Feb 25 , 2020

SAIF MF 2020 International Young Leadership Finance Sum ...

On January 14th, 2020 International Youth Leadership Finance Summit (IYLFS), hosted by the SAIF MF Program, was successfully concluded in Shanghai. This year, the International Youth Leadership Finance Summit (IYLFS) was centered at the current theme of "Innovation and Finance in the Sci-Tech Era", which attracted more than 2,000 registrations from students from all over the world. Eventually, the Organizing Committee invited nearly 120 participants from 27 top-notch institutions, including Stanford University, Columbia University, Cambridge University, London School of Economics, Tsinghua University, Peking University, Shanghai Jiao Tong University and Fudan University, to formed 22 teams for intense competition. During the four-day event from January 11th to January 14th, leaders from academia and industry alike gathered with distinguished international youths and conducted in-depth discussions on how enterprises can be empowered by innovation and finance in the era of science and technology innovations. The Summit kept up with the market trends and after plenty of discussions with top-class experts in both academia and industry, “Innovation and Finance in the Sci-Tech Era" was decided as this year’s theme, which covers six research domains, namely Artificial Intelligence, Biomedicine, High-end Manufacturing, Internet, New Energy and Consumption/Logistics. IYLFS is also committed to continuous refinement and innovation regarding the competition system year over year. 2020 IYLFS added the exciting session of two-to-two debates. With the tension of random position selection on the spot, the diverse perspectives, the witty attack and defense of the participants and the griping count of votes all became the highlights and fun of the event. Let’s look back some amazing moments occurred during 2020 IYLFS. Participants Welcoming Ceremony At the Welcoming Ceremony held on the evening of January 11th, Ms. Lin Yang, Head of SAIF MF Program, extended a sincere welcome to all contestants. She pointed out that over the past seven years, the Summit has never stopped the pace of innovation. Innovation is never a slogan for SAIF MF, which focuses on innovation, but also infuse it into practices. In terms of content, before the event, the Summit had plenty of discussions with top-class experts in both academia and industry to ensure the final theme is in line with the latest market trends, represents practical value and benefits the academic community as well. Regarding format, it is determined to innovate, optimize and improve the agenda and arrangement year over year, by exploring new sessions. Organizationally, the Summit pays close attention to every detail to ensure that every participant will enjoy the experience of engaging in a world-class competition. Opening Ceremony When the competition kicked off on January 12th, Prof. Chun Chang, Executive Dean and Professor of Finance at SAIF, delivered an opening address for the Summit. Focusing on the theme of this year's IYLFS, he uniquely interpreted the current status and trends of corporate finance and innovation in the era of science and technology and told SAIF’s story of growth and innovation over the past decade. Prof. Chang mentioned that financial innovation is crucial to China’s innovation and development. On the one hand, from PE and VC to STAR Market, we need to explore a long-term model to facilitate those true innovators. On the other hand, we also need to drive the globalization of Chinese companies. When the market is deregulating foreign investments, in the future, it will become more important to learn about international financial business models. Following Prof. Chang, Prof. Zhan Jiang, Faculty Director of SAIF MF Program and Professor at SAIF, reviewed the history and future of SAIF Master of Finance Program, also the organizer of IYLFS, along with to the participants and guests. Kicking off with the question “what is future?”, Prof. Jiang explained SAIF's mission of "Fostering the Future of Finance" and introduced how SAIF MF Program has quickly built up its advantages in a decade and topped Asia's financial education community. This year’s Summit is honored to greet Ms. Lydia (Bingnan) Liu, Managing Director of Citigroup Global Markets Asia Limited, as the keynote speaker, who delivered a keynote speech entitled "FinTech Disruption in Asia". Ms. Lydia Liu first introduced her professional experience and the global trends of FinTech. After that, she started talking about the Asian market's position in fintech competition and analyzed the technological innovations of different financial companies in the Chinese market in detail. She pointed out that China has a great leading edge in the direction of Internet finance. Whether it is the giant population or the convenience of mobile communications, it provides a rich hotbed for the combination of the Internet and finance. Finally, Ms. Liu encouraged the young students present to keep learning at all times and make innovation the core competency in their career paths. The Jury The jury of the competition was comprised of SAIF faculty