Funding in Singapore


Funding is only available in Singapore and for Singapore IBF-accredited courses for Singaporeans and Permanent Residents only..  There are different schemes with varying amounts of funding and time limits.  The following sets out the relevant information.

The government of Singapore wish to promote financial sector training.  To support this, they have provided funding,funding is made available through The Institute of Banking and Finance (IBF).  Recognised and supported by the The Training Schemes supported by the Financial Sector Development Fund (FSDF).  ) are available through The Institute of Banking and Finance (IBF).  T, these funding schemes are know as Tthe 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.  The funding support is availablefor financial institutions and individuals and includes those working with eligible FinTech firms.

Enhanced support for Financial Institutions and Individuals

(1)  Enhanced Funding Support for IBF-STS 

MAS will enhance course fee subsidies for Singaporeans and Permanent Residents who are attending accredited or recognised courses by up to 90%.


Full details of the funding can be read here

 

(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. 

More details of the Training Allowance Grant (TAG) can be read here.

 

Submission of Claims

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

(1)  Enhanced Funding Support for IBF FTS 

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

Full details of the funding can be read here.

 

(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. 

More details of the Training Allowance Grant (TAG) can be read here. 

 

Submission of Claims

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


Courses available for FTS Funding:

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 received an opening credit of S$500 from in January 2016. Your cCredit does will not expire and the government will provides periodic top-ups, so you individuals may accumulate your credit.

SkillsFuture Credit aims to strengthen individual ownership of skills development and lifelong learning. Hence, it is only available to individuals. The allocated SkillsFuture Credit amount will can be used to offset the nett course Ffee after the IBF subsidy has been applied..

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 S$250 each year when you individuals  sign up for courses supported under UTAP. 

For more information, please visit UTAP website

ICA Courses available for UTAP

ICA Certificated Courses

 

 

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