An alumnus of Nanyang Technological University (NTU) has given his alma mater $1 million to kick-start a new scholarship and bursary fund for final-year students.

Mr Steven Lim, chief executive of RSTN Consulting, made the contribution at a ceremony at the Campus Clubhouse at NTU yesterday.

Professor Ling San, NTU's deputy president and provost, accepted it on behalf of the university.

Mr Lim, 53, who graduated from NTU with a Master of Science in knowledge management in 2008, co-founded RSTN Consulting in 1997.

The company offers business process management and enterprise content management solutions.

As an entrepreneur, Mr Lim decided to launch the scholarship and bursary fund to help deserving students overcome financial obstacles to success.

He said: "I want to help these financially disadvantaged students in the final year of their studies so they can focus fully on studying and graduate, without having to juggle work and study at the same time.

"Through this, I hope to nurture a cycle of goodwill.

"I would like to encourage these students to develop a heart of giving back to society and pay it forward in the future once they are capable of doing so."

The RSTN Bursary Fund will help eight financially disadvantaged Singaporean students per year in the final year of their studies with an annual award of $10,000.

Like for the bursary fund, only final-year undergraduate students are eligible to receive the RSTN Scholarship.

Every academic year for the next decade, two students who display excellent academic results and extra-curricular records will be selected to receive $10,000.

The Government will match Mr Lim's gift with another $1 million for the NTU General Endowment Fund to support undergraduate and post-graduate education at the university.