Swiss banking giant UBS has launched Philanthropy Forum Asia in Singapore that examined how wealthy families have successfully created a family legacy through innovative philanthropy practices.
Held on July 2 & 3, the forum was attended by a group of close to 200 participants and global speakers including eminent private philanthropists, social entrepreneurs and top business families.
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J Y Pillay, chairman of the Council of Presidential Advisers, was the keynote speaker at the Philanthropy Forum Asia gala dinner.
UBS Asia Pacific president Chi Woon Yoon remarked: "UBS has been working with Asia’s wealthiest families for over 50 years. This year, we are delighted to host our flagship Philanthropy Forum in Singapore, as the city-state celebrates 50 years of independence.
"With embracing innovation as our theme, the 2015 Forum will provide a unique platform for the region’s top philanthropists to share best practices and groundbreaking ideas. This event forms part of our UBS and Society initiative, which helps clients use their wealth for positive societal impact."
According to the recent UBS and PwC 2015 report, the average age of Asian billionaires is 57, an age when many begin to consider how to preserve and transfer their wealth. This wealth demographic can trigger a wave of philanthropic giving.
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By GlobalDataJosef Stadler, head global ultra high net worth at UBS Wealth Management said: "As Asian billionaire families grow in size and complexity, succession planning and the engagement of the second generation are important in establishing a lasting family legacy.
"Increasingly, philanthropy has been a social cohesive force to successfully transmit the family values across the generations. At UBS, our dedicated philanthropy advisory team has advised numerous clients in their philanthropic aspirations over the generations."
UBS also revealed that it will be launching a Singapore presence of its UBS Optimus Foundation later this year.
The Optimus Foundation is UBS’s professional grant-making foundation which focuses on children education, healthcare and protection. The foundation is funded by donations from UBS’s clients and contributions from UBS.
