The city has a long history of private investment in welfare and a culture that promotes individual social responsibility. Coupled with its existing role as a global centre of business and commerce, Hong Kong is well positioned to lead Asia in addressing social needs.

The country launched an explicit and focused campaign, which tracked poverty at the household level, with incentives and resources for local governments. The ‘stone soup’ approach involved mobilising non-government sources to bring their skills and resources to the table.

Apart from mainland China overtaking Hong Kong in the use of mobile payment systems, the Chinese government’s endorsement of certain online charity platforms reassures donors that funds will be put to good use.

Governments in Asia should send strong signals that they value philanthropy through tax incentives and other policies. This could encourage a more systematic approach to giving and spark innovation in the social sector.

Hong Kong outperforms larger markets in its donations, thanks to vivid memories of past poverty, belief in the life-changing power of education, and faith in the rule of law that many Asian countries lack