Paeonia Foundation gifts S$5 million to support collaboration with UPenn and new professorship

Image: (From left) Mr Andy Chua, Managing Director, Paeonia Group; Ms Alice Hung, Founder, Paeonia Group, and member of the NTU Board of Trustees; Prof Ho Teck Hua, President, NTU; Ms Goh Swee Chen, Board Chair, NTU Board of Trustees

Paeonia Foundation, the philanthropic arm of Paeonia Group, has pledged a S$5 million gift to NTU Singapore in support of its education and research endeavours.

With the endowed gift, NTU Singapore will set up a new Professorship in Science and Technology to attract and train the best and brightest minds to NTU. A portion of the gift will also go towards an academic collaboration with the University of Pennsylvania (UPenn).

This is one of the first few significant gifts that the Foundation has made to any organisation in Singapore. Paeonia Group is a single-family office and an investment holding company based in Singapore. It is founded by Ms Alice Yin Hung, an industrialist and entrepreneur who is a member of the NTU Board of Trustees.

The gift was formalised today in a signing ceremony held on the NTU Yunnan Garden campus between NTU President Professor Ho Teck Hua and Ms Hung. It was witnessed by Ms Goh Swee Chen, Board Chair, NTU Board of Trustees and Mr Andy Chua, Managing Director, Paeonia Group.