Before the exciting night racing in mid-September of 2023, the busy waterfront promenades around Singapore’s Marina Bay transform into a gathering place for locals and visitors, many of whom come from neighboring countries in Asia.mid the joyful rhythms, hustle and bustle of chatter, and clinking glasses, people can be seen milling about with the latest fashion from world-famous brands. portrait of a weekend that promises to be not only a fascinating night of racing but also a symbol of celebration of prosperity and life, considering that many people crown Formula 1 as a financial juggernaut. This remarkable setting is well-founded, considering that Asia’s increasing wealth, which has created a growing middle class over the past few decades, has transformed the global economic landscape and strengthened its position as the driving force of the economy in the 21st century. These socio-economic shifts have not only raised the standard of living that make enjoying night racing as one of the common annual entertainments for many but have also driven innovations, attracted large-scale investments, and played an important role in coining a new phase of the philanthropic movement that not only focuses on giving but also taking into account impact and sustainability. ccording to the 2021 Credit Suisse Global Wealth Report, the Asia-Pacific region is expected to account for over 30 percent of the 84 million millionaires and 28 percent of 344,000 ultra-high-net worth individuals globally in 2025. Hence, an evolving philanthropic landscape, with a rise in innovative models to catalyze philanthropic capital, and the enhanced capabilities and multi-sector collaboration needed to tackle today’s increasingly complex and interconnected global challenges, require specialized and systematic upskilling of the philanthropic sector in Asia. In response to that, on September 15, 2023, Temasek Trust, an endowment trustee of Temasek, launched the Philanthropy Asia Alliance, an initiative dedicated to catalyzing collaborative philanthropy in Asia through dynamic multi-sector partnerships. “In Asia or beyond, whether private, public, or people sector, whether first-mile catalyst or last mile delivery in philanthropy, the way to the future must be through collaborative pathways and collective action,” CEO of Temasek Trust Desmond Kuek stated in his opening remarks for the Philanthropy Asia Summit 2023 where the Philanthropy Asia Alliance was launched.

Source: Antara News Agency