Central banks were born with the inception of fiat money – banknotes – and they have been pivotal for the take-up of non-cash payment instruments. Among the latter, a growing trend in the last few years has been the preponderance of electronic payments versus traditional paperbased ones – such as cheques – even if this trend varies across regions. This physical dematerialisation is actually ongoing, with the slow move away from dedicated form factors – such as plastic cards – towards entirely digitalised ones, for example solutions embedded in smartphones or other consumer devices. So, regarding money issuance, we have to monitor closely the latest technological innovations. Several central banks, including the oldest one – the Riksbank in Sweden –, have started to study the possibility of a digitallyissued central bank currency which could allow not only commercial banks but also the general public to access central bank money. Second, financial stability: payments are a key vector for trust and confidence in the adequate functioning of the financial system. This requires both secure and efficient payments and financial infrastructures. Therefore regulators attach importance to supporting technological innovations, including via the potential development of more efficient regulation or “Regtechs”, as long as they go hand in hand with low operational risks and high transaction safety. Third, economic services: payments are the nexus where a new ecosystem based on technological innovation and entrepreneurship is blooming.
This has resulted in more active and engaged philanthropy in Asia, leading to an increased demand for more philanthropy-related advisory services by wealthy individuals and families. More of the rich are incorporating philanthropy into their wealth management plans and want professional advice in their philanthropic commitments. As a result, Asia is seeing the growth of professional and institutionalized philanthropy foundations. China alone now has an estimated 900 philanthropic entities. Key challenges remain 12. However, there remain challenges to giving in Asia, mainly because philanthropy is developing at varying stages across Asia, in line with the progress of Asian countries. There are two key issues which donors face: the nascent charity infrastructure to support donors, and weak governance practices by fund recipients. 13. In Asia, there are many causes that need championing, and many problems that need addressing. Donors planning to give in Asia have to first understand the needs of the region, decide on the cause they intend to support, identify the worthy projects, and navigate the giving procedures in each country. 14. The success of giving greatly depends on both the giver and the receiver. Clearly, throwing money at charities does not guarantee success of giving. There needs to be followthrough on the charity’s part to ensure that the money is channelled successfully to the cause. 15. The reality in Asia is that many of the domestic charities are small, and are not equipped to handle large amounts of funds efficiently and accountably.