members and expert guests, including Prof. Zhan Jiang, Faculty Director of SAIF MF Program and Professor of Finance; Prof. Jie Hu, Professor of Practice at SAIF; Prof. Xin Chen, Professor of Accounting; Jinlu Guo, Chief Investment Officer of ICBC AXA Life Insurance; Xianghui Li, President of Canyon Capital China; Zhongyu Zhang, Partner of Lantern Capital; Yanhua Yang, Chairman of PEMA PLUS; and Yeliang Zhang, Investment Director of Canyon Capital, who professionally commented and rated the performance of each team. The judges highly recognized the participants for their professionalism and maturity, which was extremely impressive. The students in the audience also cherished this opportunity to communicate with top-class professors and industry leaders. They actively grasped every chance of Q&A and were eager to exchange opinions with the judges. Prof. Zhan Jiang                            Prof. Xin Chen Prof. Jie Hu                                    Mr. Jinlu Guo    Ms. Zhongyu Zhang                                     Mr. Jinlu Guo               Mr.Yanhua Yang                                            Mr. Yeliang Zhang        The Competition At the final, all participating teams successfully completed their highly specialized case presentation in English and the judges provided each team with targeted comments and advices. After the presentation session, the teams studying the same target company drew lots to decide whether to invest or not and engage in two-to-two debates. 45 public judges from 20 universities around the world voted for the contestants' performance. The witty responses demonstrated the wisdom of the participants, while full of tension and excitement, the live voting also maximized the fun and interest of the audience. In the end, the team named "Gone with the Holidays" from Shanghai Jiao Tong University won the first prize of the Summit. The team from the Western University, the team from McGill University and a united team consisting of students from Hong Kong University of Science and Technology, Nanyang Technological University, Tsinghua University in Taiwan and the Chinese University of Hong Kong grabbed the second prizes. Three other teams from Shanghai Jiao Tong University, King ’s College London, Xi'an Jiao Tong University and two from Peking Universities harvested the third prizes. Panel Discussion After the intense competition, on the afternoon of January 14th, Prof. Zhan Jiang mediated a panel discussion among Ms. Zhongyu Zhang, Mr. Yanhua Yang and Ms. Lin Yang, Head of SAIF MF Program about the market changes in the Sci-Tech era, how businesses should transform via finance and innovation and what are the considerations young students should take account in when outlooking their future careers. The conversation between SAIF professors and industry experts in a rapturous way revealed a higher level of connotation and extension of the topics covered at this Summit. Closing Ceremony At the closing ceremony of the Summit, Mr. Zhen Lin, Chairman of Zhuyuan Capital Management Co., Ltd. and SAIF alumnus, came to the scene as a special guest. In 2019, Mr. Lin generously donated RMB10 million to SAIF and set up Zhen Zhen SAIF Master of Finance (MF) Scholarship Fund. At the Summit, Mr. Lin shared his original intention of setting up a scholarship, extended his hopes for young students and welcomed outstanding students from all over the world to come to SAIF for study. Finally, Mr. Jie Pan Deputy Dean of SAIF, made a closing address for the Summit representing SAIF leadership. He noted that Shanghai was once the International Economic Center, the International Financial Center, the International Trade Center and the International Shipping Center, and today, it is also the Sci-Tech Center. Mr. Pan hoped that IYLFS is only the starting point for the connection between all young students and SAIF. He also invited every participant to visit Shanghai and SAIF again in the future. Farewell Dinner On the evening of January 14th, the 4-day Summit came to an end. All the participants came to the Bund to attend the farewell dinner carefully prepared by the organizer. At the dinner, many participants stepped onto the stage and showed their talents through singing and dancing. International students from Stanford University, McGill University, University of Weston, University of Alberta and King's College London met in Shanghai through the competition, which helped shape their friendship. They jointly prepared the cup dance performance of "When I'm Gone", expressed their gratitude to the organizer with original lyrics and extended the wishes for continued friendship. The participants from different cities around the world lamented that this visit to the Summit was a worthwhile trip. They had the opportunities to discuss and exchange with world-class professors and business leaders in both academia and industry, practice financial expertise around the current market topics, make friends with like-minded peers and nurture friendships across borders and cultures. 2020 International Youth Leadership Finance Summit is over, though every valuable and memorable moment harvested here will be treasured forever.

