Mastercard, CDRF push for financial literacy goal

Initiative uses experimental pilot programs to target vocational and business education

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.”