Q1. What is the Asian Financial Leaders Scheme (AFLS)?

The Asian Financial Leaders Scheme (AFLS) is a leadership development initiative set up to facilitate the development of talent and other infrastructure for Singapore's financial centre. Through co-funding for Singaporeans, AFLS seeks to encourage the financial industry to develop its pool of future leaders, by sending them on eligible leadership programmes that would provide the knowledge to navigate the diverse business, regulatory, and legal environment in the region.

Under AFLS, the FSDF will co-fund qualifying costs incurred by financial institutions that send their mid-level professionals or senior leaders to eligible leadership programmes.

Q2. What is the claims process for AFLS?

Subject to the fulfilment of all eligibility criteria, funding for approved claims will be disbursed on a reimbursement basis, after the participant’s successful completion of the programme and upon verification of the invoice issued by the programme provider.

There are 2 claim cycles per calendar year. Each sponsoring FI should submit one claim form for all eligible programme participants per qualifying period. Claims are to be compiled and submitted based on the timelines below:

Each claim submission should be accompanied by relevant supporting documents:
Claim form duly completed and signed by the Head of Human Resources and Head of Internal Audit (or Head of Compliance in the absence of Internal Audit Department);
Invoice issued by the programme provider; and
Certificate of completion.

For payments in foreign currencies, exchange conversion will be computed based on IBF’s internal reference rate.

Q3. What funding support does AFLS provide?

An individual may be funded under AFLS for a programme targeted at mid-level professionals, and again when the individual progresses to a more senior level for the programme targeted at senior leaders. However, the individual should not be funded more than once for programmes targeted at the same seniority level as the incremental skills acquisition may be marginal. 

Q4. What are the eligibility requirements for AFLS?

• Eligible claimants: Financial Institutions based in Singapore ^[1]
• Eligible participants: Promising incumbent staff whom the sponsoring entities are keen to groom as future leaders. Only Singapore citizens will be supported. Details on the eligible participants for the respective leadership programmes are as follows:

Q5. Whom can I contact to find out more about AFLS?

Please contact us at [email protected].