Feb 25 , 2020

2020 IYLFS Keynote Speech | Lydia Liu: FinTech Disrupti ...

On January 12th, 2020, 2020 International Young Leadership Finance Summit, hosted by Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, was officially launched. Centered at the theme of "Innovation and Finance in the Sci-Tech Era", the Summit invited SAIF faculty, industry experts and 120 participants from around the world to explore how technology startups can be empowered through innovation and finance. This year’s Summit is honored to greet Ms. Lydia (Bingnan) Liu, Managing Director of Citigroup Global Markets Asia Limited, as the keynote speaker. Focusing on the theme of this Summit, Ms. Liu delivered a keynote speech entitled "FinTech Disruption in Asia". Ms. Lydia Liu first introduced her professional experience and the global trends of FinTech. After that, she started talking about the Asian market's position in fintech competition and analyzed the technological innovations of different financial companies in the Chinese market in detail. She pointed out that China has a great leading edge in the direction of Internet finance. Whether it is the giant population or the convenience of mobile communications, it provides a rich hotbed for the combination of the Internet and finance. Finally, Ms. Liu encouraged the young students present to keep learning at all times and make innovation the core competency in their career paths. Asia is a land of opportunities for FinTech At the beginning, Ms. Liu shared her experience with the participants. Throughout her career journey, she has been based in Mainland China, the United States and Hong Kong and spanned multiple specialties, including accounting, consulting and investment banking. Her rich experience has shaped her diverse perspective and strong critical thinking. Having worked in the industry for more than a decade and witnessed tremendous changes and developments in the sector, she chose to return to Asia, a younger and more promising market. Today, FinTech is infiltrating all aspects of traditional finance and will have a disruptive impact on the world, especially in emerging Asia. According to Ms. Liu, Asia a "land of opportunities" for FinTech. The favorable macroeconomy, the exceptional room of growth and the large population have jointly determined the unique market potential of Asian economies. Convenient mobile communication facilities and efficient infrastructure capabilities have further promoted the economy of scale and the agglomeration effect, which have spawned successful FinTech products such as WeChat Pay and Ant Financial. We will see more possibilities in the future. Subsequently, Ms. Liu further explored today’s landscape of the FinTech market in Asia. At present, the market in Asia is still in its infancy, and the products and services are mainly concentrated in mobile payment, e-commerce, social media, Internet and P2P segments. In terms of business model, FinTech companies mainly serve individuals and SMEs that are not covered by traditional banking and provide competitive services to solve the pain points of traditional financial institutions, such as limited coverage, high costs and information asymmetry. Fintech companies use innovative technologies such as big data and artificial intelligence to reduce labor costs, accurately target at customer needs, provide more personalized services and effectively control risks. Concerning industry life cycle, FinTech companies are highly competitive. The products are currently concentrated in C2C and lending operations, with limited differentiation. In the future, they may evolve into C2B and non-lending businesses. Taking Ant Financial as an example, it stemmed from Alipay, has launched a series of products, including Yu'E Bao and Sesame Credit, and has successfully achieved gradual penetration into mobile payment, asset management, credit rating and other fields. It plans to provide more complex financial services in the future, ranging from insurance to personalized asset management. Balance between tradition, innovation and regulation As a veteran investment banker, Ms. Liu admitted that FinTech will indeed impact the traditional financial sector to a certain extent. She believes that although investment banking has not yet witnessed fundamental changes, leading banks have begun to accept and try new technologies and actively expand traditional business models. Although established banks have strong advantages of capital and customer base, FinTech is a new arena full of possibilities. If traditional financial institutions can't break the norm, become creative and create new demands in addition to meeting existing needs, they might be easily overtaken by latecomers. Later, Ms. Liu made further discussions on the regulatory issues that have attracted extensive attention. Fintech brings new value, while new risks cannot be ignored. These risks include credit, fraud, information security, financial system and social instability risks. For government, it is imperative to reinforce the development of the FinTech planning and regulatory systems, actively guide the proper use of technologies in the financial sector and constantly improve the ability to prevent financial risks. For enterprises and investors, regulatory immaturity increases the uncertainty in the industry's future. "Strategic regulation " is the key to collaboration between the two groups of stakeholders. She believes that the two groups will work together and find a way to achieve the balance between regulation and innovation. During the Q&A session, outstanding young students from universities around the world raised their questions to the guest speaker. A student from the University of Cambridge asked Ms. Liu what she thinks of the violation of personal privacy in FinTech applications. A student from Fudan University raised the issue of personal career development and how students with a non-financial background should find their unique advantages in the financial market. Finally, inspired by the questions from the students present, Ms. Liu extended her speech to compare the similarities and differences between the current FinTech industry structures in the US and Asia. She believes that the US financial sector is more mature and has a smaller population of underserved or unserved people. Therefore, the positioning of FinTech companies is mainly to attack and replace the business of the traditional financial sector. In contrast, the target segments of FinTech companies and traditional financial institutions in Asia are not highly overlapped. Therefore, the degree of disruption to the traditional financial sector is not as visible as that in the United States. In addition, the financial market will become further segmented in the future. Traditional finance and FinTech will cooperate in competition to achieve mutual benefit and win-win results, which will work together to drive the growth of the real economy. In conclusion, Ms. Liu advised the future financial professionals present to keep up with the changes and development of the times, always stick to the learner mindset, constantly update their expertise and skills and take innovation as their core competency.          

