The Hong Kong Jockey Club (HKJC) has announced a HK$5 billion ($638 million) commitment to launch an institute promoting philanthropic thought leadership.

Announced at the third Philanthropy for Better Cities Forum in Hong Kong—convened by the HKJC-affiliated charitable trust—the Institute of Philanthropy (IOP) is described as a “think-fund-do” tank that will engage foundations, philanthropic stakeholders, and other institutions—locally, regionally, and globally—to serve as a “convening platform to promote the common good.” The IOP intends to facilitate the exchange of philanthropic best practices; collaborate with universities and other institutions to consolidate and disseminate knowledge as well as co-create, fund, and publish research pertinent to the field; and develop programs to enhance the skills and capacities of professionals in the philanthropic and nonprofit sectors.

“We aim to establish the IOP as a dependable source of philanthropic knowledge and to leverage its resources to strengthen the professionalism of funders in the Hong Kong Special Administrative Region (SAR), nationwide, throughout Asia, and beyond by providing sector-wide infrastructure and standards development,” said HKJC chair Michael Lee.

“Hong Kong is determined to play an increasingly important role in advancing philanthropy and the social impact it can make,” said Hong Kong SAR chief executive John Lee. “We want to create a fairer society for everyone [and build] Hong Kong into a leading international center for philanthropy.”

(Photo credit: Hong Kong Jockey Club Charities Trust)