Open University of Hong Kong has launched a new scheme to ease financial burdens on its students. In partnership with Wing Lung Bank, the university has launched its own credit card and an interest-free loan scheme. Students who sign up for the OUHK MasterCard will be able to pay their tuition fees in six or 10 monthly installments. Those who use the card to pay in a single payment will receive a cash rebate. The bank has also set up a 'one-stop payment gateway' on the internet. The university's president, Professor John Leong Chi-yan, said the loans and credit card were necessary as most OUHK students did not qualify for government grants. He said they were part of a range of measures to help students meet the costs of education. 'Last year, about 14,000 OUHK learners were offered financial assistance which amounted to over $140 million,' Professor Leong said. The card extends the assistance schemes to all students, including part-time learners and those taking courses at the OUHK Li Ka Shing Institute of Professional and Continuing Education. Executive director and chief executive of Wing Lung Bank, Philip Wu Po-him, said the new card would benefit both students and the university. 'Wing Lung Bank has always supported and encouraged further education,' Dr Wu said.