Foundations in Southeast Asia are more inclined to collaborate with other foundations on their philanthropic engagements.
UBS, which advises on philanthropy, announced last week the launch of a successful collaboration that it has facilitated.
The Global Fund and DT Families Foundation will launch its IndoChina partnership to eradicate malaria in South East Asia through a comprehensive regional programme, according to Tracey Woon, vice chairman for Asia Pacific at UBS Wealth Management.
Founded in 2002, the Global Fund is a partnership between governments, civil society, the private sector and people affected by diseases such as AIDS, tuberculosis and malaria.
The Global Fund raises and invests nearly $4 billion a year to support programs run by local experts in countries and communities most in need.
DT Families Foundation, meanwhile, is one of the philanthropic arms of DT Group of Companies (DTGO).
The combined assets of the world's foundations are estimated to be close to $1.5 trillion, according to the Global Philanthropy Report, which is authored by Harvard Kennedy School’s Hauser Institute for Civil Society with funding from UBS.
The global philanthropy sector is growing fast, with 72% of foundations established in the past 25 years. However, 58% of the foundations identified do not collaborate with other foundations.
Foundations in South East Asia are more strategic and more professional as they recognise the importance of collaboration with both peer organizations and government.
Susan Sy, who heads the philanthropy advisory for South East Asia, said foundations would be able to further maximise their social impact through peer learning, co-development and even co-funding.
UBS has facilitated collaboration of several inter-generational families on their philanthropic engagements in education, healthcare and social causes to promote social change.
As philanthropy is growing rapidly around the world, nearly 95% of family offices plan to maintain or increase their philanthropic commitments, according to the UBS Campden Global Family 2017 report.
Education dominates as the leading cause which family offices support through philanthropy, with nearly 74% active in this area.
One of the key objectives of the UBS Philanthropy Forum, which took place last week, is to provide a platform for philanthropists to share best practices and collaborate on new initiatives.
As Asia emerges as a centre of wealth creation, close to 85% of Asia's billionaires are first generation entrepreneurs.
Many Asian billionaires have embarked on succession planning and created a family legacy through philanthropy.
Philanthropy can help to foster family cohesion while instilling the family's values over the generations.
UBS has advised on philanthropy, strategic charitable giving and investing with social impact for more than 10 years.