43 million to the Shanghai Charity Foundation and US$143,000 to the Charity Foundation of Wuhan. It also announced the Relay of Love Project, which will allocate 1% of the Group’s sales in Asian markets, between February and July this year, as in-house funds to support regions most affected by Covid-19.

Ayeyarwady Foundation together with Max Myanmar Group, AYA Bank, and AYA Sompo Insurance contributed over US$72,000 worth of medical supplies, hospital equipment, and protective materials to Waibargi Hospital and Yankin Children Hospital.

“Business not as usual” approach.

Gojek is offering a stipend to its driver-partners that test positive for Covid-19. Gojek is also extending support to healthcare workers in Indonesia by waiving food delivery fees in areas near hospitals and offering vouchers for trips to and from hospitals and testing centers.

Ayala Group announced around a US$47 million response package to offer financial relief to businesses within its ecosystem. This includes salary continuance for affected employees and partners, as well as rent-free periods for tenants of Ayala malls, which are closed during the community quarantine till April 14.

Bangkok Bank donated over US$300,000 to Thammasat University Field Hospital, the King Chulalongkorn Memorial Hospital and Thai Red Cross Society. The bank is also introducing financial relief measures such as reducing minimum payment rate for credit card customers to 5%.

CIMB in Malaysia is offering a six-month moratorium for customers on all types of financing payments except for credit cards. Credit card customers can now opt in to convert their outstanding balances into a term loan/financing over a period of up to 36 months.

THE SOCIAL ENTERPRISES
Social enterprises are adjusting their work to address the needs arising from Covid-19.

Hong Kong social enterprises are rising to the occasion to help combat the outbreak. SoapCycling has distributed masks and soap salvaged from local hotels to nearly 3,000 of the city’s street cleaners. Sew On Studio is selling face mask kits with fabric made by the city’s elderly tailors. Rooftop Republic, which usually promotes urban farming, is making washable, eco-friendly masks that can be worn over surgical masks.

Chinese social enterprise Yishan, a data-driven donor advisor, has built a platform for donations towards supporting Covid-19 relief efforts. So far, Yishan has registered over 40,000 grantmakers and 5,000 public charities, who have raised over US$4.5 billion thus far for their efforts in fighting Covid-19.

THE VOLUNTEERS
New volunteers are stepping up and coming together to help their communities during the crisis.

A new generation of volunteers emerges in Wuhan. Amidst the Covid-19 outbreak, ordinary people stepped up and joined forces to take care of emergency needs unmet by an overwhelmed government. Networks of young volunteers were formed over social media to respond to a variety of needs, from sourcing masks for hospitals to driving medical staff to and from work.

THE TRUSTBREAKERS 

In this section, we usually share stories about scandals that are having negative repercussions for the social sector. With the fear and anxiety surrounding Covid-19, there are some trust-breaking stories circulating from price-gouging to faulty medical supplies. Fortunately, the stories of people being constructive during these times far outnumber them. We look forward to bringing more of these positive stories to you in the coming weeks.

RESOURCES
The Covid-19 pandemic has brought much attention to financial markets and businesses, but the nonprofit sector has also been severely impacted in these unprecedented times. These resources offer guidelines for how the sector can weather the storm.

India Development Review highlights five ways funders around the world are helping their partners cope with Covid-19. IDR has also crowdsourced guidelines and practices that social sector organizations—from donors to field workers—are taking in response to Covid-19.

Who’s Doing Good?

6 January 2020 - 19 January 2020

THE GIVERS

Heroes of Philanthropy 2019: Azim Premji is Asia’s biggest giver. Forbes India released its 13th annual Heroes of Philanthropy list, which honors 30 individuals across the Asia-Pacific region for their philanthropy. The list focuses on individuals who go beyond just donating money and are personally committed to achieving a long-term vision for society. Azim Premji became Asia’s most generous philanthropist in 2019 by donating US$7.6 billion worth of Wipro shares to his eponymous foundation, raising his total lifetime giving to US$21 billion. The list also includes Jack Ma, Kiran Mazumdar-Shaw, and Atul Nishar, among others

Chinese tycoons have a duty to follow Jack Ma into philanthropy, says Asian philanthropist. In this Nikkei Asian Review piece, Chairman of Wahum Group Holdings James Chen shares his journey in catalytic philanthropy to advance eye care solutions in China. Chen calls on China’s business elite to understand the role they can play in growing the economy and addressing social problems via philanthropy. This is especially important as China’s wealthy now outnumber their American counterparts, according to research by Credit Suisse. Mr. Chen underscores that Chinese tech leaders are well-positioned to do more as they have both the skills and capital to drive solutions to the country’s most pressing social issues. 

THE THINKERS

Bangladesh’s dynamic duo battle global health inequity. In his latest Gates Notes, philanthropist Bill Gates profiles Dr. Samir Saha and Senjuti Saha, a father-daughter team working to reduce child mortality in Bangladesh. Senjuti, a microbiologist, works with her father at the Child Health Research Foundation, an organization he helped found. They are using data, state-of-the-art diagnostics, and vaccines to battle infectious diseases and close the gap in healthcare delivery between low-income and high-income countries. Gates gives insight into the impact of their work and the importance of this type of research for Bangladesh and other countries that lack many of the resources needed to diagnose and treat illnesses. 

