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Philanthropy Deployed as Risk Capital Holds Potential to Scale Early-Stage Innovations in Asia, New Report Finds

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3 weeks ago

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  • Asia’s development challenges are outpacing conventional funding models, with early-stage, high-risk innovations chronically underfunded
  • Philanthropy Asia Alliance and Centre for Asian Philanthropy and Society’s new research explores how Asian funders are bridging this gap, and the lessons to scale impact across the region

SINGAPORE – Media OutReach Newswire – 18 May 2026 – A new report released today at the sixth Philanthropy Asia Summit highlights what becomes possible when philanthropy in Asia is deployed as risk capital: funding that absorbs the risks of unproven solutions that governments are unable or unwilling to back, markets cannot yet price, and social innovators cannot bear alone. It also sets out what it will take to scale this approach and accelerate impact across the region.

The report spotlights 10 cases spanning climate, health, housing, water, waste, and digital inclusion where philanthropic risk capital underwrote the earliest and riskiest stages of social innovation. These range from sustainable housing and carbon removal technologies to public health interventions, with early backing helping solutions attract follow-on funding and achieve adoption within public systems. Collectively, these efforts have reached more than 210 million people across 13 Asian economies, a scale that demonstrates the model’s potential, even as these cases represent only a small fraction of the region’s needs.

“Philanthropy as Risk Capital in Asia: Bridging Innovation to Impact“ was researched and written by the Centre for Asian Philanthropy and Society (CAPS) and commissioned by the Philanthropy Asia Alliance (PAA). Drawing on 10 case studies and 37 in-depth interviews with philanthropists, fund managers, social enterprise founders and programme leads across 13 markets, the report explores how and when Asian philanthropy functions as risk capital, and its potential to address development challenges in Asia at scale. It also examines what drives funders to take these risks, how capital is deployed across different instruments and stages of innovation, and the strategies used to manage risk while maximising impact.

Key findings
The findings point to several consistent patterns in how Asian philanthropists featured in the study approach early-stage risk:

  • Philanthropy as risk capital in Asia is often patient and conviction-driven; funders are prepared to commit long-term capital to enable solutions to scale. The largest and longest commitments came from individual philanthropists and families driven by personal conviction and direct experience of the challenges they seek to address. For example, The Tahija Foundation in Indonesia provided more than US$17 million over ten years to test a novel approach to dengue control using Wolbachia bacteria. A randomised controlled trial demonstrated a 77% reduction in dengue transmission, and the method has since been adopted into Indonesia’s national health plan, with an estimated 14 million people now protected. Institutional funders complement this with more targeted, milestone-linked discipline and deep trust in founders.
  • Funders are experimenting beyond traditional grants to explore a range of instruments across different growth stages. From concessional debt to equity, funders are exploring instruments across the spectrum, with some sequencing different forms of capital as trust and results develop over time. However, knowledge gaps and regulatory constraints in some markets continue to limit broader adoption.
  • Funders are leveraging relationships, community trust and government access to manage risk and extend reach. They bring networks, credibility, and access to government stakeholders alongside capital, reducing implementation risk and laying the groundwork for long-term partnerships. The funder’s proximity to the communities they serve, and alignment with domestic policy priorities, can prove as consequential as the funding itself.
  • Funders are supporting alignment with public sector priorities from the outset, as early integration with public systems matters when government adoption is the pathway to scale. The projects that achieved the greatest reach did so through early engagement with government, with funders helping to align solutions with national or local priorities from the outset. For example, the Vanke Foundation made community waste management a thematic priority in support of China’s zero-waste city ambitions, and backed INSPRO, a social enterprise using insect-based bioconversion to recycle organic waste. Beyond funding, the foundation facilitated access to district government stakeholders, enabling INSPRO to establish operations in Yantian and scale its technology for agricultural use. Similarly, Tata Trusts aligned its digital initiatives with the Government of India’s Digital India programme, providing early-stage funding and ecosystem support to Haqdarshak, a platform improving access to government welfare schemes.

“For these Asian philanthropists deploying capital to support early-stage innovation, we observe how trust in the capabilities of the people behind the ideas is critical to managing these risks,” says Dr. Ruth Shapiro, Co-Founder and CEO of CAPS. “And we see the importance of aligning with government as key to legitimacy and scale. The same strategies to manage risk are being leveraged to maximise impact for the community.”

