Mastercard, CDRF push for fi­nan­cial lit­er­acy goal

Initiative uses ex­per­i­men­tal pi­lot pro­grams to tar­get vo­ca­tional and busi­ness ed­u­ca­tion

China Daily (USA) - - BUSINESS - ByWANG ZHUOQIONG wangzhuo­qiong@ chi­nadaily.com.cn

China De­vel­op­ment Re­search Foun­da­tion has col­lab­o­rated with global pay­ment com­pany Mastercard to pro­mote fi­nan­cial lit­er­acy and en­trepreneurial skills in China through the CDRF’s “Win the Fu­ture” initiative.

The initiative com­prises a se­ries of ex­per­i­men­tal pi­lot pro­grams tar­get­ing China’s vo­ca­tional ed­u­ca­tion sys­tem. These in­clude train­ing for sec­ondary vo­ca­tional school prin­ci­pals, lec­tures from se­nior tech­ni­cians, as well as schol­ar­ships, teacher awards and an on­line train­ing and ser­vice sys­tem for sec­ondary vo­ca­tional ed­u­ca­tion.

One of the pro­grams — “WinChances”— will also pro­vide startup classes for sec­ondary vo­ca­tional school stu­dents to meet the need for train­ing in start­ing a busi­ness.

Mastercard will con­trib­ute its ex­per­tise in fi­nan­cial lit­er­acy and en­trepreneurial skills to the course, as a leader in pay­ments tech­nol­ogy with a track record of cul­ti­vat­ing star­tups world­wide.

The “Win the Fu­ture” initiative is be­ing pi­loted in Guang­dong, Sichuan, and Guizhou prov­inces ini­tially — ar­eas with an es­pe­cially strong need for high qual­ity vo­ca­tional ed­u­ca­tion, due to their large mi­grant worker pop­u­la­tions.

The an­nounce­ment on Aug 25 comes as China be­gins its new13th Five-Year Plan (201620), which em­pha­sizes the cul­ti­va­tion of vo­ca­tional ed­u­ca­tion, en­trepreneur­ship and in­no­va­tion to sup­port China’s eco­nomic re­struc­tur­ing.

The 13th Na­tional Eco­nomic and So­cial De­vel­op­ment plan par­tic­u­larly high­lights “se­nior sec­ondary ed­u­ca­tion and train­ing” as one of its pri­or­i­ties, which the Master­cardCDRF part­ner­ship will di­rectly ad­dress.

The initiative is also aligned with Mastercard’s mis­sion to ex­tend fi­nan­cial in­clu­sion in China, as it has done for over 200 mil­lion peo­ple world­wide through more than 500 ini­tia­tives in 50-odd coun­tries.

LuMai, sec­re­tary-gen­eral of

En­sur­ing peo­ple have ac­cess to vi­tal fi­nan­cial knowl­edge and ser­vices in to­day’s con­nected world is critical to a coun­try’s suc­cess­ful, in­clu­sive de­vel­op­ment.”

se­nior vi­cepres­i­dent of ac­count man­age­ment in China Mastercard

Shawn Zheng,

the num­ber of peo­ple world­wide learn­ing from Mastercard’s mis­sion to ex­tend fi­nan­cial in­clu­sion

the China De­vel­op­ment Re­search Foun­da­tion, said the ob­jec­tive of the “Win the Fu­ture” initiative was to nur­ture the next gen­er­a­tion of skilled tal­ent. The “Win Chances” pro­gram — will fo­cus on har­ness­ing en­trepreneurial skills and im­prov­ing self-con­fi­dence.

These are skills that will be vi­tal for the fu­ture work­force, as China tran­sits into an in­no­va­tion-driven econ­omy, he said.

Shawn Zheng, se­nior vi­cepres­i­dent of ac­count man­age­ment at China Mastercard said: “en­sur­ing peo­ple have ac­cess to vi­tal fi­nan­cial knowl­edge and ser­vices in to­day’s con­nected world is critical to a coun­try’s suc­cess­ful, in­clu­sive de­vel­op­ment.”

He added: “we are de­lighted to work with CDRF to nar­row China’s fi­nan­cial in­clu­sion gap by re­vi­tal­iz­ing sec­ondary vo­ca­tional ed­u­ca­tion with in­no­va­tive pi­lot pro­grams that pro­vide the young with pro­fes­sional skills and knowl­edge that are es­sen­tial in the mod­ern econ­omy.”

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