The Hong Kong Jockey Club announced the establishment of the Institute of Philanthropy (‘IoP’) at the opening of the Philanthropy for Better Cities Forum 2023 on 11 September at the West Kowloon Cultural District in Hong Kong.

Convened by The Hong Kong Jockey Club Charities Trust, the third Philanthropy for Better Cities Forum brought together close to 70 prominent speakers and 1,600 thought leaders and delegates from around the world. Among them were philanthropic, academic, business, family offices, social sector and government leaders. The opening ceremony was officiated by Chief Executive of the Hong Kong Special Administrative Region John Lee and The Hong Kong Jockey Club Chairman Michael Lee.

Club Chairman Michael Lee shared his thoughts on the Institute of Philanthropy while delivering opening remarks at the forum.

With the mission of becoming a global ‘think-fund-do’ tank for China and Asia, the IoP is dedicated to promoting philanthropic thought leadership at local, regional and global levels together with fellow foundations, philanthropic stakeholders and other institutions. Grounded in the East, it will provide a convening platform to promote the common good. The Club has committed an initial sum of HK$5billion (US$640million) to fulfil this mission.

The IoP will focus on:

• Connecting and Convening: Build a platform that brings together thought leaders, philanthropists and key stakeholders to learn about and exchange philanthropic best practices while actively engaging in local, regional and global events to bridge stakeholders across different spectra and levels all around the world.
• Synthesising and Sharing: Bring together fellow foundations and other institutions through various means, such as joint publications and case studies, to consolidate and disseminate knowledge as well as co-create and co-fund projects.
• Building Professional Capacities: Develop programmes to enhance the skills and capacities of professionals in the philanthropic and non-profit sectors. This includes strengthening the philanthropic industry, particularly in Hong Kong and other Greater Bay Area cities.
• Commissioning and Supporting Research: Collaborate with leading universities, institutes, foundations, think tanks and philanthropic stakeholders to conduct and commission research around issues pertinent to the sector.

Club Chairman Michael Lee said the Club has aimed to establish the IoP as a dependable source of philanthropic knowledge and to leverage its resources to strengthen the professionalism of funders throughout Asia and beyond by providing sector-wide infrastructure and standards development. It will be a ‘think, fund and do’ organisation that can proactively make strategic grants and help the philanthropy sector build capacity.

The Club’s support for the Philanthropy for Better Cities Forum, like all of its charity initiatives, is made possible by its unique integrated business model through which racing and wagering generate tax and charity support for the community.