Oct 31 , 2019

SAIF MF in New York | A Close Look at Four Wall Street ...

How did you spend the National Day holiday just past? During the period, more than 20 faculty members and students from the Master of Finance (“MF”) Program 2018 and 2019 of Shanghai Advanced Institute (“SAIF”), Shanghai Jiao Tong University (“SJTU”) flew to the United States and took part in a 5-day international module in New York. Under the leadership of Prof. Zhan Jiang, Faculty Director of SAIF MF Program, Alan Qiu, one of the most popular lecturers at SAIF, and Lin Yang, Head of SAIF MF Program, the group visited Goldman Sachs, Credit Suisse, MSCI, AIG and other world-leading financial giants and exchanged ideas on the most cutting-edge financial and FinTech topics. Goldman Sachs partners personally customized the FLAG Workshop, during which the students met more than 20 specialists from 9 units of Goldman Sachs within 2 days. It is also the first time that Goldman Sachs has partnered with a Chinese school in comprehensive and immersive study. The students not only expanded their international vision and touched the frontier dynamics of the industry, but also gained new understanding and insights on the Program and the development of the Chinese market. A tight schedule, a knowledge explosion and a burst of pleasure. Let’s follow their footsteps and feel the charm of Wall Street: DAY 1 Credit Suisse On the afternoon of September 30th, soon after their arrival in New York, the group headed for the first stop of the journey, Credit Suisse’s headquarters in New York, and was warmly received by Wenzhe Zhao, Director, Cheng Ju, Vice President and Linda, a senior specialist, at Credit Suisse. From the perspective of capital market evolution, the three experts reviewed the landscape of derivatives trading and stock research and shared their insights on major trends, including FinTech reform and China-US relations. Finally, based on their own professional experience, they also gave some advices on career planning and development. Welcome Dinner Following the visit to Credit Suisse, the group gathered in a restaurant and discussed what they saw and heard during the day, when laughter and gourmet food washed away the fatigue of long-haul flight and jet lag. During the dinner, Prof. Zhan Jiang, Faculty Director of SAIF MF Program, Alan Qiu, one of the most popular lecturers at SAIF, and Lin Yang, Head of SAIF MF Program, gave a warm welcome to the participants and discussed and revisited the takeaways gained that afternoon. They also further explored the itinerary and precautions of the overseas module and provided some helpful advices to the students. DAY 2 MSCI On the morning of October 1st, the group visited MSCI New York office under the guidance of David Zhang, Managing Director of MSCI. David took a look at the history of MSCI as a world-leading indexing agency and focused on the role of FinTech and quantitative models in performance analysis, risk control and other fields. He also shared his ideas about ESG (Environment, Society and Governance) investment and cutting-edge topics of interest. During the Q&A session, David discussed with the group on a number of hotspot topics, including blockchain, virtual currency and ICO. AIG In the afternoon, the students visited American International Group (AIG), one of the world-class insurance and financial services multinationals, and listened to the speeches of Henry Mo, Chief Economist and Kun Gao, Head of Quant Equity Research, about AIG and the international insurance and financial markets. During the face-to-face communication, the two industry experts reviewed a wide range of topics with the group, from the differences in the regulatory contexts between the Chinese and American insurance markets, to the applications and limitations of artificial intelligence (AI) in quantitative investment. Having worked in the United States for years, they analyze the differences between China and the United States and market opportunities from the perspective of US professionals, which brought inspiring ideas to the participants. In particular, knowing the stress of upcoming job hunting and career planning, Henry encouraged them with his own struggles and opportunities. He highlighted that it was critical to calm their minds and face the challenges in the job search process. DAY 3 & 4 Goldman Sachs FLAG Workshop Module A This day, the students ushered in the climax of this overseas program! The long-awaited FinTech Learning @ Goldman ("FLAG") Workshop created by Adam Korn, Managing Director of Goldman Sachs provided a comprehensive and multi-angle view of the business models of each business line and offered an immersive learning experience. In two days, the students were exposed to the managing directors, vice presidents and senior researchers of 9 units. Fortunately, SAIF is the first Chinese school benefitting