The University of Newcastle in Australia has announced a $20 million gift from the Jack Ma Foundation to create a scholarship program aimed at building an enduring community of scholars.

The largest gift in the university's history will establish the Ma & Morley Scholarship Program, which in its first year will provide thirty scholarships — twenty in support of students pursuing a four-year degree and ten one-off scholarships in support of educational exchange, internship, and immersion activities. At full capacity, the program will support ninety students a year.

Students will be selected based on their interest in and commitment to cross-cultural understanding, cooperation, and peace; social justice and equity; fairness and ethics in entrepreneurship and industrial relations; and sustainable development. In addition, the program will focus on supporting students from disadvantaged and/or Aboriginal and Torres Strait Islander backgrounds.

Jack Ma, the executive chairman and founder of the Alibaba Group, met Ken Morley and his family as a teenager when they were touring Ma's hometown, Hangzhou, China, in 1980. Morley, who died in 2004, went on to become a highly influential figure in Ma's life, instilling core values and a global perspective that positively impacted his future and contributed to his success.

"To honor the experience and the special relationship I formed with the Morley family, the Jack Ma Foundation is delighted to announce the Ma & Morley Scholarship Program," said Ma. "Alibaba was built by young people and we are committed to lifting up and empowering students so they can reach their dreams and ambitions."