[17 November 2008]
Li & Fung Group Chairman Dr Victor Fung and Li & Fung Group Managing Director Dr William Fung meet SMU Fung Scholars

Singapore, 17 November 2008 – International friendships, independent living and greater adept in dealing across cultures – these were some of the invaluable takeaways Fung Scholars in the Singapore Management University (SMU) shared with Dr Victor Fung (?????) , Group Chairman of the Li & Fung Group (????), and Dr William Fung (?????), Group Managing Director of the Li & Fung Group. Dr Victor Fung and Dr William Fung, through their private charitable foundation, contributed a US$1 million endowed fund in June last year to set up the Li & Fung Scholarships (?????) to support up to 20 deserving undergraduates each year to participate in SMU's International Exchange Programme

The Li & Fung Scholarships were first established in 2006 to commemorate the 100th anniversary of the Li & Fung Group. The Scholarships programme world-wide is managed by Victor and William Fung Foundation (???????), a Hong Kong registered charitable foundation. The Scholarships were established in a Singapore tertiary institution for the first time in 2007 with the US$1 million grant, which received a 1:1 matching by the Singapore government.

Recipients of the Scholarships are known as Fung Scholars (????) and they each receive S$5,000 to fund the expenses of their overseas exchange programme where they will spend a semester or two in any foreign partner university. The Li & Fung Scholarship is open to full-time SMU undergraduates and also funds selected Chinese mainland undergraduates with S$5,000 each to come to SMU for exchange. To be eligible, applicants must demonstrate strong academic results, leadership skills, good character, active involvement in co-curricular activities and community service. Selection criteria are based on merit.

To-date, the Scholarship programme has enabled 14 SMU undergraduates to pursue studies overseas in universities such as Emory University, University of Pennsylvania and Babson College in the USA, University of Mannheim in Germany, University of St Gallen in Switzerland, Université Paris-Dauphine in France, KOC University in Turkey and Pontificia Universidad Católica Argentina. Six scholars from Fudan and Xiamen University have come to SMU. Another 7 SMU undergraduates are scheduled to embark on international exchange as Fung Scholars come January 2009.

It was a rare occasion for the Fung Scholars who completed their overseas exchange to meet with their benefactors over dinner. The Scholars showed how their generosity provided them with equal access to opportunities where they were able to make good part of their undergraduate education in reputable universities abroad and gain global perspectives at the same time. For Scholars from the Chinese mainland at SMU on exchange, the Scholarship gave them the opportunity to experience a semester of intimate American-styled, interactive teaching pedagogy.

“The exchange programme to me was an investment for life. I learnt basic German, made friends with my schoolmates at the University of St Gallen in Switzerland and saw the world from their perspective. I gained a lot more interacting with people of other nationalities and with an open mind – this has also made me a more culturally intelligent and sensitive person. I acquired independence and maturity living alone abroad and this has opened career doors I did not know existed, as it has marked me as someone who has proven herself in challenging circumstances. I am very grateful to be a recipient of the Li & Fung exchange scholarship and for having enjoyed this opportunity that no one should be denied of,” said Miss Fong Lu Yi ???, final year Business Management and Accountancy student.

“I have gained so much in the past four months and have grown to look at SMU as my university. The curriculum has enabled me to gain a deeper understanding of my chosen field of study, Information Systems, and the lively, interactive way courses are taught have enhanced my analytical and critical thinking abilities . My faculty and fellow schoolmates have been very encouraging and inspiring and I am happy to have been a part of SMU's swimming and dragon boat activities. Caring for society has always been advocated by both SMU and the Li & Fung Group, so as a Fung Scholar, I am proud to also have contributed back to the Singapore society through a community service stint. The experience has been an eye-opener and I am grateful to have made a difference in the world and in myself,” said Miss Gu Chengyao ???, from Fudan University, China.

"In the increasing trend of globalization, graduates with international outlook and experience of diverse cultures and environments are human capital, critical to the continuous progress of a society. The creation of the Li & Fung Scholarship programme reflects Li & Fung's longstanding commitments to building human capital in the communities in which the Group operates. We believe the Fung Scholars will benefit greatly from this programme and, with wider exposure and experience, will be able to contribute much more to the community at large," said Dr Victor Fung, Chairman of the Victor and William Fung Foundation.

“SMU is committed to develop a global perspective and promote cross-cultural understanding among its students through a diversity of programmes such as overseas internships, Business Study Missions, overseas community service and student conferences. International exchange is an invaluable opportunity to enrich undergraduate life by immersing students in a new learning environment, encouraging independent living in a foreign land away from family and friends, establishing an international network of friends and developing new perspectives about the world. The generosity of Victor and William Fung Foundation has alleviated financial concerns and enabled more students to go abroad. We are grateful to them for sharing and supporting our vision,” said Professor Howard Hunter, President, SMU.

Annex – List of Fung Scholars

About the Victor and William Fung Foundation

The Foundation is a Hong Kong-registered charity whose purpose is to promote leadership development principally through scholarship program with universities, and thought leadership principally through think tanks and education institutes.

About the Li & Fung Group

The Li & Fung Group is a multinational group of companies headquartered in Hong Kong, driving strong growth in three distinct core businesses - export sourcing through Li & Fung Limited, distribution through Integrated Distribution Services Group Limited and retailing through Convenience Retail Asia Limited and other non-listed entities. The Li & Fung Group has a total staff of over 26,000 across 40 countries worldwide, with an annual turnover exceeding US$14 billion in 2007.

About SMU International Exchange Programme

SMU's popular International Exchange Programme allows many of its undergraduates to spend a semester or two (of approximately 15 weeks per semester) in one of SMU's many foreign partner universities. SMU has signed partnership agreements with over 150 top foreign universities around the world, including The Wharton School of the University of Pennsylvania and Carnegie Mellon University in the United States, University of British Columbia in Canada, Bordeaux Business School in France, European Business School in Germany, Lund University in Sweden, Waseda University in Japan, Xiamen University in China and the Hong Kong University of Science and Technology. An increasing number of students are also applying to universities in less conventional destinations like Israel (Interdisciplinary Center Herzliya), Russia (Plekhanov Russian Academy of Economics), Mexico (Universidad de las Américas, Puebla), Czech Republic (Prague University of Economics) and South Africa (Stellenbosch University).

In SMU, every undergraduate who applies for overseas exchange will usually be successful. About 30% of every cohort of SMU undergraduates embark on an overseas exchange at some point in their university studies. Each year, some 400 SMU students go on international exchange while another 400 foreign students come to the university for a semester. The numbers will continue to grow as the university builds new partnerships with universities in other parts of the world.