Bank of Singapore launches philanthropic platform offering bespoke donor-advised funds

[SINGAPORE] Bank of Singapore (BOS) on Monday (Sep 21) launched a philanthropic platform that provides its clients with access to bespoke donor-advised funds (DAFs).

DAFs are structured giving vehicles that allow donors to direct capital to charitable causes, as well as recommend the size and timing of their grants. 

The platform, Bank of Singapore Legacy of Giving, offers a bespoke DAF arrangement. It provides clients that have a pool of philanthropic capital with greater flexibility of the fund’s investment approach, and the potential to grow their assets for charitable giving.

This is different from most DAF arrangements, where high and ultra-high-net-worth individuals can only choose from a pre-set list of investment solutions, said BOS, which is OCBC’s private banking arm.

For the new platform, BOS is partnering the Community Foundation of Singapore (CFS) and Temasek Trust Foundation Advisors (TTFA) – with both providing DAFs as core offerings.

The platform combines CFS’ and TTFA’s philanthropic expertise, governance framework and network of charities with BOS’ wealth planning and investment capabilities.

Dr Paul Tan, CEO of CFS, said: “Through this partnership, BOS clients can make informed giving decisions, sustain their philanthropy over time, and become part of a community of donors who exchange insights and deepen their understanding of how philanthropy can contribute to a stronger Singapore.”

Under the bespoke DAF arrangement, BOS clients are encouraged to be more involved and active in shaping their investment approach and facilitating long-term giving.

Readymade solutions also available

The private bank said the platform can also cater to clients who are looking for more straightforward structures. They can choose from a range of BOS-managed portfolios and funds pre-approved by CFS and TTFA, or grant-making DAFs that do not have an investment component.

“The latter may be particularly relevant for trust clients whose assets are already managed within their existing trust arrangements,” noted BOS.  

It added that this is the first such arrangement between a private bank and independent philanthropic organisations in Singapore.

Dickson Lim, head of TTFA, said: “Donors today increasingly want their capital to unlock greater and more lasting impact, and supporting that ambition calls for a specialised advisory framework.”

The announcement comes as DAFs gain traction in Singapore. A 2024 Wealth Management Institute report estimated that the number of DAF accounts is expected to grow five times over the period from 2025 to 2030.

BOS noted that since DAFs are professionally managed, donors will benefit from strong governance, due diligence and grant administration without the costs and complexities of setting up and running a private foundation.

Jason Moo, CEO of BOS, said: “Whether clients are just beginning their giving journey or looking to create a legacy, we believe that demand for such solutions will continue to grow as more wealthy families embrace philanthropy.”