Massachusetts Institute of Technology president Dr Rafael Reif (left) and Zeti sign the agreement for the establishment of the Asia Business School recently.
KUCHING: Bank Negara Malaysia (BNM) and the Massachusetts Institute of Technology Sloan School of Management (MIT Sloan) have entered into a 10-year collaboration recently to establish Asia School of Business (ASB) in Kuala Lumpur.
The central bank in a press statement yesterday said ASB is envisioned to be a premier business school that develops transformative and principled leaders who will contribute to a better future and the advancement of the emerging world.
BNM governor Tan Sri Dr Zeti Akhtar Aziz said, “The rapid growth and remarkable resilience of Asia in the recent decades have significantly increased the importance of the region in the global economy.
“While the journey ahead for Asia has tremendous promise, businesses will need to rise to new challenges arising from the changes that are reshaping the regional and global environment,” said Zeti who is also co-chair of the ASB board of governors.
Meanwhile, MIT Sloan Dean David Schmittlein said, “We view the founding of ASB as an opportunity to help shape the next generation of leaders in this rapidly developing region.
Additionally, BNM said the flagship ASB MBA programme will build on the core curriculum that is offered by MIT Sloan in the US and will be complemented by a range of electives which will be important for the advancement of innovation and entrepreneurship.
The central bank added that a significant portion of the curriculum will be delivered by visiting faculty from MIT Sloan as the programme launches.
BNM said students will be immersed in hands-on projects in institutions and corporations of varied sizes and structures across the Asian economies, to test and apply theories of the classroom and develop a deep understanding of the business considerations in the region.
The central bank pointed out that the first MBA programme is scheduled to be launched in September 2016, with non-degreed executive education programmes launching in September this year.
Apart from that, former Dean of MIT Sloan and Co-Chair of the ASB Board of Governors Professor Richard Schmalensee said, “ASB’s curriculum will apply MIT Sloan’s values and approach.
“Like MIT Sloan, the ASB MBA programme will be based on three pillars. The first pillar is a tradition of doing rigorous, intellectual work on the important problems businesses face.
“The second pillar is a global perspective, with particular emphasis on Asia. The final pillar – which is an integral part of MIT’s history and legacy, and one that ASB will also emphasise – is a strong spirit of innovation and entrepreneurship in enterprises of all sizes.”
Apart from that, BNM said Professor Charles Fine, the Chrysler Leaders for Global Operations Professor of Management at MIT Sloan will serve as the inaugural president and Dean of ASB.
Furthermore, the central bank noted MIT Sloan Dean Professor David Schmittlein and Deputy Dean Professor SP Kothari will also be on the ASB board of governors to guide the strategic direction and key values of the School.
BNM noted as part of the 10-year collaboration, a dedicated committee of MIT Sloan faculty and staff will provide comprehensive support to ASB, including in curriculum development, faculty recruitment, student admissions, academic administration and campus design.
BNM revealed that the permanent campus of ASB will be on a 20-acre piece of prime land in the cusp of Kuala Lumpur’s business district.
The central bank explained that while the architectural plans are underway, ASB will be located in Sasana Kijang in its initial years, which is BNM’s state-of-the-art centre of excellence in knowledge and learning.