The University of Newcastle (UON) in New South Wales, Australia, announced on Friday a grand scholarship program supported by Alibaba founder and China's second wealthiest man, Jack Ma.
The scholarship is Ma's first philanthropic work in Australia and is also the largest charitable commitment UON has ever received in its history.
Through the Jack Ma Foundation, the university will receive $20 million (AUD$26.4 million) to set up "The Ma and Morley Scholarship Program."
According to Ma, the program honors his personal link to Newcastle, particularly to the Morley family who has been a big influence to him since his youth.
It was in Hangzhou, China, during a tour joined by Ken Morley and his family with the Australia-China Friendship Society when Ma first met Morley. According to Business Insider Australia, Ma was only 12 years old and approached Morley to improve his English. And so began a close friendship that even brought Ma to Newcastle and then lingered until Morley died in 2004.
"I am very grateful to Australia and the time I spent there in my youth. It had positively and largely affected my view of the world that time," Ma said.
In a news published by UON on its website, Ma was quoted as saying that Alibaba was built by young people and they are committed to empower and lift up students so they can achieve their ambitions. He said that "The Ma and Morley Scholarship Program" will encourage, educate and develop the leaders of the future.
According to UON, the recipients of the scholarship will be chosen based on their interest and commitment toward cross-cultural understanding; social justice and equity; cooperation and peace; sustainable development which includes environment, conservation and renewable energy; and fairness and ethics in entrepreneurship and industrial relations.
Under the program, in the initial year, there will be 30 new scholarships. Twenty of these will support students throughout the duration of their degree, including access to a unique and comprehensive engagement and enrichment program. The remaining 10 will be one-off scholarships to support educational exchange, internship or immersion activities.
The scholarship, in its full capacity, aims to eventually support 90 students per year.
The announcement on Friday was joined by Jack Ma, Ken Morley's son, David Morley, New South Wales Premier Gladys Berejiklian, UON Chancellor Paul Jeans, and UON Vice-Chancellor Caroline McMillen.