Business tycoon Ananda Krishnan and Usaha Tegas Group have launched the Yu Cai Foundation (YCF) providing seed funding of RM50 million for the cause.
In a statement by the foundation yesterday, it said in addition to that, Pan Malaysian Sweeps Sdn Bhd, which operates the “Big Sweep” sweepstakes, will donate
its surpluses to YCF.
YCF is the latest addition to the array of community-dedicated foundations created with support from Ananda Krishnan and Usaha Tegas Group. The other foundations are Yayasan DayaDiri (YDD) and Malaysian Community and Education Foundation (MCEF).
YDD supports Bumiputera causes in the areas of educational and community development, while MCEF focuses principally on the educational needs and welfare of the Malaysian Indian community, it said.
“YCF’s vision is to enable deserving students to achieve the fullest potential of their academic and vocational goals through education. In line with its vision, YCF
will principally focus on providing grants to educational institutions which promote the study of vernacular languages, in particular Mandarin, and English,’ the statement said.
YCF intends to provide scholarships for deserving Malaysians of all races, pursuing studies in Mandarin-based schools to support the multilingual and multicultural facets of the Malaysian education system while vernacular languages help to preserve our multicultural heritage.
In addition, it said YCF will support the goals of schools to develop physical facilities, including laboratories, to improve the teaching and learning of science and technology.
Grants will also be provided to learning institutions or individuals involved in scientific, artistic, technical and vocational or advanced academic pursuits that contribute to Malaysia’s socio-economic development.
YCF will also play a role in encouraging collaborations within the Malaysian education community to develop the role of Mandarin-based schools in producing and funding qualified students for undergraduate and post-graduate studies in Malaysia and abroad, it said.
At the launch ceremony, YCF chairman Chan Chee Beng presented cash prizes to the top three winners of the YCF logo competition, selected from more than 90 entries from art and design college students.
The first prize winner, Ong Cai Bin from Dasein Academy of Art, was awarded a cash prize of RM10,000. The first and second runners up, Cheah Kok Hui and Chwung Jye Lan, are both from the Equator Academy of Art.