The Hong Kong Institute of Education (HKIEd) announced on Thursday the official launch of "EdExchange", a market-based, on-line educational philanthropic platform.

Established by HKIEd in collaboration with a number of civic-minded corporations and individuals, "EdExchange" provides an efficient matching service for teachers who seek funding for educational projects for their students, and for donors who are willing to support these initiatives.

Modeled on a stock exchange, "EdExchange" provides a three-step process to education funding: Teachers apply for their projects to be "listed" on "EdExchange's" website; a Proposal Review Committee comprised of HKIEd students reviews and approves the "listing" of these projects; donors are free to choose proposals they wish to fund directly from the website.

The website is especially set up for teachers from eligible educational establishments that provide a full time curriculum to students at the kindergarten, primary or secondary levels to submit their proposals.

Upon receiving approval of the Proposal Review Committee, these projects will be listed on "EdExchange's" website. Up to date the website has "listed" over 40 projects submitted from around 30 schools.

"With 'EdExchange', we aim to provide an efficient and equitable platform for educational fund raising; to introduce more effective, market-based principles to resource allocation, and to promote accountability and nurture a positive culture in philanthropy," said Chairman of "EdExchange's" Governing Board Samuel Poon.