THE BUSINESSES

Chinese companies get to grips with tougher ESG disclosures. Financial Times reports that authorities in China are urging companies to say more about their environmental, social and governance (ESG) risks, in keeping with President Xi Jinping’s call for the development of “green finance” to attract more foreign investment. Hong Kong’s latest move will require all exchange-listed companies to disclose the board’s consideration of ESG risks, as well as materiality assessments. The stock exchanges of Shanghai and Shenzhen are expected to follow Hong Kong’s lead this year. At the same time, issuers of bonds are also coming under increased scrutiny as foreign investors remain wary of China’s “green bonds.” In the third quarter of 2019, only 40% of green bonds from Chinese issuers were in line with international norms on the use of proceeds, according to the Climate Bonds Initiative, a London-based nonprofit organization. 

Takeda and MIT School of Engineering join to advance research in artificial intelligence and health. The MIT-Takeda Program will support MIT faculty, students, researchers, and staff who are working at the intersection of AI and human health. The program will offer them access to pharmaceutical infrastructure and expertise from Takeda Pharmaceuticals, one of Asia’s largest pharmaceutical companies. It will be housed within the Abdul Latif Jameel Clinic for Machine Learning in Health (J-Clinic), leveraging the combined expertise of both programs, and it will aim to “fuel the development and application of artificial intelligence (AI) capability to benefit human health and drug development.”

THE INNOVATORS

With 3 big exits, 2019 was marquee year for Pierre Omidyar in India, says MD Roopa Kudva. Impact investor Omidyar Network profitably exited three portfolio companies in India this past year. These exits show that social investments can yield high portfolio returns, as managing director Roopa Kudva notes, “The exits we did last year highlight our ability to not just create a social impact, but also make money.” The fund, started by eBay founder Pierre Omidyar, has been investing in India for 10 years now and has deployed US$300 million to date. It intends to invest a further US$350 million over the next five years. While 75% of Omidyar’s investments are in the form of equity, the remaining is given as grants to fund research and social initiatives, such as Teach for India.

Asia-Pacific’s first-ever multi-country listed gender bond series gains new support from the United Nations. Impact Investment Exchange (IIX)’s award-winning Women’s Livelihood Bond Series (WLB Series) has gained new support from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), United Nations Capital Development Fund (UNCDF), and The Rockefeller Foundation. Private investors in the WLB Series will benefit from first-loss capital provided by The Rockefeller Foundation and a 50% loan portfolio guarantee provided by the United States Agency for International Development (USAID). The Rockefeller Foundation’s managing director notes that this is a prime example of catalytic capital, “where risk-tolerant, impact-prioritizing funding is leveraged to unlock private sector capital.” Through this form of innovative finance, the WLB Series aims to create sustainable livelihoods for over 2 million women across Asia.

IN OTHER NEWS…

Questions raised over charity’s handling of donations after death of Chinese student Wu Huayan. BBC reports on corruption allegations against China Charities Aid Foundation for Children (CCAFC) following Wu Huayan’s death. Charity 9958, a project under the CCAFC, collected US$144,000 in online donations for Ms. Wu’s heart surgery. Official records seem to suggest that just about US$2,900 was paid towards her hospital bills, and according to the BBC article, the surgery never took place. The charity responded saying that it was holding onto the money on her family’s request and that Ms. Wu had not met the criteria needed to undergo the surgery—official media reported that she weighed less than 30kg when she died. As different allegations surface over the issue, BBC gives insight into how past scandals related to the misuse of donations have had negative repercussions for the charitable sector.

Who’s Doing Good?

10 December 2019 - 22 December 2019

THE GIVERS

UBS Optimus Foundation launches Singapore office. Swiss bank UBS has opened its Singapore office to expand its foundation’s philanthropic offerings in Asia. The new office will engage clients on philanthropic initiatives related to education, health, and child protection. The foundation also has offices in Beijing and Hong Kong, and approximately 40% of its grant making is in the Asia-Pacific region. Chairman of the UBS Optimus Foundation Singapore stated, “We expect unprecedented amounts of wealth in Asia to be transferred across generations over the next 20 years. This will be a significant boost on philanthropy as many entrepreneurs are committed to using their wealth to create a legacy that has a positive social impact.”

THE THINKERS

Tatler asks CAPS Chief Executive to weigh in on the state of philanthropy in Asia. CAPS Chief Executive Ruth Shapiro gives insight into new philanthropic trends in the way people, government, and companies are addressing challenges across the region. Shapiro highlights growing interest in impact investing and support for social enterprises, both of which are examined in CAPS’ newly released study, Business for Good: Maximizing the Value of Social Enterprises in Asia. She notes two trends specific to Asia, public-private partnerships and the role of government, illustrating each with examples from across the region. She also discusses increased commitment to ESG (environment, social, and governance) goals, broadened notions of corporate social responsibility, and other ways in which private sector entities are blurring the lines between profit and purpose. 

THE BUSINESSES

100 female scholars in rural Cambodia complete inaugural Girls Learning & Leading Program.  Japanese cosmetics company Shiseido partnered with The Asia Foundation earlier this year to launch the Girls Learning & Leading Program (GLL). The program aims to empower marginalized young women by offering academic support, soft-skills development, and mentorship. Mentors include local Cambodian leaders as well as senior Shiseido staff, including Jean-Philippe Charrier, president and CEO of Shiseido Asia Pacific. With the success of the first pilot GLL program in Cambodia, Shiseido and The Asia Foundation plan to expand the program to more high schools in Cambodia in 2020, as well as other Southeast Asian countries in the longer term.