“The report highlights what makes early philanthropic capital unique,” said Shaun Seow, CEO of PAA. “Taking an early position absorbs the risk of an untested solution and builds the evidence and regulatory confidence that later investment requires. PAA’s role is to help connect funders across the region so those early commitments compound rather than sit in isolation.”

Research methodology
The findings are based on a region-wide scan of social enterprises, programmes, and initiatives centred on novel or unproven solutions. Ten cases were selected through a targeted assessment identifying high-potential pathways for philanthropic risk capital across climate, health, and inclusive development. The research was conducted between October 2025 and January 2026, through 37 in-depth interviews and a review of academic and non-academic literature.

The cases examined include Agros, BillionBricks, Equatic, Haqdarshak, Inspro, Seven Clean Seas, Urban Spring, Wadhwani AI, Wateroam, and the World Mosquito Programme in Yogyakarta.

Download the full report: https://p-aa.org/PhilanthropyAsRiskCapitalReport (Live on 18 May)

The issuer is solely responsible for the content of this announcement.

About Philanthropy Asia Alliance (PAA)

Philanthropy Asia Alliance (PAA) is a Temasek Trust initiative dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. By harnessing collective strengths, PAA multiplies impact, accelerates positive change, and takes urgent action to address the pressing environmental and social challenges of our time. PAA’s flagship programme is the annual Philanthropy Asia Summit. For more information, visit

About the Centre for Asian Philanthropy and Society (CAPS)

Established in 2013 and working across more than 17 economies in Asia, the Centre for Asian Philanthropy and Society (CAPS) is a nonprofit organization committed to improving the quantity and quality of philanthropic and private giving throughout Asia. Our mission is to maximize private capital for public good, conducting research, advisory, convening and capacity building to engage philanthropists, foundations, family offices, corporates, government bodies, social sector organizations and experts on best practices, models, policies and strategies to facilitate private giving and social investment in the region. For more information, and .

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GIA Acquires 30% Shareholding in Diamond Provenance Blockchain Platform Tracr

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15 hours ago

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09/06/2026

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Investment by leading industry institute supports Tracr’s evolution to becoming an independent, industry-wide platform for natural diamond provenance

LAS VEGAS, US – Media OutReach Newswire – 9 June 2026 – De Beers Group and GIA (Gemological Institute of America) today announced the signing of a definitive agreement for GIA to acquire a 30 per cent shareholding in Tracr, the De Beers Group-backed company behind the development of the pioneering diamond provenance blockchain-driven platform.

The agreement marks a significant milestone in Tracr’s evolution towards independence and reflects GIA’s confidence in the platform’s role as an industry-wide infrastructure to advance natural diamond provenance and traceability at scale.

GIA’s investment – which builds on a 2023 initiative to include diamond provenance information registered on Tracr’s platform on eligible GIA diamond grading reports – represents a significant step in this transition, reinforcing Tracr’s long-term credibility across the diamond value chain.

Al Cook, CEO of De Beers Group, said: “Consumers deserve to know where their diamonds come from and they should feel more confident in their understanding of each diamond’s source. At De Beers we have been providing provenance data on diamonds through Tracr for several years and we believe that delivering provenance should become an industry standard. Following our promise to open Tracr up to broad ownership, we are proud to be partnering with GIA as Tracr evolves into an independent, industry-wide platform. We will work alongside GIA to advance provenance transparency for the entire diamond sector.”

Pritesh Patel, President and CEO of GIA, said: “At GIA, our mission has always been rooted in trust, integrity, and consumer confidence. Our collaboration with Tracr over the past several years reinforced our belief that combining source-based blockchain provenance with GIA’s independent grading and identification expertise can help unlock a new level of transparency for the diamond industry. As Tracr continues to scale globally, we see a tremendous opportunity to deliver meaningful, verifiable provenance information from the source to the consumer. We are proud to deepen our commitment through this investment and help shape the next evolution of transparency, traceability, and trust across our industry.”

Jillian Wolk, CEO of Tracr, said: “The start of Tracr’s evolution into an independent platform, as a result of GIA’s investment, creates a strong foundation for the future. I am excited to continue scaling the platform and bringing more producers on board, which will support Tracr in enabling the individual journey of every registered diamond to come to life. Each stone carries its own narrative, defined by its source and the craftsmanship that has shaped it, and as Tracr continues to grow we have a fantastic opportunity to help reveal those unique stories.”

