FINANCIAL INDUSTRY COLLECTIVE OUTREACH LITERACY AB EDUCATION $ Educate RESUME ANNUALANNUAL REPORTREPORT This page is left intentionally blank. CONTENTS PAGE SECTION 03 Introduction Message from the Chairman Message from the CEO About FINCO 11 Who We Are The Board The Steering Committee The Activators Our Members 21 2020 in Review Key Highlights of 2020 Approach to Programming English Proficiency Life Aspiration Symposium 41 FINCO Members Volunteer Awards and Events Members’ Events Disaster Resilience Forum Financial Literacy Forum Shared Programmes 50 Supporters and Appreciation MALAYSIA EDUCATION INTRODUCTION 3 MESSAGE FROM THE CHAIRMAN 2020 marked the third full year of operations for the Financial Industry Collective Outreach (FINCO). During a period of unprecedented challenges, we scaled programmes across nine states and federal territories to directly support over 7,800 primary and secondary students, the majority of whom were from socio-economically disadvantaged backgrounds. The COVID-19 pandemic and resulting disruptions had a profound effect on children’s education and brought to the fore the inequalities of young people’s lives across the country. As a strategic partner to the Ministry of Education Malaysia, FINCO supported the widespread efforts to minimise disruptions to children’s learning amidst sudden school closures. Digital access was virtually impossible for many young people, and therefore education provision relied heavily on the ability of teachers to reach their students. Our response to adapt programmes was swift and, in consultation with partners, careful consideration ensured that the solutions and delivery mechanisms catered to even the hardest to reach students while still aligned to national education strategies and relevant in the medium to long term. We were also inspired by the educators, students and schools who went above and beyond to continue teaching and learning at home � many whose stories were captured through the inaugural Highly Immersive Programme (HIP)-FINCO Outstanding Teacher and Student Awards. These and other collective experiences, positive learnings and outcomes guide FINCO’s programming in 2021 and we continue to harness the skills, knowledge and connections brought about by strong partnerships. On behalf of the financial industry, it has been an honour to support our communities through FINCO’s meaningful collective outreach. Together, our commitment to supporting youth remains strong and we are better prepared than ever to enable access to high quality, inclusive learning opportunities. Tan Sri Azman Hashim Chairman Financial Industry Collective Outreach 4 2020 IN NUMBERS Pahang Penang Kelantan Kuala Lumpur Selangor Negeri Sembilan States and Johor Federal Territories 9 Sabah Sarawak 7,800 301 326 Students Directly Impacted Primary and Secondary Counsellors and by FINCO Programmes Schools Supported Teachers Trained $ $ RM3.8M Contributed by the Financial Industry 592 Financial Industry Volunteering Hours Contributed 5 MESSAGE FROM THE CEO When schools across Malaysia closed in March 2020 to stem the spread of COVID-19, most believed this to be a short term disruption. One year on, it is difficult to estimate the weeks of lost instruction. What is clear is the lasting transformation of how we teach and learn. At the time, prolonged school closures inspired public and private sectors to employ a variety of means to support student learning, from online classes, television and radio programmes to physical materials delivered by boat, car and bike. Yet the majority of schools were unprepared for the rapid transition to remote learning required due to a divide in digital skills and internet accessibility. Like many organisations, FINCO faced the task of sifting through ever changing information to make informed decisions about our response to the crisis. Scenario planning, predicting potential situations we may encounter, shaped a plan to move forward. An unwavering focus on impact outcomes for students guided programme changes that would take us through 2020 and beyond. With trusted partners, FINCO continued to support teachers and school counsellors in developing professional skills directly related to their jobs. This included responding to the pressing need for educator familiarity with digital platforms and remote learning methodologies. Understanding that many students were sharing devices and data, our engagements were adapted to cater to multiple platforms with flexibility in response time. As a result of these combined efforts, FINCO reached more schools than ever before, benefiting thousands of students through customised workshops and the improved skills of their teachers. You will soon read examples of the great resilience, determination and innovation amongst