Microsoft and Humana People to People launch digital classroom project in India. Development organization Humana People to People India has joined hands with Microsoft, Rajiv Gandhi Shiksha Mission, and the Government of Chhattisgarh to introduce the Digital Learning Programme. Under its school learning component, the program aims to “enhance the learning levels of students through the strategic use of Information and Communication Technology (ICT), while simultaneously developing their critical thinking and creativity.” The adult literacy component of the program aims to “promote and enhance functional literacy among the illiterate adults of both the districts.” The program is launched under the corporate social responsibility arm of Microsoft India, and it will be rolled out in 16 schools in Raigarh and Mungeli districts of Chhattisgarh.

THE INNOVATORS

Moral Money Special Edition: Hiro Mizuno, Japan’s $1.6tn man. Financial Times’ Moral Money interviews Hiro Mizuno, chief investment officer of Japan’s Government Pension Investment Fund (GPIF)—the world’s largest pension fund at US$1.6 trillion. Since his appointment in 2015, Mizuno has helped spark change by moving more largesse into domestic and global equity markets and by embracing ESG principles. In the interview, Mizuno discusses his initiatives for building a healthier investment climate. This includes the GPIF’s announcement earlier this month that it would “stop lending its global equity stocks to short sellers, arguing that it was antithetical to ESG.” 

U2’s Bono unveils blood-by-drone delivery service plan in Philippines. A day before U2 was set to perform in the Philippines, the band’s lead singer Bono announced a new drone-based blood supply delivery service for the Philippine Red Cross. This initiative for on-demand and emergency blood deliveries by drone is a partnership between the Philippine Red Cross and Zipline, an American automated logistics company, of which Bono is a board member. Through this service, health workers can place orders via text message and receive deliveries in about 30 minutes. The blood-by-drone service aims to bridge the delivery gap for millions of Filipinos living in geographically disadvantaged areas. It is expected to launch summer of 2020 with its first of three distribution centers in the Visayas.

Business for Good

Maximizing the Value of Social Enterprises in Asia

Asia is home to one-third of the world’s wealth and also to two-thirds of the world’s poor. The confluence of unprecedented wealth and unmet needs gives it both the mandate for and ability to leverage the power of social enterprises.

Our action-oriented study explores how. We identify gaps and quantify needs in funding, mentorship, talent and government support. But we also highlight how enablers—including incubators, accelerators, universities—can continue to support social enterprises. We suggest ways for social entrepreneurs and investors to align expectations in the hope of increasing deal flow and investment into the sector. And we outline how governments can strategize to better support social enterprise ecosystem.

We do this by not only drawing upon a global literature review, but listening to what Asian social enterprises themselves say. We surveyed 584 social enterprises from 6 economies: Hong Kong, Indonesia, Japan, Republic of Korea, Pakistan and Thailand, and profiled China and India. We also interviewed 140 social enterprise founders, incubators, accelerators, investors and government officials in depth. This original data not only informs our insights, it forms a unique repository of evidence in this space. Our data makes it easier to see Asia’s social enterprises as they really are.

As many families and companies are thinking about or starting to invest in social business as well as in incubators and ecosystem organizations, our findings are particularly timely and relevant. The 6 economies we gathered data from have more than 1.2 million social enterprises, and attract at least US$100 million of direct and indirect government spending per year. These economies are understudied, have growing social enterprise sectors with enormous potential, and—most importantly—are diverse enough for our insights to be generalizable to other regions in Asia.

Who’s Doing Good?

14 October 2019 - 27 October 2019

THE GIVERS

Shiv Nadar top philanthropist in India, followed by Premji and Ambani. HCL founder and chairman Shiv Nadar was named the most generous individual philanthropist in India. According to the Edelgive Hurun India Philanthropy List 2019, Nadar and his family gave Rs826 crore (approximately US$117 million) in 2018. Azim Premji was second on the list followed by India’s richest man, Mukesh Ambani. The list also noted an almost two-fold increase from the previous year in the number of Indians who donated more than Rs5 crore (nearly US$1 million) to social causes, excluding religious donations. 

THE THINKERS

Universities in Hong Kong should focus more on practice and less on theory to create social change. A new report, Surveying the Landscape of Social Innovation and Higher Education in Hong Kong, pushes universities to “do less theory and more practice to have genuine social impact.” The main findings of the report show a buildout of social innovation research and teaching in Hong Kong. However, the report notes that scholars need to engage in more practical activity and collaborations outside academia to impactfully tackle social challenges. The article details current collaborations in Hong Kong such as the British Council’s BRICKS (Building Research Innovation for Community Knowledge and Sustainability) consortium, and Nurturing Social Minds, a social innovation teaching program funded by the government’s SIE Fund and Yeh Family Philanthropy.

THE NONPROFITS

Change in India’s sector is being powered by tech, young entrepreneurs, and committed funders. As the revenue pool available for nonprofits grows with increased corporate funding and philanthropic funding, the sector is seeing significant change. This includes a new focus on organization-building, talent development, and leadership training. This comes at a time when there is growing acknowledgement globally that donors need to help nonprofits develop their own capacity to achieve greater impact. India’s sector is catching up with promising trends including nonprofit leadership programs, young professionals entering the sector, and more focus on nonprofit organizational development.

