In response to the rise of family offices in Singapore, veteran philanthropist Laurence Lien has launched the Asia Community Foundation (ACF)
One of the topics you simply cannot escape today, when speaking to business and community leaders in Singapore, is the recent influx of wealth onto our shores. The city has witnessed a surge in family offices as many of the world’s wealthiest families make Singapore their home. In the first four months of 2022 alone, the Monetary Authority of Singapore approved more than 100 family office applications. This trend corresponds to the country’s projection of an 87 per cent increase in net inbound migration of high‑net‑worth individuals in 2022 as compared to 2019.
Singapore is now the fifth wealthiest city in the world, boasting 26 billionaires. Notable figures such as Google co‑founder Sergey Brin, Indian tycoon Mukesh Ambani and American hedge fund investor Ray Dalio have established family offices in Singapore. The nation’s appeal as a family office destination is no accident. The city‑state’s reputation as the fifth least corrupt country globally (according to anti‑corruption body Transparency International’s 2022 Corruption Perceptions Index), one of the safest places in the world (it ranked sixth in the 2023 Global Peace Index), and the best place for business (according to Economist Intelligence Unit) contributes to its allure. Its tax‑friendly environment, abundant private banking talent, stable currency and robust regulatory framework further enhance its attractiveness.
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While some online (and even offline) pundits have decried this rise in wealth here, others see it as an opportunity for good. Laurence Lien, the highly regarded philanthropist and civil society advocate, certainly does. This September, he officially announced the launch of a new non‑profit organisation that he co‑founded: the Asia Community Foundation (ACF), a philanthropic advisory that is poised to help new donors give more strategically and with greater impact to charities across Asia.
The rise of family offices and the launch of ACF are interconnected. Lien, over a conversation held in Lien Villa, his family’s “clubhouse” in Holland Park, expounds: “The number one primary target [for ACF] is new givers—those who want to give more or give better. We see this as new private banking clients here, all the thousand plus new family offices that are [being] set up in Singapore.”
Lien explains that ACF was born out of a demand for services that many private banks are just not able to offer, at least at the level he can. “We’ve been talking to many of them,” he shares. “Very few are able to serve their clients when it comes to philanthropy, you know, provide the necessary services that the clients are asking for. So private banks want to work with us because we can help. One of our main products is donor‑advised funds that we make really easy for their clients to set up. These funds are essentially mini foundations. So you can essentially have a foundation without the headache of setting up a private foundation.”
As Lien explains, these mini foundations are in essence sub‑accounts hosted by ACF. What he is relying on is that both the private banks and the new givers will trust that he and his fellow ACF co‑founders will be transparent and honest when it comes to managing and donating their money. This trust comes from the fact that Lien has built a reputation as one of the most respected philanthropists and advocates of impactful giving in Asia.
In addition to ACF, Lien is the co‑founder and founding CEO of the Asia Philanthropy Circle (APC) as well as the chairman of Lien Foundation, a family foundation established in 1980 that has earned recognition for its innovative approach to education, eldercare and environmental initiatives. He also chairs Lien Aid, the foundation’s humanitarian arm.
Lien’s extensive contributions extend to his role as the former CEO of the National Volunteer & Philanthropy Centre, from 2008 to 2014. In 2008, he founded the Community Foundation of Singapore, serving as its chairman from 2013 to 2019. His influence even reaches into academia, as he is a board member of the Lien Centre for Social Innovation at the Singapore Management University.
Before immersing himself in the non‑profit sector, Lien’s service in the Singapore Administrative Service equipped him with a deep understanding of societal dynamics and needs. His academic journey includes degrees from Oxford University, the National University of Singapore and Harvard University’s Kennedy School of Government. In recognition of his leadership, Lien was awarded the prestigious Eisenhower Fellowship in 2010. Notably, he also served as a nominated member of parliament in Singapore from 2012 to 2014.
ACF is backed up by its links to APC. Lien explains: “APC is a membership‑based platform for philanthropists around the region to come together to exchange ideas and collaborate. We have nearly 60 members, or essentially 60 families, from 13 different markets. We [work together to] grow and elevate the philanthropic practice of these members, but also to collaborate [in order] to grow impact.” Lien admits that the APC members are all established philanthropists, while ACF aims to usher in a new era by extending an invitation to new players in the realm of philanthropy, thereby reshaping the impact of wealth across the region. Through ACF, Lien hopes to enable this new generation of philanthropists, providing them with a structured avenue to channel their resources for maximum impact.
One of ACF’s strengths is that it looks regionally, capitalising on the APC network to help recommend the right charities to work with in order to achieve the best impact and meet donors’ objectives. Here in Singapore, Lien says, identifying the right charity partners is relatively easy. “The difficulty is beyond our shores,” he says. “There are so many needs and so many organisations. Each country is so different. The role that philanthropy plays in each can be different. The best organisations also look very different in these countries. And far too often, accountability, transparency, governance are missing. We leverage off the collective intelligence and networks of the APC members to ensure we can identify the right charities.”
It is noteworthy that ACF’s commitment to its mission is evident in not only its vision, but also its financial approach. With more than $5 million raised in initial funding, ACF is equipped to waive client fees for the first few years, making its services accessible and fostering a strong start. The Bill & Melinda Gates Foundation, a prominent philanthropic entity, has contributed to this initiative, recognising the potential of ACF’s services and its role in promoting effective philanthropy in Asia.
Lien is on the hunt for someone to helm the new organisation. Making it clear that he is just the acting CEO, he is actively seeking a suitable successor, someone, ideally, with a finance background, who is willing to take what many in the non‑profit sector call the “passion cut”, or a rather sizeable pay cut.
Of the different forms of giving, Lien breaks them down quite simply into three categories. He explains: “There are some who are very data‑driven. They say, ‘I want to see what really creates the most impact and see the research that backs it up.’ Then there are people who are a lot more social. I find these people often want to donate along with friends. Very often in their social circles, there might be a leader among them who will help the others choose [where to give]. Then there are those who are really engaged and really want to go down and see their projects because they want to touch and feel. These are the ones who really want to create system change, but this is a really small group.”
Lien is excited and optimistic about the role ACF can play in transforming philanthropy in the region. He is particularly excited to meet and work with a new generation of donors, partly stemming from some small disappointment at the lack of giving from those he believes should be doing more. He shares: “I think a fair number of the bigger families [in Singapore] need to step up. If you compare us to the US, well, giving in the US now is so public that if you aren’t giving, it becomes shameful. You can see who’s not giving. Here, the government takes care of so much—and the natural instinct is that the government is going to take care of it.”
Lien notes that this reality, where the wealthier families do not feel that they have to give, is fairly new. “I think in the early days, during my grandfather’s generation, you couldn’t be a business leader without being a community leader. You wouldn’t be respected,” he says. “And that’s why they got involved in building schools and hospitals and so much infrastructure. I think we’ve lost that. I think we need to bring back the giving spirit of the older generation.”