NTU Singapore’s Lee Kong Chian School of Medicine Receives S$5 Million Donation from GGV Capital to Support Needy Students
September 23, 2022 – Medical students from disadvantaged families who are training to become future doctors at Nanyang Technological University, Singapore (NTU Singapore) Lee Kong Chian School of Medicine (LKCMedicine) will receive additional financial support following a donation of S$5 million from a global venture capital firm GGV Capital.
With the counterpart from the Government of Singapore, the designated endowment fund will establish a long-term program to cover part of the tuition fees and related disbursements for needy LKCMedicine students. The fund will be used to create scholarships and additional scholarships.
Dubbed the GGV Capital Award, this large-scale donation will provide additional support each year for up to 150 students in grades 1-5 who are not currently covered by full scholarships. The scholarships, along with applicable MOE and LKCMedicine scholarships, will subsidize up to 90% of student tuition.
The annual supplemental scholarships will help up to 120 students cover out-of-pocket expenses, such as the purchase of reference materials, learning aids, and scrubs, that they incur during their clinical years (3 years at 5).
The donation of S$5 million to LKCMedicine was made official at a signing ceremony today between Ms. Lien Siaou-Sze, NTU Vice-President (Academic Advancement) and Mr. Jixun Foo, Global Managing Partner of GGV Capital. The signing ceremony took place in the presence of Professor Joseph Sung, Dean of LKCMedicine and Senior Vice President of NTU (Health and Life Sciences), and Mr. Joel Kellman, co-founder of GGV Capital.
Mr. Teo Ming Kian, Chairman of Vertex Holdings, Guest of honor at the event, and Mr. Lim Chuan Poh, Chairman of NTU’s LKCMedicine Board, were observers of the signing.
Mrs Lien Siaou-Sze said, “NTU is very grateful for this momentous donation from GGV Capital. The company’s generous donation to support less privileged medical students reflects its deep commitment and dedication to higher education at NTU. The gift will help inspire future generations of physicians to pursue academic excellence, to serve humanity with integrity, humility and compassion, and to contribute meaningfully to the advancement of healthcare in Singapore and beyond.
GGV Capital has received strong local support since its inception and has invested in more than 500 companies in the United States, Southeast Asia, China, India, Europe, Latin America and Israel, including more than 85 are valued at more than 1 USD. billion. To show its appreciation to the people of Singapore, the global venture capital firm is disbursing it with this gift to benefit financially disadvantaged medical students at NTU.
Mr. Jixun Foo, a global investor from Singapore said, “Doctors and health workers are essential to the well-being of society. With GGV’s Singaporean roots and continued government support, we are fortunate and honored to empower the country’s future doctors through this program. Along with GGV’s growth, our charitable giving has also grown in recent years, including recent COVID-19 relief efforts in China, India and Indonesia, and donations to groups fighting coronavirus. anti-Asian hatred in the United States. As we continue to benefit from the country’s commitment to an innovative economy, we look forward to building a better future with partners like LKCMedicine and its students.
This gift from GGV Capital marks one of its largest philanthropic donations since its inception in 2000 in Singapore and Silicon Valley. It is also the first time that a venture capital firm has made a major donation to LKCMedicine.
Mr. Lim Chuan Poh said, “We are delighted that GGV Capital, by making this donation, is making medical education at LKCMedicine more affordable for students from financially disadvantaged families. Low-income families are facing challenges related to rising inflationary pressures and this donation is timely to help nearly 20% of our medical students with part of their tuition and disbursements.
Professor Joseph Sung said, “Since our inception, LKCMedicine has benefited from the support of many generous donors. GGV Capital’s donation will certainly go a long way in supporting students in need and represents a major step in our ongoing efforts to ensure our students pursue quality medical education and training despite their backgrounds and circumstances.
About Nanyang Technological University, Singapore
A research-intensive public university, Nanyang Technological University, Singapore (NTU Singapore) has 33,000 undergraduate and postgraduate students in the colleges of engineering, commerce, science, medicine, humanities, arts and social sciences and graduate studies.
NTU is also home to world-renowned stand-alone institutes – National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory Singapore and Singapore Center for Environmental Life Science Engineering – and various leading research centers such as Nanyang Environment & Water Research Institute (NEWRI) and Energy Research Institute @ NTU ([email protected]).
Under the NTU Smart Campus vision, the University harnesses the power of digital technology and technological solutions to support better learning and life experiences, the discovery of new knowledge, and the sustainability of resources.
Ranked among the best universities in the world, the University’s main campus is also frequently listed among the most beautiful in the world. Recognized for its sustainability, more than 95% of its construction projects are Green Mark Platinum certified. Apart from its main campus, NTU also has a medical campus in Novena, the healthcare district of Singapore.
For more information, visit www.ntu.edu.sg
About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. With $9.2 billion under our management, we have investments in the United States, Canada, China, Southeast Asia, India, Latin America and Israel. As a multi-stage, industry-focused company, GGV Capital invests in growth-stage companies in three sectors: Social/Internet, Enterprise Tech and Smart Tech. Over the past two decades, we have supported more than 500 companies around the world, including Affirm, Airbnb, Alibaba, Big Commerce, Boss Zhipin, Grab, HashiCorp, Hello, JD MRO, Keep, Kujiale, Manbang, NIU, Opendoor Technologies, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Xpeng, Zendesk, etc.
For more information, visit www.ggvc.com