CGS-CIMB Launches ASEAN Investment Challenge to Increase Financial Literacy in the Region
CGS-CIMB Securities Sdn Bhd (CGS-CIMB Malaysia), a leading integrated financial service provider in Asia, has taken a significant step towards promoting sustainable investing and enhancing financial literacy among students in Malaysia, Indonesia, Singapore, and Thailand (MIST) through the ASEAN Investment Challenge (AIC). The theme, “Level Up Your Game,” aims to empower the next generation with knowledge in responsible investing and contribute to the development of robust capital markets in the region.
CGS-CIMB and Building Financial Literacy
The challenge comprises two levels, starting with the National challenge to be held from 7th August to 30th September 2023. Participants will receive classroom and hands-on experience in responsible investing of environmental, social, and governance (ESG)-related securities. They will then compete against each other, and the winner will be announced in November 2023. The Malaysian winner will take home a cash prize of RM5,000 and the opportunity to represent the country in the Regional challenge for a chance to compete for a total of RM130,550.
Insights from Dialogue Session: Levelling Up Financial Literacy
During the official launch event held on 22 July, a dialogue session titled ‘Levelling Up Your Financial To A Better Future’ took place. Notable guest speakers included Stephanie Tan, Head of Investor Development at Bursa Malaysia, Prof. Dr. Mohamad Hariri Abdullah, Deputy Vice Chancellor of Universiti Teknologi MARA (UiTM), and Sarimah Ramthandin, Director of Innovation, Advisory & Industry at the Securities Industry Development Corporation (SIDC). Key takeaways from the session include:
- Financial literacy is low in Malaysia, with only 36% of adults being financially literate. However, there is hope as there has been a surge in Bursa Malaysia account openings by youths. Initiatives like the AIC and Bursa Investment Quiz can play a crucial role in increasing financial literacy and protecting youths from financial scams.
- Financial literacy needs to start from a young age. Early exposure to financial concepts and practices lays a strong foundation for responsible money management and informed decision-making.
- Collaboration between educational institutions and industry leaders is key to increasing financial literacy in Malaysia. Providing comprehensive and relevant financial literacy curricula that align with current industry practices can better prepare students to navigate personal finance complexities.
Support from Key Partners and Universities
The AIC challenge is supported by the Ministry of Higher Education of Malaysia, Bursa Malaysia, Indonesia Stock Exchange, Singapore Exchange, and the Stock Exchange of Thailand. Lead universities like UiTM and MMU are actively participating in the initiative. CGS-CIMB Malaysia has signed Memorandums of Understanding and conducted trading labs with several universities.
The AIC aims to equip youths with essential skills for responsible investment and sustainable finance. By nurturing financial literacy and responsible investment practices, Malaysia aims to position itself as a premier investment destination in the world.