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Can investors do well while doing good? Learn how to balance financial returns with social or environmental impact.

Webinar Presentation

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The goal of impact investing is to generate financial returns alongside measurable and positive social and environmental impact. Such investments provide capital funding to address the world’s most pressing challenges in sectors such as sustainable agriculture, renewable energy, and affordable and accessible basic services, including housing, healthcare, and education.

Although global investments are expected to decline significantly with COVID-19 pandemic, a survey of 294 impact investors conducted by Global Impact Investing Network (GIIN) earlier this year indicated that a majority (57%) of respondents would maintain their 2020 investment plans, and 16% even said they expected to increase their investments.

In this webinar, we are inviting impact investing experts to discuss the following topics:

  • What are the different approaches to impact investing and what intentions underlie them?
  • How do impact investors balance financial return and social or environmental impact?
  • How can impact be measured?
  • What are the risks of impact investing and how does the risk-return profile of impact investments differ from that of conventional ones?
  • How does impact investing fit within the ESG/SRI/sustainable investment landscape?


  • Maud Savary-Mornet, Senior Advisor for South East Asia, Global Impact Investing Network
  • Ronie Mak, Managing Director, RS Group
  • Dina Pons, Partner, Incofin Investment Management
  • Pierrick Balmain, CFA, Head, APAC Business Development, BlueOrchard Investments (Singapore) Pte. Ltd.


  • Piotr Zembrowski, CFA, Manager, Advocacy Research and Content, Asia-Pacific, CFA Institute

Watch the Webinar

Duration: 1 hr 17 min.

Recorded: 22 February 2021.

Impact Investing Webinar Series:


Piotr Zembrowski
Piotr Zembrowski CFA

Piotr Zembrowski, CFA, is manager, advocacy research and content, Asia Pacific Advocacy & Policy Outreach, at CFA Institute. He conducts research into financial regulation, to support the advocacy team's development and promotion of capital markets policy perspectives in Asia Pacific. He is also responsible for content management and editorial aspects of Asia-Pacific Research Exchange (ARX), an online research-publishing platform. Piotr has four years of experience as a financial journalist in Hong Kong, covering asset management, fintech and ESG, among other topics. Previously, he worked at TD Bank in Canada, where he was responsible for development of online and mobile banking and investing platforms. Piotr has a Master of Science degree in astronomy from University of Toronto and a Master of Journalism degree from the University of Hong Kong. He earned his CFA charter in 2006.

Maud Savary-Mornet
Maud Savary-Mornet

Maud supports the GIIN with strengthening the impact investing community and building engagement with institutional investors in South East Asia. She brings over twenty-five years of experience in impact investment, international development and in the private and public sector to the GIIN.
Maud brings a track record of 12 years in ESG and impact investment in emerging economies. She grew successfully responsAbility in Asia Pacific, one of world’s leading asset managers in ESG and impact investments. She led the investment team in private debt in financial inclusion and climate finance for 8 years before becoming regional director of Asia Pacific with teams in Hong Kong, Mumbai and Bangkok. She conducted more than 100 due diligences in SME banks and microfinance institutions, closed multiple deals and opened several Asian countries for investment, ranging from Indonesia and China to Samoa in the Pacific Islands. She also developed a network of impact investors in Asia Pacific looking at private debt and private equity as well as capital market solutions.
Maud started her career at the French Central Bank as analyst in charge of the financial rating of SME and large corporates, being then seconded at the French Banking Commission to prepare and negotiate banking regulations and then posted at the French Trade Commission in Hong Kong.
Maud is a very strong supporter of Gender lens investing. She led the gender diversity initiative at responsAbility and worked extensively on a gender bond initiative for Asia Pacific.
French and Australian citizen, Maud graduated in 1991 from Sciences Po Paris, with a major in economics and finance. One of her personal goal is to open minds to sustainable finance and she is frequently invited to speak in conferences. She has published several articles on microfinance, impact investment and ESG. She also serves as advisor and Board member in several companies, networks and NGO, including Alygne Inc in California and the French Foreign Trade Advisors in Hong Kong.