THE BUSINESSES

J.P. Morgan commits US$25 million to aid skills development in India. J.P. Morgan has announced a five-year commitment to skills development initiatives for low- and middle-income communities in India. This US$25 million commitment is part of the firm’s five-year US$350 million global commitment to meet the growing demand for skilled workers and to create economic mobility for underserved populations. In collaboration with government and nonprofit leaders, J.P. Morgan will support skills training and career education programs related to the country’s high growth sectors and aligned with market trends. It will also support actionable research to inform future philanthropic investments in India and to share best practices on education and training programs. 

Japan Inc. plays catch up in scramble to bioplastics. Nikkei Asian Review reports on Japanese companies committing to better recycling practices as they risk losing environmentally conscious investors. This includes household goods producer Kao, which is a founding member of a consortium of 265 companies and associations fighting plastic pollution. Beverage giant Suntory Holdings has also stated it will replace fossil fuel-based materials with items made from used plastic bottles and bioplastics by 2030. Kuraray and Mitsubishi Chemical are also joining in. These efforts are intended to help create a circular economy, where products are made from recycled materials, and in turn are recycled. Such a system is estimated to pump at least ¥20 trillion (US$187 billion) into Japan’s economy—nearly 4% of GDP.

Vietnam ed tech startup aims to fill Southeast Asia’s talent pool. A recent report from Google and Singapore’s Temasek Holdings highlights the region’s shallow talent pool, which is weighing on efforts to boost the internet economy. Education startups, like Vietnam’s Topica Edtech Group, are pioneering digital training grounds for talent development in the Southeast Asian tech scene. At the forefront of Southeast Asia’s burgeoning “ed tech sector,” Topica is upskilling young professionals for the digital age. The startup, which was launched in 2008, now offers 3,000 e-learning courses and has about 1.5 million students in Vietnam and Thailand. Nikkei Asian Review covers the startup’s pivot and journey towards addressing Southeast Asia’s talent shortage, especially in digital technologies.

THE INNOVATORS

Asian Development Bank invests ฿3 billion in Energy Absolute’s green bond. The Asian Development Bank’s (ADB) climate financing, which supports climate change mitigation, is expected to reach US$80 billion from 2019 to 2030. ADB recently signed an agreement with Energy Absolute, one of the largest renewable energy companies in Thailand. ADB will invest US$98.7 million in Energy Absolute’s maiden green bond issuance, the first bond dedicated to a wind power project in Thailand. The green bond will help support the long-term financing of the company’s 260-megawatt Hanuman wind farm. As the largest wind farm in Thailand, it is expected to reduce the country’s annual carbon emissions by 200,000 tons by 2020. 

Asia-Pacific issuance of green bonds hits record high US$18.9 billion. A recent HSBC report on sustainable financing found that more than a third of Asian investors surveyed noted that the bulk of their clients had negative perceptions of ESG investing, compared with a global figure of around one fifth. However, the region is now “catching up,” according to Financial Times. Green bond issuance in the Asia-Pacific region has reached a record US$18.9 billion raised from 44 green bond issuances in the year to date. A director at Citi, one of the biggest green bond underwriters in the Asia-Pacific region, underscored the growing interest noting, “The amount of enquiries we get tells us that in the future every bond will need to be marketed with an ESG component.”

Who’s Doing Good?

30 September 2019 - 13 October 2019

THE GIVERS

Beauty brand Clé de Peau Beauté pledges US$8.7 million to UNICEF. The beauty brand–a division of Japan’s Shiseido–made the announcement on International Day of the Girl (October 11). The US$8.7 million donation is the “world’s largest contribution” to UNICEF’s Gender Equality Program, according to the announcement. It will aid UNICEF’s work in Bangladesh, Kyrgyzstan, Niger, and other countries. The donation will go towards girls’ education, particularly STEM (science, technology, engineering, and math) fields. The beauty brand has also pledged a percentage of sales from Clé de Peau’s The Serum product to UNICEF’s girls’ empowerment programs. Clé de Peau Beauté’s chief brand officer noted that this partnership with UNICEF aligns with the brand’s corporate vision for social value creation.

Hong Kong’s richest man Li Ka-shing will donate US$128 million to support local business. The Li Ka-shing Foundation announced a HK$1 billion (US$128 million) fund to support local small and medium sized businesses. The foundation said it made the donation as Hong Kong’s economy faces unprecedented challenges amidst a slowing global economy. The announcement follows recent government relief measures set forth for smaller companies impacted by the US-China trade war and the city’s protests. According to the foundation, its fund will complement these government measures. Regarding the donation Li stated, “I hope the HK$1 billion from the foundation can play a leading role. I encourage different sectors to give their opinions, work together and pool our wisdom.”

THE THINKERS

Asia must forge a new breed of partnership to achieve the Sustainable Development Goals. Asia’s greatest challenges today are inextricably linked to business, national growth, and political stability. Addressing these challenges therefore requires greater collaboration, according to The Rockefeller Foundation’s Director of Partnerships and Advocacy in Asia. While the region is already seeing multisector collaboration, this article argues that partnerships must go beyond simply breaking sector silos. To amplify impact, partnerships should design and invest behind solutions at the “nexus of challenges we seek to eradicate.” The article offers examples of The Rockefeller Foundation’s initiatives that aim to achieve multi-issue impact. 

