J.P. Morgan helping women in fight against poverty
J.P. Morgan today announced, in collaboration with the China Social Entrepreneur Foundation, the launch of the Power Up Women Program. This initiative will provide e-commerce skills training and financial coaching to support low-income women in achieving financial independence by helping them find job opportunities or starting their own businesses in e-commerce. It will also help them better manage their personal finances through effective coaching and education.
“By expanding demand-driven skills training and financial coaching programs, we expect this new initiative to not only provide participants with access to quality jobs and income opportunities, but also to help them better manage their personal finances, which in turn will improve the financial wellness of their families and the local communities in the long run,” said Mark Leung, CEO of J.P. Morgan China.
“Over the next 16 months we expect 1,600 underprivileged women across five provinces — including Gansu, Anhui, Sichuan, Hebei and Guizhou — to benefit from the Power Up Women program.
J.P. Morgan is committed to initiatives like these and we believe our efforts to strengthen communities through philanthropic programs are a demonstration of our commitment to this critical market, where we have been for close to a century.”
Among those 15 and above, 7.89 percent of girls and women are illiterate compared with 2.74 percent of boys and men, according to 2017 data from the China Population and Employment Statistics Yearbook. Limited education opportunities have resulted in an acute skills shortfall among women in poverty-stricken or less developed areas.
“Women are a critical force in China’s poverty alleviation and rural vitalization,” said Dr. Tang Min, Deputy Director of CSEF. “We believe our program will provide them with better job opportunities, so increasing their income and improving their family finances.
“With the support of J.P. Morgan, we will continue to enhance the program in order to accelerate the development of low-income women and the economy in local communities.”
This is the third partnership between J.P. Morgan and CSEF. In 2016, the two parties launched a program to provide e-commerce training for over 500 young people from five poverty-stricken counties in Sichuan and Hebei provinces, which achieved an overall employment rate of 70 percent among the participants.
In 2018, a new cross-border e-commerce worker training program was launched to provide high-quality e-commerce training to 350 vocational college students. Out of the 282 participants who have completed the training so far, over 90 percent have obtained either an internship or a fulltime job in this sector.
China is a strategically important market for J.P. Morgan globally. Over the last five years, the firm has been supporting programs and initiatives that have benefited more than 170,000 people in the country, focusing on improving workforce readiness, boosting small businesses, creating new opportunities for young people and disadvantaged communities, and contributing to China’s goal of eliminating poverty by 2020 through supporting multiple targeted poverty alleviation programs.
About J.P. Morgan
JPMorgan Chase & Co is a leading global financial services firm with assets of US$2.8 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .
J.P. Morgan in China
J.P. Morgan has been doing business in China since 1921. J.P. Morgan’s integrated services include investment and corporate banking, wholesale payments, markets, sales and research, securities services, commercial banking and asset management. Today, the firm serves Chinese and international corporations, financial institutions and government agencies through our network in Beijing, Shanghai, Tianjin, Guangzhou, Chengdu, Harbin, Suzhou and Shenzhen.