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2011 Asian Development Bank
All rights reserved. Published in 2011.Printed in Singapore.
ISBN 978-92-9092-468-5Publication Stock No. RPT114071
Cataloging-In-Publication Data
Asian Development Bank.
Market Intermediaries in Asia and the Pacific: Developing a Regional Social Investment Exchange InitiativeMandaluyong City, Philippines: Asian Development Bank, 2011.
1. Market. 2. Social Enterprises. 3. Asia. 4. Asian Development Bank.
T
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Foreword
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Table of Contents
EXECUTIVE SUMMARY
Background
Key FindingsPROJECT CONTEXT
Social Enterprises in Asia 15
Market Need 16
Prospective Role of Market Intermediaries on Impact Investment Platforms 17
METHODOLOGY 19
Target intermediaries 19
ANALYSIS OF FINDINGS 22
State of the Market 22
Government and international institutions 26
Credit rating agencies
Academia
Financial Institutions and Financial Advisors 29
CSR Programs 30
Conclusions 31
COUNTRY PROFILES 33
Bangladesh 33
Policy Challenges 36
India 37
Policy Challenges 39
Thailand 41
Policy Challenges 43
RECOMMENDATIONS 46
Capacity building 47
Advocacy 48
Impact Assessments 49
Policy 49SOURCES 51
APPENDIXES I MARKET INTERMEDIARY SURVEY (ORGANIZATIONS) 54
Introduction to the survey 54
APPENDIXES II MARKET INTERMEDIARY SURVEY (INDIVIDUALS) 62
Introduction to the survey 62
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ABOUT THE PROJECT
This report examines the interest of market intermediaries and facilitators in supporting social enterprises (SEs)
and impact investment platforms, such as a regional stock exchange, in Asia. Social enterprises are defined as
"business-oriented not-for-profits, or mission-oriented for-profits. SEs have a social and/or environmental
mission at the core of their work but seek to operate in a financially sustainable manner"
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Market Intermediaries in Asia&
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY
Background
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Market Intermediaries in Asia&
PROJECTCONTEXT
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PROJECT CONTEXT
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Social Enterprises in Asia
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Market Need
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Prospective Role of Market Intermediarieson Impact Investment Platforms
Traditional market intermediaries, on the other hand, are those intermediaries that are active in traditional XB5B7=5@
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Figure 4 - The SE space within the impact investing ecosystem
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Market Intermediaries in Asia&
ANALYSIS OF FINDINGS
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ANALYSIS OF FINDINGS
State of the Market
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Figure 7 - Market intermediary interaction and interest in SEs by service provided
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Academia
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Figure 11 - Willingness to offer discounted services to SEs
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Figure 14 - Bangladeshi Market Intermediary Motivation
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Policy Challenges
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Figure 23 - Thai market intermediary motivation
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Market Intermediaries in Asia&
RECOMMENDATIONS
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Market Intermediaries in Asia&
APPENDIXES
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APPENDIX I MARKET INTERMEDIARY SURVEY(ORGANIZATIONS)
Introduction to the survey
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PART ONE: TYPE OF ORGANIZATION
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PART TWO: CURRENT SOCIAL ENGAGEMENT LEVEL
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9) Which social or environmental sector does the Social Enterprise work in?
Social
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