Lessons from India on scaling up market-based solutions. As viable businesses that straddle the commercial and social sectors, market-based solutions (MBSs) have the potential to address poverty at scale. This Stanford Social Innovation Review article notes four common challenges investors and practitioners face and five simple questions they should ask to improve MBSs. The article also offers four recommendations for building stronger MBSs: build innovative and robust business models; invest in sizeable pilots to refine and evolve the business model; understand, address, and leverage ecosystem barrier; and attract experienced business leaders. Together, investors and practitioners can help fortify the nascent sector and build viable businesses that solve complex social problems.

THE BUSINESSES

Human rights in Southeast Asia suppliers become priority in Japan. Japanese companies are putting forth efforts to curb human rights abuses in their supply chains. Ajinomoto, Fuji Oil Holdings, and ANA Holdings are a few companies that are becoming more human rights focused. However, they face a challenge in collecting information on workers’ conditions in developing countries. Companies are therefore partnering with nonprofits to gain insight on actual working conditions. These efforts illustrate how businesses can gather information related to their operations in efforts to resolve human rights-related issues. This comes at a time of increasing recognition that sustainable corporate practices are critical for attracting consumers of the younger generation–one that places great importance on corporate ethics.

Amgen Foundation empowers students to live the life of a scientist. The corporate philanthropy arm of biopharmaceutical company Amgen aims to expose students and teachers to the world of research. The foundation’s Amgen Scholars Program recently held its first Amgen Scholars Asia Symposium in collaboration with the National University of Singapore (NUS). The event brought together more the 60 Amgen Scholars from across Asia, senior executives from Amgen, and speakers from NUS, Kyoto University, Tsinghua University, and the University of Tokyo. The foundation’s other initiative—the Amgen Biotech Experience—has equipped 2,000 students and teachers in Singapore with research-grade lab equipment and teaching materials since its inception in 2017.

THE INNOVATORS

Asian family offices are turning to tech and sustainable investment. The Nikkei Asian Review presents key findings from UBS’ annual report on global family offices. The article highlights changing investment habits among Asia’s ultra-rich families, such as growing private equity investment in technology and real estate. These include investments in healthcare, education, eco-tourism, and shared spaces. This comes amid a period of inter-generational wealth transfer to younger family members. According to UBS, this younger generation is more inclined to invest in companies with a positive impact on the environment and society. The head of UBS’ global family office group in the Asia Pacific notes that 40% of Asian family offices are now engaged in sustainability investing.

Center of gravity of sustainable finance is swinging towards Asia. The demand for green financing is growing in Asia, and banks like Societe Generale are playing a key role. Head of debt capital markets Asia Pacific at Societe Generale, Raj Malhotra, discusses this increased interest. Addressing the region’s complex environmental challenges will require different forms of financing, and bond markets can play a big role, according to Malhotra. He notes positive trends such as the promotion of green finance in Singapore, Hong Kong, and Indonesia. Corporates and banks in the region are also showing interest in other instruments such as green loans. The green and sustainability financing market in Asia is still nascent, but the region’s upward trend is a positive development in impact finance. If this trend continues, Maholtra states that Asia is poised to be at the center of gravity of green and sustainability financing.

Who’s Doing Good?

2 September 2019 - 15 September 2019

THE GIVERS

US$442 million donated via online platforms in China in 2018. According to a recent report by China Philanthropy Research Institute, Chinese donations to online charity platforms increased nearly 27 percent in 2018 to more than ¥3.17 billion (approximately US$442 million). A total of 20 online platforms attracted donations from 8.46 billion internet users. The report also notes a 34.5 percent increase in the number of registered charitable organizations in China putting the total at 5,620. Guangdong ranks first in the country with 748 charitable organizations, followed by Beijing and Zhejiang.

Donations to earthquake-hit towns in Japan rose sharply in 2018. Through the Japanese government’s furusato nozei (hometown tax donation) system, taxpayers can contribute to their hometowns or other municipalities in return for tax cuts. The Japan Times reports that donations to three earthquake-hit towns in Hokkaido have risen sharply, most notably to Atsuma where they grew 5.4 times from the previous year to over ¥1 billion (approximately US$9 million). The Atsuma Municipal Government intends to channel donations towards reconstruction efforts, among others.

THE NONPROFITS

BRAC, one of the world’s largest charities, charts new path. Founded in 1972, BRAC has grown into one of the world’s largest non-governmental organizations (NGO) with 100,000 full-time staff. According to the The Economist, BRAC lent money to almost 8 million people and educated more than 1 million children across Bangladesh and ten other countries in 2018 alone. NGO Advisor has ranked BRAC as the world’s best charity for the past four years.  However, there are challenges ahead. As Bangladesh’s annual GDP continues to grow and government spending on public services continues to increase, large charities are having to think about where else they can contribute. In response, BRAC is venturing into new directions and shifting to income-generating activities to subsidize its philanthropic activities. The Economist notes that, by charting this new path, BRAC can serve as a model for other charities to follow.  

THE BUSINESSES

Japanese companies lead world in disclosing climate risks. According to the Financial Times, more than 60 Japanese companies threw their support behind the Task Force on Climate-related Financial Disclosures (TCFD) in May, surpassing companies in the US and the UK. Nearly 200 Japanese companies back TCFD measures now. This has been applauded by investors and lenders as a valuable opportunity for obtaining consistent information about companies’ climate risks. The country has also seen a sharp increase in ESG investing. The Global Sustainable Investment Alliance reported that Japan’s ESG investing assets quadrupled from US$474 billion to US$2 trillion from 2016-18. 

