To support philanthropy and non-profit organisations seeking to invest in Asia, the International Organisations Programme Office was set up in 2007 by the Singapore Economic Development Board as a whole-of-government effort to facilitate international organisations planning to locate in Singapore. The Government has also developed supporting physical infrastructure, such as the Tanglin International Centre for clustering and shared services. Connectivity 20. In addition, Singapore has excellent international transport and communications connectivity, and can serve as an intermediary for giving in the region. Our location and stable and safe environment provide international donors with a convenient base from which to oversee their giving in the region. Governance 21. Lastly, we cannot over-emphasise the importance of good governance in charities. Governments are working to address this issue. For example, last year, China launched the China Foundation Centre (CFC) to promote greater transparency and accountability among foundations. But there is still much that countries in Asia can do to improve charity governance. 22. Singapore, too, is working on improving governance. We have put in place a sound regulatory framework and a code of governance to ensure transparency and accountability of our local charity sector. In addition, the National Volunteer and Philanthropy Centre will also be introducing an independent charity analysis system this year. Conclusion 23. In closing, I would like to say that philanthropy makes the world a better place. It balances our emphasis on economic growth and the pursuit of profits with our warm, human side.

The levels of transparency and governance controls in many countries are also not prescribed by law, and may vary across charities. As a result, giving in Asian countries suffers from a lack of trust. Such suspicion holds back donors who are concerned that their gifts should be used appropriately and effectively, rather than going to waste funding inefficient expenses. 16. Donors have found ways to work around the trust issue. Some have set up their own charities or are working together with reliable charities to see through the giving process from start to end. Such efforts demonstrate that donors can be an integral part of the solution, but this will take time, and it can be a very challenging process for donors. 2  BIS central bankers’ speeches  Singapore as a philanthropy hub 17. Singapore can make it easier for international donors to give in Asia. Our infrastructure, connectivity and regulatory framework form a strong foundation to support local and regional philanthropy. Infrastructure 18. As a leading international financial centre, Singapore can provide a full suite of wealth advisory services ranging from fund management to philanthropic advisory. We have recently seen a growing number of private banks in Singapore building up their philanthropy advisory capabilities, either in-house or leveraging on third party expertise. SymAsia, which was set up by Credit Suisse, is an example of an umbrella foundation that provides grant making, project review and investment management for donors who do not wish to set up their own foundations. 19.