Enhanced Support for Training

Apr 08, 2020

MAS' has announced a S$90 million support package for the financial and FinTech sectors in training their workforce as well as to defray manpower costs during the economic contraction caused by COVID-19.

The support package includes:

a. Enhanced Course Fee Subsidy and Expansion of Training Scheme to Eligible FinTech firm and Single-Family Offices
b. New Training Allowance Grant (TAG)
c. Doubling of monthly salary support under the Finance Associate Management Scheme (FAMS)

IBF will provide an additional 5% "IBF Credit" on top of the Enhanced Course Fee Subsidy during this period until the end of 2020.

The support in brief as follows:

FOR INDIVIDUALS

  • Course fee subsidies for IBF-STS programmes raised to 90% until 31 December 2021

  • Additional IBF Credit of 5% to offset course fee until 31 December 2020
  • Grant cap per participant per course: S$7,000 for IBF-STS
  • Self-sponsored individuals (SC/PRs) pay net course fees.
  • New Training Allowance Grant of $10/hr for self-sponsored individuals (SC/PRs) for completing IBF-STS accredited courses.
New-Individual.jpg
FOR FINANCIAL INSITUTIONS
  • Course fee subsidies for IBF-STS and FTS programmes raised to 90% until 31 December 2021
  • Additional IBF Credit of 5% to offset course fees until 31 December 2020
  • Grant cap per participant per course: S$7,000 for IBF-STS, and Grant Cap of S$2,000 for FTS. 
  • Company-sponsored individuals (SC/PRs) pay net course fees.
  • New Training Allowance Grant - FIs can receive $15 per training hour after employees complete training in IBF recognised courses
  • Doubled support in monthly salary grant for Finance Associate Management Scheme by MAS


Financial Institutions can also apply for their in-house programmes to be recognised as an IBF-STS or FTS programme. Click here for more info.

New-FI.jpg
FOR FINTECH FIRMS (New)
  • Course fee subsidies for IBF-STS and FTS programmes raised to 90% until 31 December 2021
  • Additional IBF Credit of 5% to offset course fees until 31 December 2020
  • Grant cap per participant per course: S$7,000 for IBF-STS, and Grant Cap of S$2,000 for FTS. 
  • Company-sponsored individuals (SC/PRs) pay net course fees.
  • New Training Grant - FinTech Firms can receive $15 per training hour after employees complete training in IBF recognised courses.
New-Fintech.jpg



Start Your Training Today

​Where can I find IBF-STS programmes?

​Find a list of IBF-STS training programmes here. 
Where can I find FTS programmes?

​​Find a list of FTS training programmes here.
How to claim?

For details on claim submissions, click here


Additional References


FAQ for Individuals

(Last updated: 4 May 2020)

Financial Institution Icon    
FAQ for Financial Institutions and FinTech Firms
(Last updated: 4 May 2020)

Briefing Slides for Financial Institutions
(Last updated: Apr 2020)
Fintech Icon
​FAQ for Financial Institutions and FinTech Firms
(Last updated:  4 May 2020)

FAQ for Training Providers
(Last updated: 4 May 2020)

​Briefing Slides for Financial Training Providers
(Last updated: Apr 2020)


To find out further details on the new enhancements, please visit the respective IBF STS or FTS pages.