Chinese technology billionaire, Charles Chen Yidan, co-founder of internet giant Tencent has launched a $7.8 million prize for education.

The Yidan Prize consists of two awards, the Yidan Prize for Education Research and the Yidan Prize for Education Development. The aim of the awards are to recognize both outstanding individuals and teams of people from across the globe, who, through forward looking innovation are creating sustainable impact on education systems of today and tomorrow.

The winner of each award will receive a total sum of $3.9 million split between a cash prize and a project fund.

Further information on the Yidan Prize can be found here.