Funding in Singapore


Funding is only available in Singapore and for Singapore IBF-accredited courses.

The Training Schemes supported by the Financial Sector Development Fund (FSDF) are available through The Institute of Banking and Finance (IBF). The IBF Standards Training Scheme (“IBF-STS”) and the Financial Training Scheme (“FTS”) are targeted at promoting financial sector training.

 

1) IBF Standards Training Scheme (IBF-STS)

The IBF Standards Training Scheme ("IBF-STS") provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services.

Enhanced support for FIs and Individuals

In light of the economic challenges arising from COVID-19, MAS announced support of up to S$90 million, to encourage financial institutions and individuals to make use of the downtime for training and deepening of skills.

These include:
(1) Enhancements of course fee subsidies for IBF-STS accredited courses
AND
(2) Training Allowance Grant for locals who participate in IBF-STS accredited courses

______________________________________________________________________

 

(1)  Enhanced Funding Support for IBF-STS 

MAS will enhance course fee subsidies for locals attending accredited or recognised courses up to 90%. This existing scheme will also be expanded to include workers in eligible FinTech firms. 

                                               Enhanced Funding Support 

Funding Quantum

For training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive):

  • 90% of direct training cost*

For training programmes commencing between 1 January 2022 and 30 June 2022 (both dates inclusive):

  • 80% of direct training cost*
  • Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs

Grant Cap

S$7,000 per participant per programme

Training Grant Allowance (TAG)

Only available to eligible companies for training programmes commencing between 8 April 2020 and 30 June 2022 (both dates inclusive) and completed no later than 30 September 2022.
Refer to below for TAG rates.

Eligible Individuals#

  • Company-sponsored individuals or self-sponsored participants; and
  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
  • Successfully completed IBF-STS recognised programme (including passing all relevant assessments and examinations).

Companies eligible to submit claims for company-sponsored participants^

  • Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
  • FinTech firms certified by Singapore FinTech Association
 
*Direct training cost would be based on the gross programme fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house programmes. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house programmes will also be eligible for support.

#Individuals who attend a programme in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for IBF-STS funding.

^SkillsFuture Credit (SFC) cannot be used to co-fund the programme fees of company-sponsored training programmes.

 

(2) Training Allowance Grant

The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms manage manpower costs and support the skills upgrade of their employees. 

                                             Company Sponsored Participants

Grant Amount

S$10/hour of eligible training and assessment hours

Eligible STS Courses

  • Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
  • Completed no later than 30 September 2022

Eligible Participants

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

TAG will only be disbursed to the eligible sponsoring companies upon the participants’ successful completion including fulfilling the minimum attendance requirements and passing the assessment component of the IBF-STS programme.  

 

Effective Support of Enhanced Course Fee Subsidy and Training Allowance Grant

How much support will I receive for an 8 week per module IBF-STS accredited Programme ICA Diploma?

For self-sponsored individuals:

Course Fee ($2,650 per module: $2,835.50 with 7% GST )

$2,835.50

Course Fee Support, at 90% course fee subsidy, capped at $7,000

(applied through training provider, and pay nett fee)

$2,835.50 * 90% = $2,551.95

 

For Financial Institutions and FinTech Firms:

Course Fee ($2,650 per module, $2,835.50 with 7% GST)

$2,835.50

Training and Assessment Hours

18.5 hours

Course Fee Support excluding the 7%GST, at 90% course fee subsidy, capped at $7,000

(applied through training provider, and pay nett fee) 

$2,650 * 90% = $2,385

Training Allowance Grant (TAG) at $10 per training hour for eligible company-sponsored individuals

(paid out after successfully completed the course)

18.5 hours * $10/hour = $185

Effective support: Course fee subsidy and Training Allowance

$2,385 + $185 = $2,570

 

Submission of Claims

For more details about the enhanced funding support and claims process please refer to the FAQ here.

 

Other resources

Individuals may email their queries to certification@ibf.org.sg

Financial Institutions and FinTech firms may email their queries to standards@ibf.org.sg

 

Courses available for IBF-STS Funding:

IBF Accredited Courses

 

 

2) Financial Training Scheme (FTS)

The Financial Training Scheme ("FTS") provides funding for financial sector-specific training programmes which are recognized under FTS.

