Founded in 1992, China Foundation for Development of Financial Education (CFDFE) is an NGO under the supervision of People's Bank of China, aiming to alleviate poverty through financial education.
In January 2013, Visa and CFDFE formed a strategic partnership to provide financial education to central and western China, and improve the level of financial literacy there. Only one year into its inception, Visa China's Financial Literacy Development Alliance Program was honored with three awards acknowledging the company's corporate social responsibility efforts in China: the Children's Book of the Year for Visa Inc.'s Practical Money Skills and Marvel's Avengers comic Saving the Day, the 2013 China Philanthropy Times Outstanding CSR Case Award and the 2013 China Corporate Best Program Award.
As part of the China Financial Literacy Development Alliance initiated by Visa, the partnership will see Visa and CFDFE investing expertise and resources in the Jinhui Project, a program designed to provide financial education and expand financial inclusion in impoverished areas in China. Over next two years, the Jinhui Project will teach basic personal finance knowledge around China with local workshops and the touring China Financial Literacy Visa Travelling Bus. In addition, Visa and CFDFE will set up the "Visa Rural Financial Education Innovation Award" to encourage active exploration of new forms of financial educations and inclusion.
Visa's financial education programs extends to 30 different countries, but everything Visa does is different in each market and each country. Jason Alderman, Visa's Vice President of Global Financial Education, talks about the cutting edge program in China to reach children in the rural areas.