De Beers has been developing Tracr since 2018 and it is now a leading distributed diamond blockchain platform that starts at the source, registering diamonds at the point of recovery. In 2023, De Beers opened the platform to the wider diamond industry, positioning Tracr as an industry-wide, scalable solution for rough-to-polish verification of natural diamond provenance, which starts at a stone’s source.

Today, more than five million rough diamonds have been registered on Tracr at source, representing around two-thirds of De Beers’rough diamond production by value. Since January 2025, single country of origin for De Beers diamonds has been available on Tracr, with all newly sourced De Beers rough diamonds of one carat and above being registered on the platform.

Hashtag: #NaturalDiamonds #Diamonds #DeBeersGroup #GIA #Tracr





The issuer is solely responsible for the content of this announcement.

About De Beers Group

Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo-American plc group. For further information, visit.

About GIA
An independent nonprofit organization, GIA (Gemological Institute of America), established in 1931, is recognized as the world’s foremost authority in gemology. GIA invented the famous 4Cs of Color, Clarity, Cut and Carat Weight and, in 1953, created the International Diamond Grading System™ which is recognized around the world as the standard for diamond quality.

Through research, education, gemological laboratory services and instrument development, the Institute is dedicated to ensuring the public trust in gems and jewelry by upholding the highest standards of integrity, academics, science and professionalism.

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Smart Design Global 2026 Awards Presentation Ceremony Proudly Unveils 52 Original Award-Winning Designs International Tour Highlights Hong Kong’s Creative Design Power

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15 hours ago

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09/06/2026

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Set to Appear at Bangkok Mega Show and Paris Maison&Objet

HONG KONG SAR –

About The Hong Kong Exporters’ Association

Founded in 1955, The Hong Kong Exporters’ Association (The HKEA) is a non-profit making trade association registered under the Hong Kong Companies Ordinance as a company limited by guarantee. The HKEA is committed to creating new business opportunities and enhancing market value for Hong Kong exporters, aiming to position Hong Kong as a premier trading hub. The HKEA focuses on serving the industry and taking export trade as its core value, helping members expand their business by closely liaising with the government, initiating different projects, and organising seminars, business gatherings, business delegation trips and exhibitions. The HKEA also disseminate the latest local and international trade information and provides online product display and search services for additional publicity, to further promote Hong Kong’s export trade and enhance market competitiveness.

The HKEA website:

About Cultural and Creative Industries Development Agency

The Cultural and Creative Industries Development Agency (CCIDA), formerly known as Create Hong Kong (CreateHK) since 2009, was established in June 2024. CCIDA is a dedicated office under the Culture, Sports and Tourism Bureau of the Government of the Hong Kong Special Administrative Region (HKSAR Government) to provide one-stop services and support to the cultural and creative sectors with a mission to foster a conducive environment in Hong Kong to facilitate development of the arts, culture and creative sectors as industries. CCIDA’s strategic foci are nurturing talent and facilitating start-ups, exploring markets, promoting cross-sectoral and multi-disciplinary collaboration, promoting industrialisation of the arts, culture and creative sectors under the industry-oriented principle, and fostering a creative atmosphere in the community, thereby reinforcing Hong Kong as Asia’s creative capital and our positioning as the East-meets-West centre for international cultural exchange.

CCIDA’s website:

Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, the Cultural and Creative Industries Development Agency, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

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Disney Garden of Wonder blooms to life again at Singapore’s Gardens by the Bay with all-new character topiaries

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08/06/2026

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The second edition of the popular topiary showcase introduces an interactive area starring Disney’s Frozen, and more beloved Disney and Pixar character dioramas including Toy Story 5 and Disney Princess

SINGAPORE – Media OutReach Newswire – 8 June 2026 – Disney magic blooms anew at Singapore’s premier horticultural destination Gardens by the Bay as the second edition of Disney Garden of Wonder, opens today. Featuring 23 vibrant topiaries inspired by beloved Disney and Pixar characters, the enchanting showcase transforms Floral Fantasy into a world of floral artistry and imagination through 14 March 2027.

Beauty and the Beast

Organised in collaboration with Disney and supported by the Singapore Tourism Board, Disney Garden of Wonder is inspired by Disney and Pixar stories that have charmed generations of fans around the world, inviting people of all ages to re-discover their favourite stories of courage, kindness, friendship and love through the beauty of plants. Following the success of its debut at Gardens by the Bay in 2024, the enthralling floral showcase returns in an even more special second edition.

