Hong Kong Financial Literacy Championship 2023 hits record high number of participants
Visa partners with 10 institutions to guide secondary school students through “Elevator Pitch” competition
07/24/2023
Visa, in collaboration with the Education Bureau and the Hong Kong Monetary Authority, proudly announces the triumphant conclusion of the Hong Kong Financial Literacy Championship 2023 (the Championship), which hit a record high of 20,000 submissions. Having been sponsored by Visa for nine consecutive years, the Championship aims to strengthen secondary school students' financial knowledge and establish a prudent financial planning mindset from a young age. One of the highlights of this year’s championship was the “Young Financial Talent Runway”, in which 10 industry experts were invited to mentor 10 shortlisted school teams to guide them through their business pitch competition.
Tougher Online Quiz attracts record high number of participants
For 9 consecutive years, the Online Quiz has been the Championship’s flagship event, aiming to test secondary school students’ knowledge of Hong Kong’s financial market and fundamental financial management skills. Quiz questions have also continued to evolve with the times, with topics such as fintech development and cyber security being included in recent years. An enthusiastic response welcomed the Online Quiz this year, with nearly 20,000 submissions from 270 schools and hitting a record high number of participants.
The overall results of this year’s Online Quiz showed that although more students had reached the qualified level, the proportion of students with high scores had decreased. The increase in difficulty levels of the Online Quiz reflects the fact that the scope of financial knowledge has become more widespread, highlighting the complex and dynamic nature of the industry's development. It is crucial for the new generation to be proactive in learning about financial affairs to equip themselves with the necessary skills and knowledge.
The first “Young Financial Talent Runway” invited 10 groups of mentor-students teams to shine in the “Elevator Pitch”
This year, the “Young Financial Talent Runway” was rolled out for the first time, with an aim to help secondary school students develop career skills at an early age while supporting the Hong Kong government’s talent policy. As part of this year’s themes of digital finance and sustainable economy, school-based teams were assigned a business case and tasked with developing a solution. They then presented a 3-minute “Elevator Pitch” to showcase their ideas.
The competition attracted numerous secondary school students who aspire to enter the financial industry, 10 out of 100 exceptional teams were selected to compete in the “Elevator Pitch”. To successfully lead the students through their financial adventure, 10 industry professionals from financial services, consultancies, public services and other industries were invited to join as mentors, imparting knowledge of business planning and pitching techniques to students. Participating institutions include BSI, DBS Bank (Hong Kong), Global Payments, Link Asset Management, MTR, New World Development, S&P Global Rating, WeValue Advisory, 100 Women in Finance, and ZA Bank.
“We are thrilled to see the enthusiastic participation of students in the Hong Kong Financial Literacy Championship, which underscores their commitment to financial education, personal financial management, and long-term career planning. Our future talents should constantly demonstrate their creativity and confidence, embrace change and be able to keep pace with the ever-changing world, and hence, our Championship program has been expanding to meet their evolving needs,” Annie Cheng, Head of Corporate Communication, Greater China, Visa, said. “The newly introduced Young Financial Talent Runway, which includes financial literacy and career skills training, will equip students with a solid foundation. As part of it, the mentorship program has also received overwhelming support from the industry. We are deeply thankful to all mentors for providing invaluable guidance to the students. At Visa, we will continue to promote financial education and nurture the future talents of Hong Kong's economy and financial industry through collaborating with industry partners.”
Money begets money
The winning team of this year was St. Paul's Convent School with five talented girls who proposed the “FINTAL” solution, showcasing exceptional financial acumen and pitching skills. The team targeted the existing problem of financial unawareness among families and children, who often underestimate the effects of compound interest. Their groundbreaking solution, captured in the inspiring mantra, "Saving alone won't make you thrive, finance to truly come alive," was visionary. They proposed an interactive app that combined educational lessons, games, and a unique reward system using e-HKD. With integrated budgeting, digital wallet functionality, and simplified investment features, the app aimed to empower users to finance at a younger age, embodying the spirit of "Money begets money."
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Hong Kong Financial Literacy Championship, sponsored by Visa for nine consecutive years, is organized by the Education Bureau and the Hong Kong Monetary Authority, aiming to strengthen secondary school students' financial knowledge and proper financial attitudes.
The first-ever “Young Financial Talent Runway” invited 10 industry professionals join as mentors, providing business planning and pitching techniques to shortlisted teams to lead the students through their financial adventure.
From left to right: Joyee Lam, Associate, Sustainable Finance at S&P Global Ratings, Johnny Yau, Assistant General Manager, Asset Management (HK), Celina Watt Ho, Head of Partnership Development at New World Development, Remas Ho, Vice President, HK & Macau, Regional Marketing at Global Payments, Gene Soo, Head of Ecosystem – Global Innovation at MTR, Lena Wong, Director of Impact at 100 Women in Finance, Gilbert Chan, Finance Business Partner, Group Commercial at BSI, Vicky Lee, Vice President, Card Product management, Card & Unsecured Leading at DBS Bank (Hong Kong), Kenny Lui, Managing Director at WeValue Advisory Limited, Calvin Ng, Alternate Chief Executive, General Manager of Retail Banking at ZA Bank.
The winning team of this year was from St. Paul's Convent School who proposed the “FINTAL” solution, showcasing exceptional financial acumen and pitching skills. The team pointed out the existing problem of financial unawareness among families and children, who often underestimate the effects of compound interest.
Annie Cheng, Head of Corporate Communication, Greater China, Visa
About the Championship
The Hong Kong Financial Literacy Championship is a collaborative effort of the HKSAR Education Bureau, Hong Kong Monetary Authority, Hong Kong Education City, St. James' Settlement, and Hong Kong Economic Journal. Endorsed by Mr. Sze Chun Fai, Jeff, JP, Under Secretary for Education, and supported by prominent corporations, banks and financial institutions, this championship offers informative sessions that lay the foundation for students' understanding of financial skills and the digital and sustainable economy.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.