from the FLAG Workshop in partnership with Goldman Sachs. As the opening guest, Adam delivered a warm welcome to SAIF students and briefly reviewed the traditional business lines of Goldman Sachs as well as its steady transformation in commercial banking and FinTech in recent years. Adam encouraged the students to ask more, think more, and communicate more in the next two days. His intimate tone and inspiring speech laid a great foundation for the field visit at Goldman Sachs. The next session was hosted by Niki Quarmyne, Vice President of Securities. First of all, Lindsay Chock and Vikas Goela, both Vice Presidents and Grace Chang, Analyst, all from the Securities Division, gave a unique and focused interview for the group and deeply explored their journey and insights in engaging in the technical jobs at the Securities Division. Vikas admitted that price forecast modeling in a constantly changing market is always a challenge, but it also creates an outstanding sense of fulfillment. Next, three vice presidents from the Investment Banking Division, namely Joey Allcock of the IPO Group, Kyle McNickle of the M&A Group and Virginia McCormack of the Utilities Group, shared their views on investment banking in different perspectives. The Investment Banking Division of Goldman Sachs is divided into a number of business lines, including M&A, Financing, industry groups and transaction banking. Joey and Kyle explained the deployment of IPO and M&A lines, while Virginia analyzed the investment banking business in the public finance field. As transaction banking, Kyle mentioned that it is a relatively independent business line within the Investment Banking Division, focusing on trade finance and fund flows. Given its high standardization, it is at the forefront of digital transformation in the Division. As one of the few top investment banks with Github accounts, Goldman Sachs is also pioneering platform digitization. Francis Giannaros, Vice President of the Securities Division, demonstrated the role of Marquee in securities analysis and risk management. Tony Mukherjee, Associate of the Securities Division, showed Genie, a chatbot application designed for analysts and salesforce. At the end of the day, Alan Qiu guided the students to review the takeaways and encouraged them to consciously improve their soft skills in addition to learning over the next few days. Goldman Sachs FLAG Workshop Module B On the first day at Goldman Sachs, the students took a close look at the applications of FinTech from the perspectives of users. The next day went further and inspired them to drill deeper by exploring Goldman Sachs' new business model from the viewpoints of developers and designers. The students visited some of Goldman Sachs’ internal incubation projects. The senior experts at Goldman Sachs elaborated how its internal innovation acceleration mechanism finds “the best ideas” and better serves shareholders and customers through resources, network integration, networking, knowledge resources and business unit expansion, which injects more vitality into the organization. Goldman Sachs encourages excellent internal performers and innovative ideas by means of internal incubation, which is one of the critical processes for Goldman Sachs to transform into a high-tech company. Next, the group visited the specific applications on the spot and discussed about the applications and transformation of commercial banking. In addition to internal innovation, Goldman Sachs also began exploring the digital transformation in the fields of FinTech and commercial banking a few years ago. Megan Prasad, Associate of the Consumer and Investment Management Division, started with Bill Gates's famous saying, "Banking is necessary, but banks are not", to reveal its digital transformation and challenges. When it comes to FinTech, blockchain is a must-have. Tom Johnson, Vice President from the Operations Division and Drew Van der Werff, Vice President from the Securities Division presented the latest updates of digital currency and blockchain. At present, blockchain has been used in various application scenarios, including food traceability, drug tracking and smart contracts. The next session was full of interactions and creativity. Loki Muthu, Vice President and Creative Director of the Engineering Dept., Alyssa Nitz, Vice President from User Experience Research, and other Goldman Sachs staff brought a variety of presentations to showcase the diverse lives of Goldman Sachs employees. As an outstanding interaction engineer, Alyssa explained the philosophy of how to apply quantitative thinking to life and how to achieve better planning and implementation if life is considered as a project, which was really refreshing and inspiring. Loki shared his education experiments beyond work life and his experience of launching A Tree Named Ganga, an educational album