Singapore, 4 November 2013 – Six outstanding young Singaporeans, including two Nanyang Academy of Fine Arts students, have received the OCBC Local Undergraduate Scholarship to pursue higher education at local tertiary institutions.

The Scholarship is awarded to Singaporean students with outstanding academic performances, leadership qualities, active co-curriculum and community involvement, and who exhibit the values of humility, integrity and respect. The Scholarship will fund the scholar’s course of choice and they do not have to serve an employment bond upon graduation. While there is no bonds tied to the scholarships, OCBC Bank offers internships to its scholars so that they can gain valuable working experience during their varsity vacations.

During our scholars’ internship, they will be assigned to a division of their choice where possible and be tasked with real-time projects under the guidance of a supervisor. They will also be involved in the Bank’s corporate social responsibility initiatives.

Said Samuel Tsien, Group Chief Executive Officer, at the Bank’s Scholarship Awards Ceremony held this afternoon: "The OCBC Scholarship programme is grounded in the belief that every outstanding student deserves a shot at a university education, whatever his or her family circumstances. We also believe that after you have obtained your education, you should be free to make your own career choice.

"Because our scholars are free to follow their own passions, OCBC scholars are today doctors, lawyers, teachers, engineers, politicians or musicians."

Said Ivan Yap, one of this year’s recipients of the OCBC Local Undergraduate Scholarship, "My family is not well-off. In fact, we belong to the bottom 10th percentile of the national household income level. Being awarded the bond-free OCBC scholarship means I can choose to study Law, and more importantly, use my first pay cheque to help my father pay our housing loan, and not repay school fees. The OCBC scholarship has not only positively impacted my life but is to me, the embodiment of meritocracy and corporate social responsibility."

Ivan is currently pursuing a Bachelor of Law at the National University of Singapore (NUS). His older brother, Yap Kim Leng, was awarded the OCBC Local Undergraduate Scholarship in 2008 and joined OCBC Bank as an Associate with OCBC Investment Research after graduating with degrees in Chemical Engineering and Economics from NUS this year.

The six OCBC Local Undergraduate scholars are part of this year’s group of 17 individuals who were awarded the OCBC Bank’s bond-free scholarships. Three individuals from Malaysia, China and Indonesia received the OCBC International Masters in Public Policy Scholarship and eight recipients received the OCBC Scholarship for Children of Staff.

About the OCBC Scholarships:

The OCBC Local Undergraduate Scholarship

Established in the 1950s, the OCBC Local Undergraduate Scholarship provides financial assistance to students who have gained admission or are eligible for admission into first year full-time undergraduate studies at the National University of Singapore, Nanyang Technological University Singapore Management University and Singapore University of Technology and Design. The scholarship is also opened to undergraduates of these institutions. In 2012, the OCBC Local Undergraduate Scholarship was also extended to students from the Nanyang Academy of Fine Art’s Bachelor of Music (Hons) degree programme. Each scholarship is valued at $10,000 per annum.

The OCBC International Masters in Public Policy Scholarship Other than the Local Undergraduate scholarship, we also give out international scholarships. The International Masters in Public Policy Scholarship, established in 2005, is specially tailored for bright and talented individuals from Malaysia, China and Indonesia who will be pursuing their Masters in Public Policy at the Lee Kuan Yew School of Public Policy with the National University of Singapore. Each scholarship is valued at more than $80,000 and covers tuition fees, living allowance and health insurance.

The OCBC Scholarship for Children of Staff

These are given to deserving children of present and past OCBC Bank staff to financially assist them in their tertiary education. Each scholarship is valued at $10,000 per annum.