Anna and Olaf from Frozen
Anna and Olaf from Frozen

Visitors can look forward to five themed areas:

  • Frozen, in which topiary versions of Anna, Elsa and Olaf preside over an enchanting snowy landscape, brought to life through themed lighting that imagines a frost-kissed world of wonder. Inspired by Elsa’s Ice Palace, visitors can step on a floor where magical snowflakes dance and respond to movement.
  • Disney princesses, where Rapunzel appears alongside her best friend Pascal the chameleon; Belle is with the Beast and their enchanted companions; and Jasmine is accompanied by her loyal tiger Rajah.
  • Hundred Acre Wood, where Winnie the Pooh, Eeyore, Piglet and Tigger gather in a cheerful party scene. Tigger bounces up and down while Piglet twirls, and visitors can picture themselves joining everyone at the table!
  • Toy Story 5, where Woody, Jessie and Buzz Lightyear appear as topiaries in a playful setting inspired by Bonnie’s Room, alongside displays of new characters Lilypad and Smarty Pants.
  • Go Local, a Singaporean-themed zone where Disney characters are reimagined in familiar local settings. Chip ‘n Dale perch atop a giant ice cream sandwich; Minnie Mouse and Daisy Duck share the spicy rice noodle dish laksa; and Mickey Mouse makes the traditional beverage teh tarik with Donald Duck.

Outside Floral Fantasy, a 4m-tall Sorcerer’s Apprentice Mickey marks the entrance and welcomes visitors to Gardens by the Bay.

The hand-assembled topiaries are crafted from more than 40 species of preserved and dried floral materials, which took more than 16,000 man hours.

Each material was selected for its colour, texture and form, helping to reflect each character’s features. Plenty of flowers are used for the Disney princesses for example, while Rapunzel’s hair is crafted from Stipa, a perennial grass that has fluffy or oat-like flowerheads.

The surrounding landscapes also use plant palettes that reflect the mood of each zone — sunflowers and marigolds reflect the honey-toned meadow setting of Winnie the Pooh, while lilies and roses bring out the romantic and jewel-toned settings of Disney Princess stories. Hydrangeas and dusty miller evoke the icy blues, whites and silvers of Frozen.

Throughout the duration of Garden of Wonder, visitors can enjoy select weekend Meet and Greet sessions with Mickey Mouse and Minnie Mouse in outfits inspired by Singapore’s national flower, the Vanda Miss Joaquim. Donald Duck and Daisy Duck will also join the experience on select weekends, dressed for a sunny getaway on our tropical island. Meet and Greet dates are available at www.gardensbythebay.com.sg/disneygardenofwonder.

Visitors can round off their experience with shopping at the gift shop, which carries items launching exclusively at Disney Garden of Wonder.

Disney Garden of Wonder
Date: 8 June 2026 to 14 March 2027
Time: 10am to 9pm
Venue: Floral Fantasy at Gardens by the Bay
Details: Tickets are priced at SG$24 for adults and SG$16 for children
Getting here: Take the MRT to Bayfront station. Alternatively, drop off at the Bayfront Plaza carpark via taxi or ride-hailing service. More information available here.

Hashtag: #DisneyGardenofWonder #FloralFantasy #GardensbytheBay




The issuer is solely responsible for the content of this announcement.

Gardens by the Bay

An integral part of Singapore’s “City in Nature” vision, Gardens by the Bay is a national garden and premier horticultural attraction that showcases the best of garden and floral artistry for all to enjoy. Spanning 101 hectares in the heart of Singapore’s downtown Marina Bay, it comprises three waterfront gardens – Bay South, Bay East, and Bay Central. Bay South, the largest at 54 hectares, officially opened on 29 June 2012.

Guided by the vision to be a world of gardens for all to own, enjoy and cherish, the Gardens’ extensive plant collection, ever-changing floral displays, and myriad of engaging programmes have captured the imagination of many, while its Gift of Gardens community initiative, with Mr Tharman Shanmugaratnam, President of the Republic of Singapore as Patron, reaches out to people from all walks of life.

Since opening, Gardens by the Bay has welcomed more than 115 million visitors and garnered numerous international accolades including the third Top Attraction in the World in Tripadvisor Travelers’ Choice Awards Best of the Best 2026, Outstanding Achievement in Sustainability at the Singapore Tourism Awards 2024, Best Theme Attraction at TTG Travel Awards 2022 and 2023, and Best Attraction Experience at the Singapore Tourism Awards 2019. The Gardens continues to refresh and refine its offerings, to be a place that everyone can enjoy – a garden where wonder blooms.

For more information, visit .

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