designed for children, in partnership with a Michelin chef. Moreover, another employee in his team spent her free time as a solo singer at Carnegie Hall. He encouraged the students to boldly imagine, bravely pursue, carefully refine and realize their dreams. After a field visit to the trading floor, the group gained a first-hand understanding of the open culture and harmony at Goldman Sachs. Finally, Wenjun Qiu once again led the students to sum up the thoughts of the days and share their feelings and insights, because “sharing your learning is much better than keeping your learning to yourself”. A group of top-notch students in China have broadened their thinking acumen by communicating with international organizations and professionals, which will be the starting point for their excellent careers in the future. DAY 5 Closing Luncheon At noon on the last day of the trip, Owen Li, Director of Bank of America Merrill Lynch Investment Banking, was invited to join the group and shared his insights in today’s investment industry, the development of Bank of America Merrill Lynch's investment banking business and the business deployment with SAIF MF students, in addition to his advices on life development and career planning. He looked back as a Chinese professional, how he gained a foothold in international investment banks and made great achievements today. According to Owen, though traditionally, it is widely agreed that a career in the banking sector calls for a strong network, he believes that the mastery of hard skills and control of business processes is equally important, which is his secret weapon of success by capturing the key points of the business and showing it to client after structuring and organization. After the luncheon, Prof. David X. Li, Co-director of SAIF MF Program, granted the exquisite certificates to the students, on behalf of SAIF MF Office. Bottom Line The overseas module of SAIF MF Program in 2019 was concluded with a full stop. Although the trip to New York is over, it inspires the students to drill down into the reflection on capital markets and career development. Read more, travel more. With the knowledge they have gained in classroom, the students took a journey of thousands of miles. When the formulas and theories in textbooks are turned into the forefront applications in the ever-changing market, they capture profound and valuable insights in the classroom lecturers. Back to SAIF, the panoramic view on the top of Goldman Sachs headquarters overlooking Manhattan remains in their minds. For SAIF MF students, it’s just the starting point. In the future, they will continue to march towards the world, explore the unknown territories and become the champions of a world-class international finance school.   player = new YKU.Player('youkuplayer',{ styleid: '0', client_id: '842d251c718c552e', vid: 'XNDQyMDY2MTczMg==' });   Tap the video clip above for more interesting moments Copywriting: Yuexiang Yin and Yue Zha Photography: William Haas

Oct 11 , 2019

Orientation@SAIF: Where Dreams Set off

With sunshine after the rain, the journey begins Introduction The check-in day witnessed the visit of typhoon, when newcomers from all over the world had to step across the “moat” in front of the dormitory. They were greeted by the smiles, warmth and gifts from the seniors and staff of Shanghai Advanced Institute of Finance (SAIF) Master of Finance (MF) Program. The sunshine after the rain also symbolized that their exciting journey of study at SAIF MF was about to depart…. See the end of this article for more memorable moments! No.1 A gathering of newcomers of 11 nationalities represented a mix of MF General and MF- FinTech Track This year, SAIF MF sustained its highlights of internationalization and high profile. It ushered in 86 MF 2019 freshmen from lands far and near, including China, USA, UK, Germany, France, Spain, Italy, Sweden, Peru, Japan and Thailand, in addition to the first intake of 29 MF-FinTech Track students ever since its launch. No.2 Prof. Tu and other guests delivered the “first workshop” full of insights The opening ceremony was honored by the presence of Prof. Chun Chang, Executive Dean of SAIF, Prof. Shijun Cheng, Deputy Dean of SAIF, Dr. Jie Pan, Associate Dean of SAIF, Prof. Zhan Jiang, Faculty Director of SAIF MF Program, Prof. David X. Li, Co-Director of SAIF MF Program and Associate Director of China Academy of Financial Research, Prof. Paul Burik, Ms. Lin Yang, Head of SAIF MF Program and other staff, in addition to the speech of Prof. Guangshao Tu, Adjunct Professor of Shanghai Jiao Tong University and Executive Director of SAIF, who boasts diverse experience in various sectors. Prof. Tu was Executive Vice Mayor of Shanghai, Vice Chairman and President of China Investment Corporation and Member of the Economic Committee of the 13th Chinese People's Political Consultative