HSBC Indonesia has established the Association of Lecturers for Financial and Economic Development (Alfed) in cooperation with the Putera Sampoerna Foundation. (Photo courtesy of Sampoerna Strategic Group)

HSBC and Putera Sampoerna Foundation Establish Financial Literacy Body


OCTOBER 20, 2016

Jakarta. HSBC Indonesia has established the Association of Lecturers for Financial and Economic Development, or Alfed, in cooperation with the Putera Sampoerna Foundation, the social business institution of the Sampoerna Strategic Group.

The aim of the association is to improve financial literacy and inclusion in the archipelago through the dissemination of information by lecturers at various universities, especially in the field of banking and finance.

The Financial Service Authority (OJK) is also on board with the idea, since education is one of its responsibilities because it is a gateway to poverty alleviation, according to Toto Zurianto, head of the OJK Institute's Learning and Assessment Center.

"If people are not equipped with the right education on finance, they will be easily taken advantage of by those who are financially literate. This is our responsibility. We believe Alfed is a step towards fixing that," Toto said on Thursday (20/10).

The association believes it would be the trusted platform for the transfer of knowledge by lecturers through publications and videos, especially after the success of Sampoerna University's Training of Trainers program.

"It was a long process after [the Training of Trainers program] last year, where we trained up to 160 lecturers in Jakarta and Medan, with the support from HSBC," said Bambang Setiono, Sampoerna University lecturer and chairman of Alfed.

According to Nuni Sutyoko, senior vice president and head of corporate sustainability at HSBC Indonesia, the bank's role in the association is to provide information from an industry and professional standpoint.

"With Alfed, we are able to find out what the problems are in different provinces across the country, and find out what it is that people need to know there," Nuni said.