Use of PayNow (NRIC) for disbursement of training grants under IBF-STS

Dec 14, 2018

‚ÄčIn support of the government's push towards electronic payments, the Institute of Banking Finance (IBF) will be using PayNow as the payment mode for training grant claims and phasing out cheque payments. The move will enable trainees to enjoy the convenience and efficiency of e-payments. Training grant claims submitted to IBF from 1st January 2019 will be paid to self-sponsored trainees' bank accounts via PayNow (NRIC).

For attention and action:

a. Training organisations should ensure that all your self-sponsored trainees have registered their NRIC on PayNow.

b. If you are a self-sponsored trainee, please refer to Annex A for more information.

Note: Request for payments via cheque will not be entertained, appeals must be made via training organisations, considered on a case-by-case basis and subject to a longer processing time.