The HSBC Education Trust together with HSBC’s Corporate, Investment Banking and Markets division (CIBM) yesterday launched the HSBC Financial Literacy Programme with Students In Free Enterprise (SIFE) in Malta.
The programme, which began in March 2005 in 27 countries, is expected to receive a total of US$3 million globally over three years. This new programme will run at the Malta College of Arts, Science & Technology (MCAST) and the University of Malta.
The partnership with SIFE, CIBM and the HSBC Education Trust will encourage students in Malta to develop community projects that provide financial literacy education to young people aged 16 to 25. The programme also aims to help women to achieve financial independence through entrepreneurship.
These students will be part of a worldwide programme in which hundreds of SIFE teams have already taken part successfully. HSBC and SIFE are committed to providing resources and support to participating students and their communities as part of this initiative.
Maltese students Daniel B Camilleri and Daniel Bonnici together with co-ordinator Jonathan Sammut have already had an opportunity to become involved in the SIFE experience by attending the HSBC Financial Literacy Forum in Toronto, Canada, earlier this month to discuss financial education. They were joined there by around 100 students from 25 other countries.
As a practical result of this programme, students and individuals in Malta within their local communities will gain a firm grasp of credit and money management principles. With this knowledge, individuals can make informed, confident decisions and have the tools they need to achieve prosperity.
Education Minister Louis Galea said at the launch that the Ministry was committed to assisting people realise their full potential. “Education provision in Malta is of a good standard and has yielded positive results, however, it is always the Ministry’s aim to improve the quality of education. I am pleased therefore to see the long term commitment that SIFE and HSBC are making to Malta in the area of financial education and more widely. By involving students in addressing the needs of their local communities, many people will benefit from this initiative.”
Professor Daniel Darmanin, Dean of the Faculty of Economic, Management and Accountancy at the University of Malta said: “As one of the world’s oldest universities, with origins dating back to 1592, the University of Malta is keen to get involved with SIFE as the world’s largest collegiate organisation devoted to economic and enterprise education.”
The initiative was also praised by Frank Edwards, principal of MCAST. “As Malta’s largest provider of vocational education and training, MCAST looks forward to playing a key role in the HSBC Financial Literacy Programme that has now been launched successfully in 28 countries through SIFE,” Edwards said.
John Studzinski, chief executive of corporate, investment banking and markets at HSBC, said Malta was an important country to HSBC and CIBM was pleased to be the catalyst behind this Financial Literacy initiative.
“Students can take a crucial leadership role in the modern world. Their skills, energy and enthusiasm, when combined with their desire to achieve something special, make students ideal people to work with local communities,” Studzinski said.