our teacher and student communities. We owe a great deal to financial institutions for enabling FINCO’s impact and their collective response to urgent community needs � be it disaster relief and food aid to families or face masks and sanitation kits to schools. The readiness of financial industry volunteers, including several CEOS, to provide student engagement opportunities went a long way in establishing continuity during trying times. To the many people and partners who contributed to our work last year, thank you for your commitment to supporting young people across Malaysia to achieve their life goals. Clare Walker Chief Executive Officer Financial Industry Collective Outreach 6 ABOUT FINCO Established in 2017, FINCO is a powerful collaboration between financial institutions in Malaysia with the guidance of Bank Negara Malaysia. FINCO aims to make a positive contribution to the lives of underprivileged children and youth we work with, empowering them by creating opportunities to develop skills and build connections which support them in achieving their life goals. Our work aims to address these current challenges: https://padu.edu.my/wp-content/uploads/2020/12/AR2019-Inforgraphic_Final_Compress.pdfMalaysia Education Blueprint (2013-2025) Annual Report 2019 https://jobstreet.com.my/announcement/FTP/FACT-SHEET_Fresh-Graduate-Survey-2018.pdfJobstreet.com Fresh Graduate Report (2018) Malaysian Department of Insolvency, 2019 https://dosm.gov.my/v1/index.php?r=column/cthemeByCat&cat=124&bul_id=Qm82anlxSkxvRDJEWkQyZUJaQ0tDZz09&menu_id=Tm8zcnRjdVRNWWlpWjRlbmtlaDk1UT09 Ministryhttps://mosti.gov.my/ of Science, Technology & Innovation, 2018 Research indicates that students from low income backgrounds often start school behind their more affluent peers and are more likely to have behavioural problems, poor attainment and to drop out of school. This in turn affects their ability to secure high value jobs and perpetuates the cycle of poverty. However, strong evidence suggests that with appropriate and well-timed interventions, this is a process that can be interrupted. Some 10% of disadvantaged students in Malaysia were able to score in the top quarter of reading performance within Malaysia, indicating that disadvantage is not destiny. Organisation for Economic Co-operation and Development (OECD) Programme for International Student Assessment ( PISA), 2018 7 FINCO’S BIG GOAL To provide underprivileged children and youth with the guidance and education tools to achieve their life goals. Our programmes work through four strategic pillars to address the barriers faced by young people from underprivileged communities. English Life Proficiency Aspiration Students who are proficient in English have Students who have high aspirations and good access to more opportunities when competing support networks are more likely to overcome in the global workforce and are better placed academic and personal boundaries to achieve to contribute to economic development. goals. FINCO Reads FINCO Mentor Aspire HIP - FINCO Competition Careers InSight Spark Financial Disaster Literacy + Relief Students who have exposure to financial Students and communities who receive timely education are more likely to have reduced and appropriate advice and support are more financial vulnerability and increased assets in likely to improve resilience and support the the future. capacity for self recovery. Good SENS Coordinated Response GP 2000 Primary Secondary Shared Programme 8 2020 PROGRESS In 2020, FINCO achieved our goal of scaling programmes to nine states and federal territories. Through partnership programmes, we are on track to scale to all states and federal territories in 2021 and beyond, positively to expand nationwide, impacting more students than ever before. 645 301 16 Schools engaged in 170 FINCO’s flagship 9 programmes 37 7 2 States and 2021 Federal Territories 2018 2019 2020 Projection 2021 2018 2019 2020 Projection Teachers and counsellors trained through FINCO’s programmes 19 164 326 1,061 Students directly impacted by FINCO’s programmes 4,016 8,174 7,889 42,152 Students indirectly benefiting from FINCO’s programmes 4,717 59,407 79,210 86,148 RM3.8M RM3.8M RM3.8M RM1.2M RM1.2M 2021 2017 2018 2019 2020 Projection Financial industry funding contributions to date 9 OUR RESPONSE TO COVID-19 Like many organisations, the pandemic significantly impacted FINCO’s work. Once it became apparent that we were all facing a long and uncertain road ahead, we embarked on scenario planning to ensure readiness to operate in any environment. Our overall approach was to: Connect Adapt Innovate Review and revise Stay connected with Adapt programmes programmes to meet teachers and counsellors to new context emerging needs Short Term Medium Term Long Term Here’s an example