Financial expertise to Asia

13 August 2004

Monash University and the Victorian government will promote Victoria's expertise in financial services training and education to overseas markets.

The Minister for Financial Services Industry, Mr Tim Holding, has announced the $300,000 joint project to strengthen Victoria's education and training exports in the financial services industry.

The partners in the collaboration are Monash's Faculty of Business and Economics and the Department of Innovation, Industry and Regional Development.

Mr Holding said the $300,000 initiative would assist in the economic development of Victoria's financial services industry by marketing financial services educational expertise to overseas aid agencies, domestic regulators, and multilateral and individual financial institutions.

The funding will be delivered under the recently released action plan for the financial services industry 'Investing in Victoria's Future'.

The project team will bid for tenders, conduct extensive research and consultation with industry stakeholders and participate in trade missions to showcase Victoria's educational capabilities for the finance sector.

The project will expand a significant area of activity within the faculty that includes existing projects that focus on markets in China, Indonesia and Vietnam.

Since the introduction of the first banking degree in the 1970s, Monash University has maintained a strong presence as a leader in education and training for the finance industry.

Professor Jayne Godfrey, head of the university's Department of Accounting and Finance, said the project is strategically sound.

"It is a wise move by the state government and the first time that any government has specifically invested money to assist universities with the development of such a niche market. Monash University is an international university with a world-class concentration of academic expertise in financial services. We look forward to using our connections and skills to promote and deliver Victoria's financial services training expertise internationally to the highest standards," she said.

Victoria's financial services industry currently employs over 90,000 people and is the third largest contributor to the Victorian economy.

Further information call Ms Robyn Anns, Media Communications, on +61 3 9905 9317 or 0417 568 781; or Ms Querida Seip, Business and Economics faculty, on +61 3 9903 2265 or 0438 009 621.