Enhanced Training Support

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MAS announced a S$90 million support package for the Financial and FinTech sectors in training their workforce, as well as to encourage individuals to invest in their training during the economic contraction caused by COVID-19.

The support is as follows (updated on 26 Nov 2020):

INDIVIDUALS

FINANCICAL INSTITUTIONS

FINTECH FIRMS

TRAINING PROVIDERS

INDIVIDUALS

Enhanced Training Support

Under this enhanced training support package, self-sponsored individuals can enjoy:

Course Fee Subsidies for IBF-STS Programmes

- Up to 90% until 31 December 2021

- Additional IBF Credit of 5% to offset course fee until 30 June 2021

(Note: Grant cap per participant per course: S$7,000)

Training Allowance Grant (TAG)

S$10 per hour for completing IBF-STS accredited courses

For courses that commence by 31 December 2020, and completed no later than 31 March 2021

Eligibility

- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore

- Successfully completed IBF-STS recognised programme

How do I claim?

For Course Fee Subsidies	Self-sponsored individuals only pay nett course fees for IBF-STS programmes
For Training Allowance Grant (TAG)	Self-sponsored individuals need not submit an application. Claims will be submitted by the training provider IBF will credit the TAG to your NRIC-linked PayNow bank account. Please ensure you have linked your NRIC to your PayNow account to facilitate disbursement by IBF

Get started on your learning Journey
	Find STS Training Programmes to enhance your skillsets
Need more info?
	FAQs for individuals

Contact Us

For any clarification, please contact us at [email protected]

FINANCICAL INSTITUTIONS

Enhanced Training Support

Under this enhanced training support package, Financial Institutions can enjoy:

Course Fee Subsidies for IBF-STS and FTS Programmes

- Up to 90% until 31 December 2021

- Additional IBF Credit of 5% to offset course fee until 30 June 2021

(Note: Grant cap per employee per course:

-S$7,000 for IBF-STS,

-S$2,000 for FTS )

- Company-sponsored individuals (SC/PRs) pay nett course fees

Training Allowance Grant (TAG)

- FIs receive S$15 per training hour after employees complete training in IBF recognised courses

- For courses that commence by 30 June 2021, and completed no later than 30 September 2021

Finance Associate Management Scheme

Doubled support in monthly salary grant for Finance Associate Management Scheme by MAS

Eligibility

Singapore-based financial institutions regulated by MAS (licensed or exempt from licensing by MAS)

Click here for details on IBF-STS and FTS funding criteria

Submission of Claims

For details on the claims submission process

Build up your Talent Pool
	Find IBF-STS Training Programmes
	Find FTS Training Programmes
Need more info?
	FAQs for Financial Institutions and FinTech Firms Briefing Slides 2020 on Enhanced Funding Support for Financial Institutions

Contact Us

For any clarification, please contact us at [email protected]

FINTECH FIRMS

Enhanced Training Support

Under this enhanced training support package, FinTech Firms can enjoy:

Course Fee Subsidies for IBF-STS and FTS Programmes

- Up to 90% until 31 December 2021

- Additional IBF Credit of 5% to offset course fee until 30 June 2021

(Note: Grant cap per employee per course:

-S$7,000 for IBF-STS,

-S$2,000 for FTS )

- Company-sponsored individuals (SC/PRs) pay nett course fees

Training Allowance Grant (TAG)

- FinTech Firms can receive S$15 per tranining hour after employees complete training in IBF recognised courses

- For courses that commence by 30 June 2021, and completed no later than 30 September 2021

Eligibility

FinTech firms certified by Singapore FinTech Association.

Click here for details on IBF-STS and FTS funding criteria

Submission of Claims

For details on the claims submission process, please click here.

Build up your Talent Pool
	Find IBF-STS Training Programmes
	Find FTS Training Programmes
Need more info?
	FAQs for FinTech Firms and Financial Institutions

Contact Us

For any clarification, please contact us at [email protected]

TRAINING PROVIDERS

Enhanced Training Support

The support for qualifying training programmes for this period include:

Additional Funding Quantum

- Raised funding support to 90% of direct training cost for all Singapore Citizen and Permanent Residents subject to prevailing grant caps for IBF STS and FTS courses

- For courses that commence by 31 December 2021, and completed no later than 31 March 2022

- IBF to provide 5% course fee support – IBF Credit until 30 June 2021

Training Allowance Grant

Self-sponsored Individuals

- S$10 per hour for completing IBF-STS accredited courses

- For courses that commence by 31 December 2020, and completed no later than 31 March 2021

Financial Institutions / Eligible FinTech Firms

- S$15 per hour after employees complete training in IBF recognised courses

- For courses that commence by 30 June 2021, and completed no later than 30 September 2021

Click here for details on IBF-STS and FTS funding criteria

Find out how to get your training programme recognised by IBF.

Eligible Programmes

Find IBF-STS Training Programmes

Find FTS Training Programmes

Claims Submission Process

Click here for details on the claim submission process.

Need more info?

FAQ for Training Providers

Briefing Slides for Training Providers

(Last updated: April 2020)

Guidelines on the Conduct and Marketing of IBF-STS or FTS Courses

IBF seeks the support and co-operation of our training providers in our effort to upskill our workforce.

Please comply with these Guidelines on the Conduct and Marketing of IBF-STS or FTS courses.

Contact Us

For any clarification, please contact IBF at:

[email protected]	For accredited programme under the IBF Standards Training Scheme
[email protected]	For recognised programme under the Financial Training Scheme or Core FAA/SFA CPD