in china found that its top 100 philanthropists gave an average of 6 percent of their wealth to charity, totalling us $ 3. 3 billion over the previous five years. similarly, in india, many of the ultra - rich are giving part of their wealth to charitable causes. among them, mr azim premji, the third richest man in india, pledged us $ 2 billion last year to fund rural education and development programmes. 8. philanthropy in singapore is also growing. some recent foundations that have been set up in singapore include the wee foundation. most recently, a us $ 100 million donation bis central bankers ’ speeches was made by the family of the late mr ng teng fong to set up a fund for needy patients and other worthy causes at a new hospital in singapore. to encourage more giving, the singapore government has created a very conducive giving environment in singapore. we allow 2. 5 times tax deduction for donations to institutions of a public character. we have also increased the leverage effect of donations, with matching grants for donations to key causes such as universities and charities providing long term care for the elderly. asian philanthropy is evolving 9. asian philanthropy has deep roots, both in tradition and religion. giving across asia is typically accomplished without fanfare, with many donors quietly donating millions on an anonymous basis. there is a tendency to prize modesty, and many are averse to what others may view as “ flaunting wealth ”. however, such private giving may have held us back from developing a more structured and sustainable way of giving. 10. this is changing, as asian donors have observed that western philanthropy has developed innovative structures which may be very efficient and effective. more and more, we are seeing the evolution of asian philanthropy from ad hoc cheque book donations to more sophisticated philanthropic models such as foundations and venture philanthropy. this has helped to bring about greater accountability and efficiency in grant making. 11. another change is the shift from the traditional model of leaving behind legacies, towards “ giving while living ”. this has resulted in more active and engaged philanthropy in asia, leading to an increased demand for more philanthropy - related advisory services by wealthy individuals and families. more of the rich are incorporating philanthropy into their wealth management plans and want professional advice in their philanthropic commitments. as a result, asia is seeing the growth of professional and institutionalized philanthropy foundations. china alone now has an estimated 900 philanthropic entities. key challenges remain 12. however, there remain challenges to

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. hence, it is crucial that we continue to give generously, to local and foreign deserving causes. 24. yet giving is also difficult to do well because it must not lead to waste and leakage or diminish the spirit of self - reliance. i am pleased that singapore is playing host to this global forum which brings together leading philanthropists and thought leaders to discuss how to better accomplish giving, and to push the frontiers of philanthropy in asia. 25. i commend credit suisse for playing an active role in developing philanthropy capabilities in singapore, and i wish you a fruitful meeting. bis central bankers ’ speeches