Chi-man Kwan, Group CEO of Raffles Family Office, was honoured to be invited to speak at the inaugural Mastercard ASEAN Inclusive Growth Summit last week.
In conversation with Shamina Singh, Founder and President of the Mastercard Center for Inclusive Growth, Chi-man discussed “The Great Wealth Transfer”—as nearly US$6 trillion is set to pass to the next generation across ASEAN. He noted that as wealth transitions from founders to successors, values and governance become critical to preserving and directing that legacy.
Philanthropy, in this historic wealth transfer, is the living expression of that succession. It is also one of the most complex parts of running a family office, according to Chi-man, “because it intersects family values, cultural beliefs, and business logic,” he explained. When asked how the firm helps families align their philanthropy with their business strategy, he emphasised that philanthropy must be integrated into the overall governance framework, “not treated as an afterthought,” he added.
Since its formal introduction by the Asian Development Bank (ADB) in 2007, the concept of “inclusive growth” has become a globally recognised development principle. It focuses on social and economic harmony and sustainable progress. In the context of family offices, inclusive growth goes beyond wealth creation—it is about extending value, responsibility, and impact across generations.
The inaugural Mastercard ASEAN Inclusive Growth Summit was held on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia. The event was co-hosted by the Mastercard Center for Inclusive Growth and the ASEAN-Business Advisory Council. A big thank you to Mastercard and the ASEAN-BAC for hosting such a meaningful and timely gathering.
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