China’s Xiamen Airlines vows to support United Nations Sustainable Development Goals. At a recent industry expo, Chairman of Xiamen Airlines (XiamenAir) Zhao Dong confirmed the airline’s commitment to the Sustainable Development Goals (SDGs). In 2017 XiamenAir was the first airline to sign a cooperation agreement with the United Nations  to formally support the SDGs. Since then the airline has adopted a range of measures including providing passengers with sustainable tissues and bamboo cups, and offering digital news services instead of printed newspapers. According to Zhao, XiamenAir has also achieved a 14.8 percent drop in fuel consumption per ton-kilometer, exceeding the global average of fuel efficiency improvement. At the event, the airline committed to continuing its support for sustainable development in the aviation industry. 

Global Reporting Initiative Regional Hub officially opens in Singapore. Global Reporting Initiative (GRI) is an independent international organization that helps businesses, governments, and other organizations understand and communicate their sustainability standards. The organization officially launched its GRI Regional Hub in Singapore earlier this month, adding to six other hubs around the world. The Singapore hub will support ASEAN companies by helping them “identify, manage, and report their most material environmental, social, and governance (ESG) impacts.” The Hub will be headed by Michele Lemmens, a business executive from Tata Consultancy Services.

THE VOLUNTEERS

With the help of 12,000 volunteers, No Food Waste redistributes surplus food to the needy in India. The food-recovery startup, No Food Waste (NFW), was founded in 2014 to redistribute surplus food to the needy in Tamil Nadu. With the support of a network of 12,000 volunteers, NFW now serves an average of 900 people per day. The organization collects surplus food from banquets at social functions, corporate canteens, and hotels. After being notified of a food pick-up, a city-specific NFW coordinator gets their team of volunteers together to collect and distribute the food. Recently, the startup has been working to incorporate more sustainable measures by banning single-use disposable containers and shifting to serving food on plantain leaves. The food-recovery startup has received a number of awards recognizing its work.

THE INNOVATORS

Singapore-based IIX and Korean government agency commit US$1.2 million to accelerate high-impact enterprises in Asia. Impact Investment Exchange (IIX), a global organization that provides funding and support to social enterprises, has announced a new partnership with the Korea International Cooperation Agency (KOICA). IIX and KOICA will jointly contribute US$1.2 million over five years to support 18 social enterprises across South and Southeast Asia. Through its Acceleration and Customized Technical Services (ACTS) program, IIX will select the social enterprises and offer them capacity building and technical assistance to ensure they are investment-ready. The enterprises will also gain access to mentors and over 1,000 accredited investors from around the world. This joint initiative aims to impact the lives of 8 million people.

UNDP and 500 Startups launch accelerator for social enterprises in Indonesia. The United Nations Development Programme (UNDP) and 500 Startups have launched ImpactAim Indonesia, a social accelerator that aims to boost social entrepreneurship in the country. The accelerator will support eight to ten startups that are serving the Sustainable Development Goals (SDGs) through a 10-week program in Jakarta. These startups will receive guidance on impact measurement and gain access to prospective impact investors from around the world. According to the article, ImpactAim hopes to amplify social impact through three main objectives: “growing impact ventures, assessing their contribution to the SDGs, and connecting them to networks and funding opportunities.”

Who’s Doing Good?

19 August 2019 - 1 September 2019

THE GIVERS

Bangladesh set to receive US$22.7 million from UNHCR Refugee Zakat Fund. The United Nations Refugee Agency (UNHCR) launched its Refugee Zakat Fund as a new structure of its zakat program that was founded in 2016. The fund has already surpassed its US$26 million target for 2019, raising just over US$38 million in the first half of the year. Most of this came from donors in the United Arab Emirates, Saudi Arabia, Qatar, the United States, and Egypt. The fund has already disbursed over half a million dollars to benefit 670,000 Rohingya refugees in Bangladesh, which is set to receive a total of US$22.7 million. The UNHCR Director of the Regional Bureau of Asia Pacific noted that Islamic philanthropy has yet to realize its full potential within the global humanitarian sector and underscored the important role zakat can play.

Simon and Eleanor Kwok donate HK$5.2 million to injured jockey Tye Angland. According to Hong Kong Tatler, one of Hong Kong’s most prominent horse racing aficionados, the Kwok family, recently announced a HK$5.2 million (approximately US$700,000) donation to jockey Tye Angland. After a jockeying accident in Hong Kong last November, the Australian suffered career-ending spinal injuries which left him a quadriplegic. In an interview with Sky Sports Radio, Angland responded to the donation with gratitude, noting that it will be going into three different trusts for his children’s education and life expenses. The former jockey has been overwhelmed with support from the racing community and hopes to be a role model for others living with disabilities.

THE THINKERS

Levelling up: shattering myths about philanthropy in Asia. Asia is home to more billionaires now than any other region, and this article explores the intricacies of giving among Asia’s fastest-growing economies. CAPS’ Chief Executive Ruth Shapiro weighs in, noting the difficulties of gathering data in this space as most giving is done through companies and often without proclamation. The article discusses the findings of CAPS’ Doing Good Index 2018, including the trust deficit in the social sector and the important role governments can play. As the region witnesses growing inequality, governments are increasingly looking to private players for support. With more wealth than ever before, Shapiro concludes that Asia has enormous potential to be a world leader in philanthropy.

