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Singapore’s Philanthropy Boom: Family Offices Fuel A 10-Fold Rise In Giving

by THEFUTURE.TEAM

Singapore is rapidly transforming into Asia’s philanthropic powerhouse, thanks to a remarkable surge in family offices. With the number of single-family offices skyrocketing from 200 in 2019 to over 2,000 today, the city-state is harnessing wealth to drive a booming culture of giving—both locally and globally.

A New Era Of Generosity

Wealthy donors are not only bolstering local initiatives; their influence reaches far beyond Singapore’s borders. High-profile players like Dalio Philanthropies—backed by hedge fund titan Ray Dalio’s family office—are channeling funds into transformative projects. For instance, Dalio Philanthropies sponsored a three-week program in Singapore last year that equipped nearly 400 youth and educators with hands-on experience in ocean science and maritime operations.

Driving Impact Across Sectors

The influx of capital is revitalizing schools, charities, and social enterprises throughout the region. In 2023, the Low Tuck Kwong Foundation, named after the billionaire founder of Indonesia’s Bayan Resources, emerged as a top donor by contributing SG$127.6 million (around $94 million) to education and healthcare causes—primarily benefiting the Lee Kuan Yew School of Public Policy.

Specialized initiatives are also gaining momentum. Singapore-based foundations are actively supporting diverse causes, from marine conservation to poverty alleviation, underscoring a broader commitment to societal impact.

A Magnet For Global Wealth

Luxury vehicles on Singapore’s streets are a subtle sign of a broader trend: an influx of global wealth. As affluent individuals and their private investment firms relocate to the city-state, Singapore is strategically positioning itself to be Asia’s hub for philanthropy. Favorable tax incentives—like a 100% deduction for qualifying overseas donations—and a reputation for exemplary governance make the city an attractive destination for high-net-worth individuals looking to make a meaningful impact.

Strategic Alliances And Government Backing

Singapore’s government is playing a pivotal role in this transformation. Initiatives such as the Philanthropy Asia Alliance—supported by entities like Temasek Trust, the philanthropic arm of Singapore’s state investor—are uniting donors to champion causes such as ocean conservation. Alongside major players like the Jollibee Group Foundation and the Tanoto Foundation, these collaborations are redefining the region’s philanthropic landscape.

Stacy Choong, a partner at Withersworldwide, attributes this rise in philanthropic activity to the concentration of wealth in Singapore, streamlined regulations, and strong government incentives. “People want the assurance that their trusts and foundations will be managed responsibly and effectively once they are no longer around,” she notes, emphasizing how these factors are reshaping the conversation around wealth management.

Beyond Borders: Global Impact

Singapore-based philanthropy is not insular. Foundations such as the Chandler Institute of Governance are delivering tailored training to over 500 government leaders annually across Africa and Asia, while initiatives like those of the Ishk Tolaram Foundation are providing vital skills training and prosthetic limbs in Nigeria.

As Singapore cements its status as a global wealth hub, it’s emerging as a force for good—where fortunes are not just preserved, but actively invested in the greater good.

In this evolving ecosystem, Singapore’s network effect—bolstered by organizations like the Community Foundation of Singapore and The Majurity Trust—ensures that philanthropic efforts are both impactful and far-reaching. Fortunes are being leveraged to drive social change, making the city-state a beacon for transformative giving in Asia and beyond.

Cyprus Crypto Users Face New Risks As MiCA Rules Take Effect

by News Editor

Why Investors Need To Check The Company Behind Their Crypto Platform

Crypto users in Cyprus are being urged to verify exactly which company holds their assets after the EU’s Markets in Crypto-Assets Regulation (MiCA) transition period ended on July 1, 2026.

MiCA rules for crypto-asset service providers have applied since December 2024, but Cyprus allowed companies operating under its previous national framework to continue temporarily. CySEC required providers wishing to remain in the market to apply by February 27, 2026.

The end of the transition means that appearing on an old national register is no longer enough. Investors must check the specific legal entity providing the service and the activities it is authorised to perform.

Two Regulatory Routes

CySEC maintains separate registers for providers authorised under Article 63 and companies using the Article 60 notification route.

The lists should not simply be treated as a count of licensed crypto exchanges. Providers have different regulatory statuses and may be authorised for different services, including custody, transfers, exchanges or operating trading platforms.

Companies authorised elsewhere in the EU can also serve Cypriot customers through MiCA passporting. Investors should therefore check the wider ESMA register.

Familiar Brands Can Still Be Used In Scams

MiCA authorisation applies to a specific legal entity, not automatically to every website, subsidiary or service using the same brand. Fraudsters can copy a legitimate company’s name, logo and licence number while changing its website or payment details.

The regulatory transition creates another opportunity for scammers. They can imitate legitimate notices about account closures or transfers and claim that customers must urgently move their assets to a new “regulated” platform.

In its July announcement, CySEC warned that customers using unauthorised providers do not receive MiCA protections and advised investors to verify providers through ESMA.

A Wider European Shake-Up

The changes affect the broader European crypto market. VASPnet estimated that more than 1,700 unlicensed crypto companies could face closure, relocation or restructuring after the transition period.

ESMA’s register contained 323 authorised providers at the end of July, while TRM Labs identified 1,343 operating providers in the European Economic Area on July 1, including 281 with MiCA authorisation. The different figures reflect different methodologies, but point to a substantial number of providers operating without the new authorisation.

ESMA instructed unauthorised companies to stop accepting new EU customers, opening accounts and marketing their services, while allowing limited activity needed for an orderly withdrawal.

What Investors Should Check

MiCA introduces common requirements for areas such as governance, disclosures and safeguarding client assets, but it does not make crypto investments risk-free.

For Cyprus users, the key questions are which legal entity provides the service, what it is authorised to do and whether the website or contact details are genuine.

Requests to transfer assets urgently, pay recovery fees, reveal private keys or install remote-access software should be treated as red flags. MiCA may bring greater clarity to the market, but the transition has also created a new opportunity for criminals to exploit a very real regulatory change.

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