Submission for Funding Support

IBF has a wide range of programmes and schemes to support the reskilling, upskilling, reskilling and talent development efforts of financial institutions in Singapore. Developed with our industry partners, they are tailored to support financial institutions in six key areas:

Claims submission for training programmes

Courses that have commenced before 10 October 2022 should be completed by 30 June 2023 for claims to be submitted before 30 September 2023 or within 3 months from the course end date, whichever earlier.

COURSE COMMENCEMENT DATE

Between 8 April 2020 to 30 June 2022
(Enhanced course fee subsidy and Training Allowance Grant)

ELIGIBLE FUNDING SCHEME

IBF-STS and FTS

CLAIMS SUBMISSION BY

Training Provider

SUBMISSION CHANNEL

IBF Portal

EARLIEST SUBMISSION DATE

Upon course completion

SUBMISSION DEADLINE

Within 3 months from course completion date

DISBURSEMENT

Nett Fee Model – GIRO¹ to FTP's corporate bank account
Full Fee Model² – Trainees' NRIC Linked PayNow Bank Account

 Upload into the IBF portalRetain for audit purpose
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)


  • Enhanced Funding Claims Worksheets
  • Programme Invoices and
  • Certificates of Completion
  • Exchange rate1 records for expenses paid in foreign currency other than SGD
  • Registration forms and acknowledgment by participants
  • Documents to verify personal particulars2 of trainees
  • Attendance and assessment records3 signed or acknowledged by the trainers and trainees
  • Full video recording4 of synchronised online training sessions 
Training Allowance Grant
(Submission by FTP/FI/FinTech Firms)
  • Training Allowance Grant Worksheet
  • Certificate of Completion
  • Evidence of class attendance and assessment scores

 

1 Exchange rate should be the daily MAS FX rate as at the date of the invoice.
2 Personal particulars include full names, last four (4) alphanumeric characters of NRIC numbers, mobile telephone numbers, e-mail addresses, and nationalities.
3 Attendance and assessment records should state clearly the IBF recognised course title, the start and end dates, and the start and end times of each training and/or assessment session.
4 Full video recording should clearly show the following:
(i) date and time records of the delivery of that training session / lesson; and
(ii) date and time records of presence of Trainees corresponding to that training session / lesson.
Goods & Services Tax (GST)





Self-Sponsored claims

  • Only courses commencing before 3 October 2022 should include Singapore GST. 

Company-sponsored claims

  • All course fees or eligible expenses claimed should exclude Singapore GST. If GST is not separately reflected in the invoices, checks should be done to ascertain if the training provider is a GST-registered entity for which GST has already been subsumed in the costs. If so, the GST amount should be excluded from the claim.
Double-Funding
Claimants should not be claiming for any other grants, subsidies, or tax concessions, provided either by the Financial Sector Development Fund (FSDF) and/or other government agencies, unless explicitly permitted.
Administrative Fee
IBF reserves the right to charge an administrative fee in the event that there are errors associated with claims submitted, regardless of whether any grants have been disbursed.
​Invoice












Mandatory details to be reflected in supporting documents:

  • Self-sponsored trainees - Trainees’ full name (as per NRIC).
  • Company-sponsored trainees – Trainees’ full name (as per NRIC), Financial Institution’s name and Name of whom the invoice is attention to
  • Course Title and Code (as per IBF programme finder)
  • Course start and end date
  • Full course fee breakdown comprising of full course fee, funding amount, amount after funding, GST on full course fee (if applicable)
  • Currency Exchange Rate based on date of invoice (if applicable)
  • Invoice number
  • Invoice date
​Certificate of Completion

​Mandatory details to be reflected in supporting documents:

  • Trainee’s full name (as per NRIC)
  • Course Title and Code (as per IBF programme finder)
  • Course start and end date (to include either in COC or attach programme schedule together with COC for submission)
  • FTP’s logo
  • FTP’s authorised signature on certificate
  • Date of certificate issued

A COC must be issued to each trainee for all courses with compulsory assessment(s).

Verification of trainees’ employment for courses under the Critical Core skills and Future-Enabled skills categories

With effect from 3 October 2022: IBF-STS funding of training courses under the Critical Core skills and Future-Enabled skills categories will only be available to locals (Singapore Citizens or Singapore Permanent Residents) employed in the financial sector (i.e. by financial institutions or SFA certified FinTech firms).

Training Providers must verify the trainees’ eligibility for funding by checking one of the following documents from the trainees’,

  • CPF statement
  • Payslip
  • Physical staff pass
  • Any evidence that proves the trainee’s employment with the Singapore-based Financial Institutions regulated by MAS or FinTech firms certified by Singapore FinTech Association
Licensed Representatives and General Insurance AgentsAll licensed representative (e.g. financial advisers, insurance agents, remisiers) and general insurance agents registered with the General Insurance Association’s (GIA) Agent Registration Board who wish to register for FTS courses, must provide a Letter of Support from his/her Financial Institution (FI) Principal.

Training providers should sight the staff pass of the licensed representative or registered agent, and check the MAS Register of Representatives / General Insurance Association (GIA) Agent Registration Board to confirm the trainee’s eligibility.
Revision to course codeDue to the migration from IBF Portal to TPGateway, a new course reference number will be issued to replace the existing course ID from 10 October 2022. Training Providers must refer to the programme finder for the latest and most updated course reference number before the claim submission.
Computation of Unit CostClick here to access the computation for E-learning courses.

Click here to access the computation for Classroom Training.
Foreign Currency Exchange RateCourse fees paid in foreign currency other than Singapore dollar should be converted using the daily MAS Exchange Rate based on the date of the invoice.

Click here to access the MAS Exchange Rate.
Processing TimelineIBF will take approximately 6 to 8 weeks to process the claim upon complete and accurate submission from the claim submission date.

Longer processing time may be required in certain cases (e.g. incomplete or inaccurate submissions, Direct Credit Authorisation form not submitted to IBF or nonstandard cases).

 

 FTP
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)
For programmes that commence between 8 April 2020 and 31 December 2020:

Claims Worksheet A - Enhanced Course Fee (Coy-Sponsored)

Claims Worksheet B - Enhanced Course Fee (Self-Sponsored)
Training Allowance Grant Claims Worksheet Claims Worksheet C - TAG
Please download the latest claim worksheets from the Claim Submission Package in the IBF Portal.
IBF Portal Corporate Login
Updated on 31 March 2022
  1. Duly completed Direct Credit Authorisation (DCA) forms are required to be submitted to IBF.
  2. Only applicable for self-sponsored individuals for IBF-STS. Please ensure that your trainees have linked their NRIC to their PayNow bank account to facilitate disbursement by IBF.