Jul 06, 2022
The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) today announced changes to provide more targeted support under the IBF training schemes. This follows earlier announcements to enhance funding for talent development programmes in growth and priority areas and
to return subsidy rates under the IBF training schemes progressively to pre-pandemic levels.
2. Over the past two years, the amount of funding support for financial sector training schemes has increased to about $140 million per annum, more than 10 times the amount pre-pandemic. MAS and IBF ramped up specific talent development programmes to meet needs in growth and priority areas, as well as enhanced training course subsidies as a temporary measure to help financial services sector tide over the COVID-19 pandemic period. With the economy and financial sector transitioning to a post-pandemic era, MAS will adjust funding support allocated to the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS). The changes are -
 Critical Core Skills are common, transferable skills that enable individuals to be employable and employed, facilitate their career mobility, and enable the acquisition of Technical Skills and Competencies relevant for job roles in the sector. Examples include creative thinking, problem solving, and communication. For more information, please refer to SkillsFuture Singapore's website
 Future-Enabled Skills are skills that will complement existing functional and technical skills required across various job functions. Examples include agility, data storytelling, and content generation strategies. For more information, please refer to IBF's website