Multimedia University (MMU), one of the top private universities in Malaysia together with Money Compass, one of Malaysia’s leading media on financial education, investment and money management, launched an e-learning platform for the youth called “uLearnMoney”, recently.
The agreement was inked by Prof. Datuk Ts. Dr. Ahmad Rafi Mohamed Eshaq, the President of MMU and Amy Seok, the Chief Executive Officer (CEO) of Money Compass Media (M) Sdn. Bhd. in a symbolic Memorandum of Understanding (MoU) signing ceremony at MMU Cyberjaya.
Commenting on the collaboration, Prof. Rafi said, the platform is very essential to increase the financial literacy among the youth today. “As an educator, I am deeply concerned for our youths. I have made to understand, at the moment, the young Malaysians are still lacking in financial knowledge. As a pioneer private university in the information communication technology (ICT) education, MMU is very proud to contribute its expertise to address this issue by digitalising the financial education through this new e-learning platform,” Prof. Rafi added.
Meanwhile, Amy explained that, “Its financial education gone digital. The Money Compass uLearnMoney team has curated 100 online videos on the subject matter relating to financial knowledge, awareness, skills, ability, attitudes and behaviours necessary to make prudent and reliable financial decisions to improve financial health.
“I strongly believe that financial literacy is a fundamental skill for daily life. Everyone needs to understand how money works, how to manage their income and expenses, how and where to invests, manage financial risks effectively and most importantly avoid financial distress,” she added.
From the findings of the Organisation for Economic Co-operation and Development (OECD) International Survey of Adult Financial Literacy Competencies in 2016 to BNM’s Financial Capability and Inclusion (FCI) Survey and Standard & Poor’s Ratings Services Global Financial Literacy Survey in 2015, the reality is jarringly clear, over 70% of Malaysians display low levels of financial knowledge, fail to engage in financial behaviours that could improve their financial security and have financial attitudes oriented towards the short-term.
A survey conducted by the Asian Institute of Finance in 2015 found that most of our youth are living on high borrowings, 38% of rely on personal loans, while another 47% engage in expensive credit card borrowings.
The launch of “uLearnMoney” aims to address the financial pain points of insufficient emergency fund, low retirement saving, high bankruptcy rate, falling victims to scams and the most recent hot news of university graduates have defaulted in repaying their PTPTN loans, which amounted to a staggering RM39 Billion of debt to the nation. Its objective is to alleviate the youths’ financially stress due to high cost of living, increase their financial knowledge through a credible online platform filled with up to date financial information and advice.
With the content developed and channel determined, the next move was for it to impact lives. Hence the signing of the MoU between Money Compass and the MMU is the first step to test out the efficacy of the uLearnMONEY series with MMU students.
“Financial Education begins with financially literacy. Once a person is literate, they understand better the consequences of their actions, and this we call awareness. Once awareness is attained, the right and proposer decisions can and will be made, and that is how our youth can become financially savvy to manage their money and their own financial future,” concluded Amy.
In conjunction with the launch of “uLearnMONEY”, Mr.Sam Shafie, CEO of PitchIN gave a special presentation on the U-Learn Money Reward Crowd Funding Campaign, to encourage supporters, pledges, CSR sponsors who have the same interest as the nation to nurture a new generation of financial consumers. The event will be rolled out to Universities and colleges nationwide from 2019 onwards with the aim of reaching out to over 1 million student population in Malaysia.
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About uLearnMONEY
With the mission to be the Financial education platform for Young Millennial, uLearnMONEY is an online financial platform with 100 videos specifically curated by Money Compass for Universities & Colleges, where we provide ANSWERS to university students immediate financial challenges, questions and doubts!
uLearnMONEY is a credible and trust-able Online Financial Learning Platform with state-of-the-art integrated learning experience which has SPECIALIZATION in financial subjects, LOCALIZATION for Malaysian audience and INTEGRATION ONLINE LEARNING. INTEGRATED ONLINE LEARNING means 3 types of Impressive, Interactive and effective online channels and delivery methods – Video Learning, Live Webinar and Online Mentoring. Video learning is a series of 3 minutes bite sized financial literacy videos presented in fun & engaging ways, live webinar will engage with financial experts and liked mind people via monthly live webinar. online mentoring will get personal face-time mentoring with professional financial mentor to set your financial goal.
Website: www.uLearnMONEY.com ;Facebook: uLearnMONEY
About MMU
Multimedia University (MMU) was established in July 1996. Originally known as Universiti Telekom with a single campus in Melaka, the university’s current name took hold in March 1997, when TM Berhad, its parent corporation, was given the enormous task of establishing a new campus in Cyberjaya that would supply the Multimedia Super Corridor (MSC) with superior quality knowledge workers. Since then, MMU has produced 52,709 graduates and currently has more than 15,000 students across its three campuses in Melaka, Cyberjaya and Johor with more than 1,500 international students from 70 countries.
Currently, MMU is one of Malaysia’s leading private universities. The Malaysian government – through the Malaysian Qualifications Agency under the Ministry of Higher Education (MoHE) – has granted MMU Self-Accreditation status, formally acknowledging that the university is a trustworthy institution, whose programmes continuously meet or exceed strict specifications. Similarly, the QS.com World University Rankings has ranked MMU as Top 200 in QS Asia University Rankings 2018. Due to the university’s consistent superlative performance and achievements, MMU has been accorded the status of a Premier Digital Tech University by the Malaysian government, via MoHE, and is now officially recognised as one of the best places in the country to pursue computer and technology-related programmes. In addition, MDEC’s Malaysia Digital Talent Study 2017 Final Findings by Frost and Sullivan has revealed that MMU graduates are most preferred by IT industries in Malaysia.
On average, 97 per cent of MMU’s graduates are able to secure employment within six months of completing their studies. Ambitious students looking to further their studies at the foundation, diploma, undergraduate and postgraduate levels in the fields of Engineering, Information & Communication Technology, Creative Multimedia, Cinematic Arts, Business & Management, Finance, Accounting, Law, Life Science, and Strategic Communication would be most welcome at MMU. To learn more, please visit www.mmu.edu.my.
About Money Compass
Since 2004, with the dedication to advocating the public to practice financial planning in everyday life, Money Compass has accumulated a vast connection in ASEAN financial industries and garnered government agencies and corporate resources. At present, Money Compass is adjusting its pace to transform into Money Compass 2.0. Consolidating the existing connections and network, Money Compass Integrated Media Platform is founded, which is well grounded in Malaysia whilst serving the ASEAN region. Money Compass is the one of the credible Chinese and English financial media in Malaysia with strong recognition in Malaysia’s financial industry. As the winner of SME Award in Malaysia for 5 consecutive years, we persistently propel the financial industry towards a mutually beneficial framework.
The mission of the new Money Compass Integrated Media Platform is to become the financial freedom gateway to assist internet users enhance financial intelligence, create wealth opportunities and achieve financial freedom for everyone!
Website: www.moneycompass.com.my; Facebook: moneycompass
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