Conference. However, on SAIF campus, he is known as “Professor Tu”. Having postponed his travel plan, Prof. Tu came to the opening ceremony of SAIF MF Program and delivered the “first lecture” to the freshmen of MF 2019, which inspired their enthusiasm for learning and extended ardent expectations. Lin Yang, Head of SAIF MF Program, hosted the opening ceremony The auditorium was filled up by the national anthem sung by the faculty and students Prof. Chun Chang, Executive Dean of SAIF, guided the freshmen to briefly review SAIF’s evolution over the past decade. He hoped that the students would cherish the platform and quality educational resources provided by SAIF and further build up their international vision. It is important to gain knowledge, expertise and skills, grasp every opportunity, break through boundaries and interact with peers from all over the world. Given his extensive experience in regulation, government and enterprises, Prof. Guangshao Tu, Executive Director of SAIF, gave a detailed analysis of the current credit base of the financial market and the great achievements of China's financial market credit system development. He also inspired the students to think about the opportunities of improvement and upgrade between scalability and credit base, between growth rate and credit quality and between diversification and system health. He encouraged the students to cherish the next two years, acquire cutting-edge theories from world-class faculty and adopt the learning into practices in order to better serve the development of the financial markets in the future. Previously a well-known practitioner at Wall Street, Prof. David X. Li, Co-Director of SAIF MF Program, shared his insights on the trends of the financial sector and reminded the freshmen to pay attention to morality and integrity. He highlighted that it is critical to avoid underestimating their abilities, be brave to challenge themselves, read more, think hard, exercise regularly and communicate with others. “If you have to work for the next 40 years, why don’t you spend 5% of the time on your study?” Ms. Lin Yang, Head of SAIF MF Program, gave a brief introduction to the Program. SAIF MF Program is one of the most competitive programs in China and across the world. SAIF not only features the supports of Shanghai Municipal Government and Shanghai Jiao Tong University, which bring systematic advantages incomparable to other institutes, but also has coincided with the acceleration of China's financial system. Therefore, it has been flourishing over the past decade. In addition, SAIF also offers top-notch faculty, quality educational resources and world-class curriculum. She sincerely hoped that all of the students would take a long-term perspective, make unremitting efforts built on long-term goals and enhance themselves in all domains. No.3 SAIF philosophy and heritage passed between existing and new SAIF MF students This year's freshmen come from many top-ranking universities and colleges at home and abroad, spanning a wide range of specialties. It wasn’t an easy task to pick up some representatives from many excellent students with diverse backgrounds. Finally, Yimeng Li from MF 2018, graduated from Tsinghua University with his major in English and minor in Economics, Zhihan Xia from MF 2019 (MF General Track), graduated from Shanghai Jiao Tong University Antai College of Economics & Management with his major in Finance, and Yao Yao from MF 2019 (MF-FinTech Track), graduated from the Department of Mathematics at Peking University, revealed their feeling and insights with peers. Yimeng Li (MF 2018) shared his experience at SAIF and provided valuable advices to the freshmen on what kind of value SAIF will create and what actions to take to get the best preparation for the future. In his opinion, SAIF will offer incremental value in terms of curriculum, career development and network. Yao Yao and Zhihan Xia from MF 2019 also talked about their mindsets. Yao Yao was excited to start her study in the field of FinTech and experience a two-year study journey with her peers with such diverse and international backgrounds. On contrary, Zhihan was looking forward to working and interacting with other participants, learning from others, pursuing dreams together and writing a new chapter in life. Moreover, new students also listened to the first lecture of Prof. Sixian Jiang, Secretary of the CPC Committee at Shanghai Jiao Tong University, visited the campus and Qian Xuesen Library, and perceived the philosophy and heritage of both SJTU and SAIF. No.4 Amazing opening outreach activities and talents More than straight A students, SAIF MF participants also surprised us with their talent show at the outreach session during the orientation week. We hope that MF 2019 will enjoy two fruitful and memorable years at SAIF! More surprises! Stay tuned for more freshman updates!