Beijing, June 21, 2010 – In an effort to jumpstart the innovation in financial products, ICBC is offering the university students in the country to come out with the best banking products with the launch of "ICBC Cup" Nationwide University Students Banking Products Design Contest, during the kick-off ceremony held on June 21. Industry insiders commented that the contest is seen as the first joint effort in China between a commercial bank and a university, which is a great opportunity for the university students to put their creativity to work, to find new crop of talented people. The contest also draws the attention and participation from the public to new banking products and is a drive to support the sustainable development of the banking sector.

The contest is jointly run by ICBC and University of International Business and Economics (UIBE) under the theme "Youth and Creativity". University students in China are welcomed to come out with design proposals on new banking products to cope with current and a certain period in the future the customer needs, market changes and business progress of Chinese banks. Later, the entries will be judged by the industry panelists and the top winner will receive a cash award of RMB 10000. Designs collected in this contest will be used as major references for the enhancement of products and services in the banking sector. According to the organizers the contest has been opened since mid-May to all full-time undergraduates and postgraduates. Those who are interested can visit the official website (http://innovation.uibe.edu.cn) for further information.

The contest has generated wide applause in 30+ national famous key universities in the country. The student representatives said that they will take this opportunity to foster innovation and realization of ideas among the student community, and to identify and nurture talents for the society.

As related by the ICBC spokesperson, being the commercial bank offering the most number of financial products and being known for its innovation prowess in China, ICBC is committed to product innovation to enhance customer satisfaction, sharpen competitive edge and maintain sustainable development. ICBC is stepping up its research and development to offer innovative financial products and services to customers. While focusing on own independent effort, ICBC sees universities as a major force to support the innovation. University of International Business and Economics (UIBE) is an economic and financial school well-respected in the country with all the academic elites. The University is committed to making high emphasis on academic research and business practice and achieves outstanding result, preparing large groups of talented and knowledgeable students to work in the society. In 2009, ICBC started the industry-academic-research partnership with UIBE to work on the research and innovation of financial products. The "ICBC Cup" Nationwide University Students Banking Products Design Contest is another fruitful attempt of ICBC to move forward the cooperation.