THE BUSINESSES

The Philippines’ Aboitiz Group supports young robotics enthusiasts. The Aboitiz Group has long supported STEM (science, technology, engineering, and mathematics) education in the Philippines, and it recently reinforced its commitment through the launch of the ‘Kabataan Inyovator: An Aboitiz Robotics Competition.’ The competition aims to encourage innovation in solving community problems through robotics. Together with Davao Light and Power Company, the Aboitiz Foundation led the competition launch on August 12 in Davao City. Pinoy Robot Games offered training sessions on robot programming, and project ideation and evaluation, for 20 Davao City public elementary and high school teams. The winning team will have its prototype deployed in its host community, and represent the Philippines in the World Robot Olympiad in Canada.  

Macronix donates NT$420 million to National Cheng Kung University to build Macronix Innovation Center. Macronix International, a global manufacturer of integrated non-volatile memory components headquartered in Taiwan, has made a generous donation to Taiwan’s National Cheng Kung University (NCKU). The NT$420 million donation (approximately US$13.5 million) will be used to build the Macronix Innovation Center, a historic new space on campus that will leverage the talent of Macronix and NCKU collaboratively. Miin Wu, the founder and chief executive officer of Macronix is an alumnus of the university, where he studied electrical engineering. Macronix hopes the new creative space will foster new talent as well as demonstrate the company’s dedication to corporate social responsibility. The Macronix Innovation Center adds to NUCK’s nine existing schools by housing the School of Computing, modeled after the Massachusetts Institute of Technology (MIT) College of Computing.

THE VOLUNTEERS

Volunteer-based emergency response system offers solution to road traffic accidents in Bangladesh. Featured in Stanford Social Innovation Review, TraumaLink’s pragmatic model shines a spotlight on volunteer-based emergency response systems. In Bangladesh, road traffic injuries (RTIs) are the leading cause of death and disability, with nearly 25,000 road traffic deaths in 2016 according to the World Health Organization. In 2013, TraumaLink co-founders Jon Moussally, an instructor at the Harvard T.H. Chan School of Public Health, and Mridul Chowdhury, CEO of mPower Social Enterprises, introduced a volunteer-based solution. TraumaLink enlists local volunteers, who live or work along the highway, to provide more immediate first aid to RTI victims. As of mid-2019, almost 2,000 patients have been treated by nearly 500 TraumaLink volunteers.

THE INNOVATORS

Thailand’s Bank of Ayudhya to issue first private-sector gender bonds in Asia-Pacific. The IFC (International Finance Corporation) and DEG (Deutsche Investitions und Entwicklungsgesellschaft) have agreed to subscribe to the first private-sector gender bonds in Asia, set to be issued in the amount of up to US$220 million by Thailand’s Bank of Ayudhya. These gender bonds are supported by the Women Entrepreneurs Opportunity Facility, a join initiative of the IFC and Goldman Sachs’ 10,000 Women initiative. Together they aim to increase access to finance for as many as 100,000 women in emerging markets. This inaugural gender bond issuance will help expand credit lines to women-led small- and medium-sized enterprises in Thailand, as well as promote the transparency and integrity of Asia’s nascent social bond market. The Bank of Ayudhya is expected to issue the bonds this October. 

Japan’s MUFG Bank joins ESG wave with new unit. Japan’s Mitsubishi UFJ Financial Group (MUFG) will set up a department specializing in environmental, social, and governance (ESG) funding to develop financial products for companies focused on responsible investing. This sustainable business office will encourage customers to work on ESG issues and provide financing to companies based on ESG ratings and benchmarks. With an aim to improve its ESG performance groupwide, MUFG Bank has already taken concrete steps itself, such as sourcing all power for its Tokyo headquarters from hydroelectric sources. Further, by signing on to the Principle for Responsible Banking which will be launched by the United Nations this month, MUFG Bank will also set publicly disclosed environmental and social impact goals.

Who’s Doing Good?

22 July 2019 - 4 August 2019

THE GIVERS

Tin Ka Ping Foundation donates HK$5 million (approximately US$640,000) to The Hong Kong University of Science and Technology (HKUST). Dr. Tin Ka Ping’s eponymous foundation has reinforced the late philanthropist’s lifelong commitment to education through its most recent donation. Made to the Tin Ka Ping Education Fund—a permanent fund established in 2008 for HKUST’s Institute for Advanced Study (IAS)—the donation raised the Fund’s principal to a total of HK$11 million (approximately US$1.4 million). The university plans to use the new funds to support its “Dream Chaser Scholarship Fund” aimed at meeting the financial needs of students from disadvantaged backgrounds. HKUST President Prof. Wei Shyy remarked, “I am sure this donation would help foster whole-person development for students—especially those in need, and help attract more excellent young scholars to our university, further expanding the realms of academic and knowledge frontiers.”

Donations to Kyoto Animation surpass ¥1 billion (approximately US$9.4 million) after tragic arson attack. Support for Japanese anime studio Kyoto Animation has poured in from inside and outside the country in the wake of the July 18th arson attack which resulted in 35 casualties. Over 48,000 donors, including individuals and companies, donated US$9.4 million in just five days after the studio opened a bank account specifically for receiving donations. Outside Japan, Sentai Filmworks, a U.S. company that distributes Japanese anime, managed to raise US$2.3 million for the studio via crowdfunding. Kyoto Animation will use the money to help injured victims and deceased victims’ families as well as aid reconstruction efforts. The firm plans to report the use of these funds to the public.

