Temasek Trust, the charitable arm of the Singapore state holdings company, Temasek, has announced more than S$1 billion ($777 million) in pledges in support of its Philanthropy Asia Alliance (PAA) initiative.

Launched in 2022, PAA aims to build capabilities, capacities, and communities in the philanthropic sector and harness multi-sector partnerships to catalyze Asian solutions for global challenges. To date, more than 80 members and partners from the Americas, the Asia-Pacific, Europe, and the Middle East have joined the alliance. The announcement was made as part of the third annual Philanthropy Asia Summit, which was held in Singapore and focused on climate action and sustainable communities, inclusive education, and resilient health care.

“Collaborative, collective action is key to tackling the interconnected and complex challenges confronting us. The opportunity for philanthropic capital to catalyze positive impact in Asia is immense, and the Philanthropy Asia Alliance will accelerate this,” said Temasek Trust CEO Desmond Kuek. “We will harness the strengths, ideas, and best practices of members and partners to jointly pioneer philanthropic innovations to realize our bold ambitions as an alliance to prime Asia as a force for good.”

(Photo credit: Getty Images/shih-wei)