Enhanced support for FIs and Individuals

In light of the economic challenges arising from COVID-19, MAS announced support of up to S$90 million, to encourage financial institutions and individuals to make use of the downtime for training and deepening of skills.

These include:
(1) Enhancements of course fee subsidies for FTS courses
AND
(2) Training Allowance Grant for locals who participate in FTS courses

______________________________________________________________________

(1)  Enhanced Funding Support for IBF FTS 

MAS will enhance course fee subsidies for locals attending accredited or recognised courses up to 90%. This existing scheme will also be expanded to include workers in eligible FinTech firms. 

                                                 Enhanced Funding Support 

Funding Quantum

For training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive):
  • 90% of direct training cost*
For training programmes commencing between 1 January 2022 and 30 June 2022 (both dates inclusive):
  • 80% of direct training cost*
  • Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs.

Grant Cap

S$2,000 per participant per programme

 

Training Grant Allowance (TAG)

Only available to eligible companies for training programmes commencing between 8 April 2020 and 30 June 2022 (both dates inclusive) and completed no later than 30 September 2022
Refer to below for TAG rates.

Eligible Individuals#

  • Only company-sponsored individuals+; and
  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
  • Successfully completed FTS recognised  programme (including passing all relevant assessments and examinations).

Companies eligible to submit claims for company-sponsored participants^

  • Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
  • FinTech firms certified by Singapore FinTech Association

*Direct training cost would be based on the gross programme fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house programmes. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house programmes will also be eligible for support.

#Individuals who attend a programme in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for FTS funding.

+Include licensed representatives such as insurance agents, financial advisers, and remisiers supported by FI principal and General insurance (GI) agents registered with the General Insurance Association’s (GIA) Agent Registration Board
 
^SkillsFuture Credit (SFC) cannot be used to co-fund the programme fees of company-sponsored training programmes.

 

(2) Training Allowance Grant

The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms manage manpower costs and support the skills upgrade of their employees. 

                                           Company Sponsored Participants

Grant Amount

 S$10/hour of eligible training and assessment hours               

Eligible FTS Courses

  • Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
  • Completed no later than 30 September 2022

Eligible Participants

  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
TAG will only be disbursed to the eligible sponsoring company upon the participants’ successful completion of the FTS programme including fulfilling the minimum attendance requirements and passing the relevant assessments, where applicable. 

 

Effective Support of Enhanced Course Fee Subsidy and Training Allowance Grant

How much support will I receive for a 12 weeks FTS accredited ICA Specialist Certificate in Trade Based Money Laundering?

For Financial Institutions and FinTech Firms:

Course Fee ($1,750 with 7% GST)

$1,872.50

Training and Assessment Hours

7 hours

Course Fee Support excluding 7% GST, at 90% course fee subsidy, capped at $2,000

(applied through training provider, and pay nett fee)

$1,750 * 90% = $1,575.00

Training Allowance Grant (TAG) at $10 per training hour for eligible company-sponsored individuals

7 hours * $10/hour = $70

Effective support: Course fee subsidy and training allowance grant

$1,575 + $70 = $1,645.00

 

Submission of Claims

For more details about the enhanced funding support and claims process please refer to the FAQ here

Financial Institutions and FinTech firms may email their queries to fts@ibf.org.sg


Courses available for FTS Funding:

ICA qualification

ICA Certificated Courses

 

3) SkillsFuture Credit

SkillsFuture Credit aims to encourage individuals to take ownership of their skills development and lifelong learning. All Singaporeans aged 25 and above will receive an opening credit of S$500 from January 2016. Your credit will not expire and the government will provide periodic top-ups, so you may accumulate your credit.

SkillsFuture Credit aims to strengthen individual ownership of skills development and lifelong learning. Hence, it is only available to individuals.

To find out more about SkillsFuture Credit visit their website here.

 

4) NTUC U Portal - Union Training Assistance Programme

NTUC Members enjoy 50% unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. 

How to Apply for UTAP

Step 1: Click on 'Search Course' under the Skills Upgrade Available tab to find out if the course and training provider is supported under UTAP.

Step 2: Register for course with training provider and attend training. For course information and enrolment, please contact the training provider.

Step 3: Login to the U Portal account to submit the UTAP application. NTUC Members should apply for their UTAP claim within 6 months after course ends. Late applications will be rejected.

For more information, please visit UTAP website

 

ICA Courses available for UTAP

ICA Certificated Courses

 

 

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