Bank of Singapore enters into a strategic partnership with non-profit organisation, Community Foundation of Singapore (“CFS”), to enable its clients to co-develop with CFS a comprehensive impact driven philanthropic strategy that meets their giving goals, using the deep insights from CFS’s dedicated Charities and Grants team and philanthropy advisors.
CFS is a registered non-profit organisation in Singapore that was founded in 2008. It works with over 400 local charities to develop impactful programmes, on top of providing philanthropic advisory, fund administration and grant making services. Since its inception, it has advised close to 200 donors and disbursed grants totalling over S$133 million on their behalf, benefiting thousands of individuals and families in the community as a result.
CFS will work with the bank’s clients to translate their interests, values and goals into a tailored and strategic giving plan that matches with the needs of the local community. Clients will have peace of mind as their funds will be managed with high levels of governance and accountability by experienced professionals.
This partnership comes at an opportune time as philanthropic activities amongst the ultra-high and high net worth individuals are on the rise. According to Knight Frank, 54% of global family offices – a strategic client segment that Bank of Singapore is focused on building – were increasing their philanthropic activity in 2021. Similarly, the Community Foundation of Singapore saw a 20% increase in philanthropic giving amongst its donors in Singapore in 2021, compared to a year ago. CFS has observed that philanthropists are becoming more interested in understanding the root causes of issues to better inform their giving and contribute their expertise to co-create solutions to address them.
Said Mr Bahren Shaari, Chief Executive Officer, Bank of Singapore, “We know that for our clients, success is not just about financial goals. Our collaboration with Community Foundation Singapore marks a significant milestone in our efforts to support our clients in their philanthropy efforts and deliver real change. The expertise and insights into Singapore’s charitable landscape that CFS will support our clients to map out their charitable-giving goals that align with their values and ambitions, with the same careful consideration that goes into any investment.”
“Singapore has a long tradition of philanthropy. We are privileged to partner with Bank of Singapore, Asia’s global private bank, to enable private philanthropists to play a personal role in building thriving communities and contributing to a fairer, more sustainable Singapore. Bank of Singapore is a recognised leader, and this partnership strengthens our role in inspiring strategic philanthropy in Singapore” said Catherine Loh, Chief Executive Officer at CFS, “This partnership connects Bank of Singapore’s wealth management solutions and client base with CFS’s philanthropic expertise. Working together, we aim to connect families and individuals who have the propensity and capacity to make significant social impact to the charities that can deliver it.”
Note to editors: Bank of Singapore will not be conducting any fund-raising appeal for Community Foundation of Singapore.
