Page 47 - LIAM Annual Report 2020

ANNUAL REPORT 2020 45

FINANCIAL INDUSTRY COLLECTIVE OUTREACH (FINCO) CONTINUES
TO REACH OUT TO UNDERSERVED YOUNG POPULATION
FINCO remains committed in its agenda to reach out to the underserved young population through Financial Industry
Collective Outreach (FINCO) flagship programmes. Launched back in 2017, FINCO comprises 107 financial institutions
under seven financial industry associations supported by Bank Negara Malaysia, aimed at empowering underprivileged
children and youth to build a better future for themselves.
Coming to its third year, in 2020, FINCO programmes were expanded to cover nine states across Malaysia. With
continued support from financial services providers, FINCO’s programme was extended to 301 schools benefitting 326
teachers and 7,800 students under the FINCO Reads and Life’s Aspiration programmes despite the Movement Control
Order.
Among the main achievements in 2020 were the successful adaptation to remote engagement and support for
schools, the rolling out of the monitoring and evaluation framework and the launch of the disaster relief and financial
literacy strategic pillars.

Other significant events included the Disaster Resilience Forum held on 7 October 2020, a sharing session on best practice
and insights on how to mitigate the impact of disasters on children’s education, attended by over 80 representatives
from the industry. Participants came up with a number of areas where a coordinated effort by the financial industry
could bring about sustainable and effective solutions. A working group is now taking discussions forward and we are
expecting to develop a framework for future collaborations.
A Financial Literacy Forum was successfully held during the year with 69 participants and a Financial Literacy Challenge
has been approved as the financial industry collaborative initiative to be implemented in 2021. A competition between
teachers and students in Government primary and secondary schools was also held with the support of the Ministry of
Education Malaysia. It aimed at challenging students and teachers on their best practices in continuing teaching and
learning and maintaining wellbeing during the pandemic.