Enhanced Training Support

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Apr 08, 2020

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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):

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:

standards@ibf.org.sg	For accredited programme under the IBF Standards Training Scheme
fts@ibf.org.sg	For recognised programme under the Financial Training Scheme or Core FAA/SFA CPD

Institute of Banking and Finance

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1	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)
2	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

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

1	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
2	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
3.	Finance Associate Management Scheme	-	Doubled support in monthly salary grant for Finance Associate Management Scheme by MAS

1	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
2	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

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