This report, published by Asia Centre for Social Entrepreneurship and Philanthropy, is written by Pauline Tan (our consultant) and Lam Swee Sum. It looks at an emerging trend in which wealthy families, individuals, and corporations in Asia set up foundations to institutionalize their giving. This giving is motivated by a myriad of factors beyond prestige and status, including the desire to give back to society, religion, family and personal values, the desire to drive change, personal experience, and/or affiliations. This study also looks at the operational model, governance structure, and philanthropic focus of foundations in Asia. It also discusses the various challenges and opportunities faced by the nascent philanthropic sector in Asia that can address some of the developmental and structural gaps left by the public, private, and people sectors.