AVPN and a new venture called OutcomesX has today launched a social outcomes platform across Asia. They say the initiative is an important move for Asia to meet its $1.5 trillion Sustainable Development Goals deficit.

Inspired in part by social impact bonds and the carbon off-setting market, the Social Outcomes Platform is a marketplace designed to make it easier for funders to clearly see project outcomes, and for impact organisations to verify social outcomes and access capital. 

The platform, which is not yet live, aims to list as many of Asia-based social investment network AVPN’s 1200 members as possible. Organisations will pay $1000 to be verified, which could be covered by social outcomes buyers.  

It is aimed at financial institutions, family offices, ultra-high net worth individuals and impact organisations across Asia. It uses specific impact data standards (from the Impact Genome Registry) to validate and evaluate social programmes by their cost per result and effectiveness. 

Gates Foundation seed funding

Seed funding for OutcomesX came from the Bill & Melinda Gates Foundation, google.org and the Sorenson Impact Foundation and the Social Outcomes Platform itself has also recieved support from the Monetary Authority of Singapore.  

‘With this platform they receive the funding after the project has been successfully completed and outcomes are known’ – Phyllis Kurlander Costanza, co-founder of OutcomesX

Reducing report time for impact projects

An AVPN spokesperson said: ‘While philanthropists are increasingly keen to contribute more intentionally and effectively, the existing due diligence process remains resource intensive, and knowledge gaps and risk mitigation challenges in cross-border giving are some of the key deterrents that have held back potential donors.  

‘The majority of donated philanthropic funds only reach five percent of charities and impact organisations, signalling an urgent need for more efficient capital deployment,’ they added. 

Phyllis Kurlander Costanza, co-founder of OutcomesX, said she thinks the platform is much needed in the social investment space to make it easier for organisations to receive funding and funders to more easily see what they’re supporting. 

She also added: ‘Social projects often have to write regular reports for several donors a time. With this platform they receive the funding after the project has been successfully completed and outcomes are known. They will just have to complete a one to two hour survey. It reduces the reporting time for them.’ 

However, some delegates at the event felt such a model might already be outdated. Syed Mashhood Rizvi, executive director communications and resources at Indus Hospital Health Network, said he believes outcomes specific models encourage compartmentalise support, when the whole person or project should be supported for the best results. 

Outcomes specific philanthropy

He told Alliance: ‘Four decades of philanthropy which compartmentalises outputs has perpetuated problems. It’s a way in which people can pat themselves on the back (be self congratulatory) thinking they’ve solved a problem, but then the problem will just pop up somewhere else. If, for example, you’re supporting education outcomes without health outcomes, it doesn’t work. And the same if you’re supporting physical health without mental health, it doesn’t work. People can’t look after their physical health if their mental health isn’t attended to. 

‘I know of one school in Pakistan that receives money from eleven different donors focused on various outcomes, and it hasn’t improved education or health outcomes at the school in several years,’ he added.  

AVPN announced the platform as part of a three-year initiative called ImpactCollab. They referred to this as an ‘outcomes-based social investing system’. It has been developed with support from the Monetary Authority of Singapore (MAS) – the country’s central bank and financial regulator. 

Singapore’s strategic goal to position itself as Asia’s centre for philanthropy

AVPN said the launch aligns with Singapore’s strategic goals to position itself as Asia’s centre for philanthropy. Gillian Tan, assistant managing director (Development and International) and chief sustainability officer at MAS, added: ‘In line with MAS’ vision for Singapore to become Asia’s Centre for Philanthropy, ImpactCollab will facilitate greater cross-border evidence-based and innovative modes of philanthropic giving by providing objective and trusted due diligence and impact measurement tools. 

‘Alongside efforts to deepen Singapore’s philanthropic advisory talent pool and the Philanthropy Tax Incentive Scheme, ImpactCollab will support the mobilisation of wealth as a force for good,’ she said. 

The AVPN Global Conference this year ran from 23 – 25 April saw 1500 delegates. AVPN is the largest network of social investors in Asia, comprising over 600 funders and resource providers across 33 markets. 

Claudia Cahalane is Investments Editor at Alliance

This article was edited on the 2nd of May 2024 to clarify that OutcomesX received funding from the Gates Foundation, Google.org and the Sorenson Impact Foundation, rather that the funding going directly to the Social Outcomes Platform.