UOB and the Wee Foundation have collectively pledged S$110 million to Nanyang Technological University, Singapore (NTU), a donation that will be matched by the government to form a S$275 million endowment. The funds are intended to support NTU's strategic priorities, particularly focusing on educational initiatives that seek to create new opportunities for students.
The endowment will be used to launch three initiatives. Firstly, the NTU Opportunity Grant will financially assist undergraduates with significant financial need, allowing them to participate in opportunities beyond the classroom, such as living on campus or participating in overseas exchanges. More than 400 students are expected to benefit annually.
Secondly, the Uplift@NTU programme will be introduced to encourage students to engage with disadvantaged children and youth, especially from single-parent families, through tutoring and mentoring. The programme aims to reach up to 1,500 beneficiaries every year in collaboration with community partners.
The third initiative is the NTU Venture Creation Programme, which will encourage students to develop solutions addressing challenges in areas like artificial intelligence and sustainability. About 300 students will receive seed funding to work on these projects, with additional grants available for the most promising ideas.
A formal signing ceremony was held, attended by the Minister for Education Mr Chan Chun Sing, NTU Board Chair Ms Goh Swee Chen, and UOB Chairman Mr Wong Kan Seng. NTU President Professor Ho Teck Hua praised the gift, describing it as "transformative" and expressing belief in the potential opportunities the initiatives will present for students.
Mr Wee Ee Cheong, Deputy Chairman and CEO of UOB, stated that the donation aligns with UOB's 90th anniversary efforts to support educational initiatives. He highlighted: “Earlier this year, UOB committed $30 million to support disadvantaged children in Singapore and across Southeast Asia. Together with this latest gift to NTU, there will be a combined impact of $120 million to help build a future where every young person has the chance to succeed.”
Ms Wee Wei Ling, Director of the Wee Foundation, commented on the personal connection the late Dr Wee Cho Yaw had with NTU and stated that the gift honors his legacy.
This endowment continues the support UOB, the Wee Foundation, and Dr Wee have given to NTU, focusing on education and research development and providing financial assistance to students from underprivileged backgrounds.
The gift forms part of UOB's broader initiative in Southeast Asia, including a recent S$30 million commitment to educational programs for students from less privileged backgrounds. Additionally, UOB had previously launched the S$50 million Wee Cho Yaw Future Leaders Award scholarship programme to provide tertiary education opportunities to NTU and other university students from less privileged backgrounds.