PM announces exchange to fund Social Impact Organizations

PM announces exchange to fund Social Impact Organizations
SIX as it's called, will encourage corporations to fund social purpose organizations (SPOs).
KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak today announced the Social Impact Exchange (SIX), a stock exchange of sorts, to fund organizations that champion social purposes.

Jointly implemented by the National Innovation Agency and the Malaysian Global Innovation and Creativity Centre (MaGIC), SIX will encourage corporations to fund social purpose organizations (SPOs).

“SIX will be Malaysia's first pay-for-impact exchange, designed to parallel a traditional stock exchange, and will be the focal point for funding social purpose organizations, or SPOs, and their intervention projects,” said Datuk Seri Najib while officiating the Global Entrepreneurship Community (GECommunity) Summit 2017 here today.
MaGIC Chief Executive Officer Ashran Datuk Ghazi said these SPOs will be listed on the SIX platform.

“That would enable corporations who want to look at organizations that create impact. A lot of organizations right now see organizations that pitch to them who only claim to make impact,” he said on the sidelines of the GECommunity Summit today.

Ashran said as of now, around 8-10 SPOs have been certified, with no end target to the number.

“As long as the companies are listed, it’s giving assurance to the organizations who are putting in the money.

“Organizations now have this ability to see what (the SPOs) are doing and have a comfort level of putting in their CSR money to good use, as opposed to burning that CSR money one way or another,” he said.