SINGAPORE Management University (SMU) students are now eligible for a new scholarship that will help fund the expenses of their overseas exchange programme.

Hong Kong-registered charity Li & Fung (1906) Foundation granted US$1 million (S$1.4 million) to SMU to fund up to 20 students attending such programmes.

The Singapore Government will match this amount dollar for dollar.

Each student recipient will receive $5,000.

The Li & Fung Scholarship is also open to selected Chinese mainland graduates who come to SMU on exchange.

About 30 per cent of every cohort of SMU undergraduates go on an overseas exchange during their course of study.

The first batch of successful applicants will start their exchange programmes in January.