Dina Pons
Dina Pons

Dina is a Partner at Incofin Investment Management where she is Co-Regional Director for Asia as well as Impact Manager. She joined Incofin eleven years ago and first worked from head office in Belgium, as Debt Investment Manager. In three years, she more than doubled the East Asian portfolio which grew from USD 35m in 2012 to USD 80m in 2015. The same year, she moved to Phnom Penh, Cambodia where she set up Incofin East Asia regional office, which is now composed of four people.
In 2012, after leading a 25% stake equity investment into a leading Cambodian microfinance institution called AMK, Dina sat at the board of directors of AMK, was a member of the Assets and Liabilities Committee and chaired both the Risk and Social Performance Committees. While she transferred her debt portfolio she continues to supervise all debt activities in the region and is now more specifically focused on equity transactions in Myanmar, Cambodia and China. In 2018, led the successful exit of Incofin’s stake from AMK, and worked on an innovative tool to assess “Responsible Exits” which is called the Fitness and Compatibility Review” tool. Dina also led a 19% stake investment into a rural motorcycle leasing company based in Myanmar, called Rent2Own. She currently sits at the Board of Directors, the ESG Committee, and she chairs the Board Audit and Finance Committee.
As Impact Manager, Dina is in charge of maintaining highest standards in social performance evaluation throughout Incofin’s investment process. She contributed to the enhancement of internal social due diligence tools, she presents impact’s results to the supervisory boards of Incofin’s funds under management on an annual basis, and she represents Incofin in key impact conferences including the Social Performance Task Force (SPTF) and the GIIN.
As a Partner, Dina is a member of Incofin Leadership Team Committee which is composed of the Management Committee and three selected Regional Directors.
Previous to joining Incofin, Dina was the Southeast Asia Senior Analyst of a microfinance specialized rating agency (Planet Rating) where she conducted more than fifty financial and social ratings of various financial institutions operating in financial inclusion (including commercial banks, rural banks, credit only institutions, cooperatives, and NGOs), in Cambodia, China, Indonesia, the Philippines, Vietnam, and Sri Lanka.

Prior to that time, Dina worked as an operation consultant at MicroCred in China. She was part of the team which set up MicroCred Nanchong MFI in Sichuan, China. She also led capacity building projects for several Chinese rural microfinance institutions where she was responsible for market surveys, policies design, product development, and training of field staff.
Dina speaks fluent French, English, and Spanish and has a good command of Mandarin Chinese. She holds Master's degrees from Sciences Po, Paris and the London School of Economics (LSE) in Development Studies and in International Relations.

Ronie Mak
Ronie Mak

Ronie leads and manages the strategy, operations and development of RS Group’s activities in HK and globally. RS Group is a mid-sized HK-based family office committed to creating a paradigm shift in people’s values and priorities so that economic growth will support, instead of jeopardize, human development and environmental sustainability. She led the launch of the RS Group Impact Report in 2016 and the incubation of the Sustainable Finance Initiative (SFi) in 2018, a private investor community platform that aims to drive demand and promote sustainable finance in HK. Ronie is a Shareholder Member of SFi.

Currently, she is driving the Natural Capital Initiative which aims to mobilise private capital into nature based projects in Asia, marked by the launch of a US$3 million blended finance funding window in 2019, in partnership with Convergence. Ronie is a firm believer that one should, and can, “invest in the future one wants to create”.

Ronie has over 15 years of banking & finance experience. Prior to joining RS Group in 2014, she spent a total of 12 years at HSBC across various roles (CEO office, Strategy, Investment Banking). During this period, she also acted as the Secretary of the Hong Kong Association of Banks in 2012. Other prior roles included corporate finance positions within KPMG and UPS. Ronie was born in Hong Kong and graduated from the University of New South Wales in Sydney with merit and a double degree in finance and marketing, Bachelor of Commerce.

Pierrick Balmain
Pierrick Balmain CFA, CAIA

Pierrick is based in Singapore as Head of APAC Business Development at BlueOrchard, a leading Impact Investment manager. Prior to this role, he was a portfolio manager at the company for 2 years co-managing the flagship BlueOrchard Microfinance Fund. Pierrick joined BlueOrchard from JP Morgan Private Banking in Switzerland and before that, he was an entrepreneur in SME valuation.
Pierrick holds an MBA from University of Ottawa. He is a CFA and CAIA charter holder and active member of both associations in Singapore.