CGS-CIMB Securities Sdn Bhd (CGS-CIMB Malaysia), a leading integrated financial service provider in Asia, has launched the ASEAN Investment Challenge (AIC). Themed ‘Level Up Your Game’, the challenge aims to empower students in Malaysia, Indonesia, Singapore and Thailand (MIST) with knowledge in sustainable investing and contribute to the building of strong capital markets in the future. Since its launch on 1 July, the competition has received an astounding 2,800 registrations from students of Institutes of Higher Learning in the MIST markets, with 1,519 from Malaysia alone.
The challenge comprises two levels, starting with the National challenge which is expected to be held from 7 August to 30 September 2023. During this period, participants will receive holistic classroom and hands-on experience in responsible investing of environmental, social and governance (ESG)-related securities. They will then pit their investment skills against one another, and the winner will be announced in November 2023. The winner from the Malaysian challenge will take home a cash prize of RM5,000, as well as the opportunity to represent the country in the Regional challenge for a chance to compete for a total of RM130,550.
At the official launch event held on 22 July, Chief Executive Officer of CGS-CIMB Malaysia, Azizah Mohd Yatim, said, “CGS-CIMB is the leading integrated financial service provider in Asia, with a corporate purpose to help those in the communities where we operate make better investment decisions. The ASEAN Investment Challenge is an important initiative to help develop the financial literacy of our youths and interest them in responsible investment. With these skills, they will be empowered to secure their financial future.”
During the launch, a dialogue session titled ‘Levelling Up Your Financial To A Better Future’ was held. Moderated by the Deputy CEO of CGS-CIMB Malaysia, Alan Inn. The guest speakers for the dialogue session 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, Innovation, Advisory & Industry of Securities Industry Development Corporation (SIDC). Some of the key takeaways from the session include:
- Financial literacy is low in Malaysia but the outlook is positive
A study conducted by the World Bank shares that in Malaysia, only 36 per cent of adults are financially-literate, and a concerning 50 per cent admit that their income falls short of covering their expenses. However, Stephanie shared that there is a positive takeaway as there is a surge in Bursa Malaysia Central Depository System account openings by the youths.
Financial and investment literacy among the youth can be increased through initiatives such as the AIC or Bursa Investment Quiz organised by Bursa Malaysia. This helps them to be less susceptible to financial scams and fraudulent schemes.
- Financial literacy needs to start from young
Sarimah shared that early exposure to financial concepts and practices lays a strong foundation for responsible money management and informed decision-making. By introducing financial literacy education at a young age, students can learn skills such as budgeting, saving, investing, and understanding financial risks and rewards. They learn about the importance of setting financial goals, differentiating between needs and wants, and making wise spending choices.
- Collaboration is key
Prof. Dr. Mohamad Hariri also shared that a collaboration between educational institutions and industry leaders can be key to increasing financial literacy in Malaysia. For example, providing a comprehensive and relevant financial literacy curriculum that aligns with current industry practices and economic trends. This ensures that students receive up-to-date and practical knowledge that prepares them to navigate the complexities of personal finance and investment decisions. A financially literate nation will not only contribute to economic growth, but more Malaysians can be less susceptible to financial scams and fraudulent schemes.
To date, CGS-CIMB Malaysia has signed Memorandum of Understanding and conducted trading labs with UiTM Segamat Johor, UiTM Puncak Alam, and Multimedia University (MMU) Melaka. The next trading lab will be launched in University Malaysia Terengganu (UMT).
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. It also sees the participation of the lead universities such as UiTM and MMU.
Azizah added, “With the support from our partners, we are confident that this initiative will imbue participants with the knowledge, skills and real-life applications, readying them for an exciting career in investment and in building a strong capital market in Malaysia. We look forward to further effective collaborations as Malaysia extends its position as one of the premier investment destinations in the world.”
Source: CGS-CIMB Malaysia
