Contributions from the financial sector highlight the general trend of big-figure donations to philanthropic causes in Asia and other parts of the world.

Donations to arts and culture in Singapore have risen for the first time in three years, reaching S$57.4 million ($42.2 million), according to the Straits Times, citing government information.

The latest figure compares with S$51.6 million in 2017, the report said, quoting the Minister for Culture, Community and Youth, Grace Fu.

Fu also referred to a $1 million pledge by hedge fund founder Danny Yong.

The report comes at a time when there has been a steady stream of stories about financiers, business leaders and others making large gifts to philanthropic and cultural causes. This is a consistent theme in wealth management, and the trend has prompted private banks and others to advise clients on how to give more effectively. (See examples here and here of big donations.)

The minister reportedly spoke of a rise of “in-kind” gifts to arts and cultural causes, worth S$24.5 million.

The ST report said six corporations and 18 individuals received the Distinguished Patron of the Arts award, which is for corporate donors who give S$1.5 million or more and individuals who give S$100,000 or more in a year. One of those organisations is Singapore-based United Overseas Bank.