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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.

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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


Thailand 41


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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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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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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RECOMMENDATIONS


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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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