OREANDA-NEWS. May 24, 2013. ICBC and University of International Business and Economics ("UIBE") jointly announced the Fourth Annual "ICBC Cup" Nationwide University Students Banking Products Design Contest in Beijing. Under the full support from the Central Committee of the Communist Youth League, this year's contest welcomes all university students in China (junior college students, undergraduates, postgraduates in master degree or doctoral degree) to join. This is an opportunity for all university students to gain practical experience, display their talent and contribute to the society.

ICBC draws on past experience in last three years to set forth rules and guidelines for this year's competition in more detail, said an executive with ICBC. This year adds the competition in the design of physical precious metals, simulated trading of precious metals for deferred settlement, for university students to put what they have learnt into practice and stimulate their creativity when they experience these financial products. Main venue is Beijing, with 6 sub-venues in Shanghai, Guangdong, Shandong, Shaanxi, Jiangxi and Inner Mongolia Autonomous Region respectively for university students across the country to join the contest. Practical internship and guidance from experts are provided for contestants to know more about banking products and come out with good ideas and designs.

Registration for this year's contest is now open. Those who are interested can visit the official website (http://innovation.uibe.edu.cn) or Weibo "ICBC Cup Banking Products Design Contest" for further information. The judging panel will choose the best design from the entries under the principle of "Open, Fair, Just", according to the organizing committee. ICBC also creates favorable conditions to incorporate the creative ideas into innovation projects of ICBC banking products.

Since its inauguration in 2010, "ICBC Cup" University Students Banking Products Design Contest is a new approach for banks and universities working together to identify and nurture talents with high innovation skill, a new concept by gathering the social force and wisdom of everybody to the innovation of banking products. The contest is also an opportunity for university students to showcase their talent and contribute to the society.  Now in its fourth year, the contest has gained high participation from university teaching staff and students, an event recognized by all with strong impact.

In the last three years of competition, students from 500+ universities across the country have submitted about 10,000 entries in different areas such as bank card, wealth management, electronic banking, payment and settlement, loan. New products designed by the university students, many of which are closely related to people's everyday living or company business, serve as good reference for the innovation of banking products. Examples are: "Fast payment for shopping", a system of wifi + 2-dimension code + settlement in shopping mall, discount offered by different co-branded card, "multi-function card" combining debit and credit into one. All these creative new products have been incorporated as ICBC innovative products.

As a nationwide Youth organization under the leadership of Chinese Communist Party, the Central Committee of the Communist Youth League is seeking new approach to encourage and help young people look for jobs, start business, get practical experience, said an official from the Central Committee of the Communist Youth League. ICBC, UIBE and Communist Youth League joining together to organize the contest underscore the cooperation between bank, university and community for nurturing innovative-type talents, driving implementation of financial innovation in the society and embracing innovation on financial products.

An UIBE official said, under the philosophy of "human-centric, open-door education", UIBE has made significant progress in supplying large groups of talented and knowledgeable students to work in the society. UIBE joins ICBC again to hold the Contest will definitely push the relation to a higher level between ICBC and UIBE for nurturing innovative-type talents. Consensus has also been reached among the universities that cooperation between universities, banks and communities play a significant role in nurturing innovative-type talents. The Contest is a platform for university students to put their creativity to work, contribute to the society, a good interaction between financial innovation and talent cultivation.

ICBC's innovation culture emphasizes open-door innovation, sustainable innovation, innovation keeping pace with the times, an ICBC official said. Being the commercial bank offering the biggest number of financial products and being known for its innovation prowess in China, ICBC is committed to putting "customers first" and embraces innovation to offer suitable products tailored to customers in line with environment, market changes and service demand. In these times of new generation technologies (mega data, cloud computing, wireless internet) and booming online banking nowadays, ICBC has rolled out a full range of innovative mobile banking products including WAP Banking, iPhone Banking, Android Banking, iPad Banking and SMS Banking. Meanwhile, ICBC will continue the "open innovation" and invite all walks of life including universities to design innovative financial products. By working with the industries, universities, research institutes, ICBC aims to encourage creative university students with entrepreneurial spirit to use their unique perspective to look for what financial services they need in everyday life, and design new products with more values that can be turned into banking services.