Hui Ka Yan, Chairman of Evergrande Group, tops Forbes’ China Philanthropy List for the fourth time. The chairman of one of the world’s most valuable real estate companies retained his top position on Forbes’ China Philanthropy List after receiving the accolade in 2012, 2013, and 2018. Yang Guoqiang, Chairman of real estate company Country Garden, and Jack Ma, co-founder of Alibaba, were second and third respectively. Hui Ka Yan led with total cash donations worth ¥4.07 billion (approximately US$586 million) followed by ¥1.65 billion (approximately US$237 million) donated by Yang and family, and ¥980 million (approximately US$141 million) under Ma’s name. Donations across the hundred entrepreneurs featured on the list totaled ¥19.17 billion (approximately US$2.8 billion), a seven-year high and a 10.7% increase year-on-year.

Hong Kong billionaire Lui Che Woo offers insight into his philanthropic efforts. One of the richest men in Hong Kong, Lui Che Woo, established the Lui Che Woo Prize for World Civilization in 2015 through a donation of US$1.2 billion. Nine laureates have received the prize’s cash award of HK$20 million (approximately US$2.6 million) each so far. In this Forbes interview Lui states that motivation for establishing the prize came from his own experience of World War II, which led him to question why conflict and development gaps continue to exist. The prize focuses on “the appreciation and recognition towards sustainability of world resources, determination in betterment of people and the society, and demonstration of positivity which enables mankind to withstand different challenges.” Lui’s philanthropy is rooted in an idea of being “gifted” by society, and he vows to never forget to contribute back to it.

THE THINKERS

Impact investment rising in Asia, but challenges remain. CAPS’ Director of Research, Mehvesh Mumtaz Ahmed, argues that impact investment in Asia has evoked wide interest but commensurate capital deployment is yet to be witnessed—Asia accounts for less than 10% of global impact investment assets under management. She cites the newness of impact investing in Asia as one inhibitor. According to a poll of ultra- and high-net-worth individuals, 98% of respondents looked to increase their allocations to impact investment, but over half had not made a single impact investment. A mismatch between the types of financing needed by social enterprises and those on offer from impact investors has also surfaced as a gap. But, Mehvesh Ahmed argues, the thinking around impact investment in Asia is constantly evolving and the future for the financing mechanism appears bright. CAPS will be releasing a detailed study on social entrepreneurship and impact investing in Asia this fall.

Increasing inheritance tax levels could boost giving in Asia. Sumit Agarwal, Professor at the National University of Singapore, opines that Asia can do more to spur its ultra-rich to be more philanthropic. Asia has been home to incredible wealth creation in recent years: the number of billionaires in China rose to 819 in 2018 from 571 in 2017, far outpacing growth in the United States. Yet, Agarwal notes, only 10 out of the 182 total signatories of the “Giving Pledge” come from Asia. Low or nonexistent inheritance tax exacerbates the situation, allowing Asians to pass all or most of their wealth to their descendants. Agarwal cites recent research from the U.S. which finds that repealing the inheritance tax for a year led to a decline in charitable giving by US$6 billion. He concludes that the introduction of even a modest inheritance tax could incentivize Asian high-net-worth individuals to donate their growing share of global wealth. (CAPS highlighted the importance of inheritance tax for Asian philanthropy in the 2018 Doing Good Index.

Brookings India releases report on the Indian impact investment landscape. India faces an annual financing gap of US$565 billion towards meeting the Sustainable Development Goals. Impact investment is emerging as one answer: it can help champion innovative ideas in social service delivery, test their effectiveness, and help them scale up. This report from Brookings India surveys market trends and finds that impact investment is beginning to take off. The sector attracted US$5.2 billion from 2010 to 2016 with US$1.1 billion invested in 2016 alone. The report concludes with actionable recommendations for creating an effective social financing ecosystem in India.

THE NONPROFITS

Social donations in China exceed ¥90 billion (approximately US$13 billion) in 2018. Figures from the Chinese Ministry of Civil Affairs have also shed light on the growing importance of online donations for China’s third sector. The 2018 “September 9 Charity Day,” an event backed by internet-giant Tencent, saw 28 million online donors donating ¥830 million (approximately US$120 million) through 20 officially designated online charity platforms. For some major foundations as much as 80% of their donations are now originating from online and social sources. Overall, official figures hold the number of registered charity organizations in China at 7,500 with their net assets totaling ¥160 billion (approximately US$23 billion). 

THE INNOVATORS

Indian clean energy producer raises US$950 million in Asia’s largest green bond sale. Global investors oversubscribed by three times a green bond issued by Greenko Energy Holdings, which currently operates assets totaling 4.2 gigawatts of energy generation capacity and has another 7 gigawatts under construction. The bond sale followed an additional US$329 million commitment from two sovereign wealth funds, Singapore’s GIC Private Limited, and the Abu Dhabi Investment Authority, which itself had come on the heels of a previous infusion of US$495 million by sovereign wealth funds for Greenko to build power storage projects. India has set ambitious clean energy targets: it plans to achieve 175 gigawatts by 2022 and 500 gigawatts by 2030. Meeting these goals is estimated to require north of US$250 billion in investments from 2023-2030.