All IBF accredited providers offering IBF Standards Training Scheme (IBF-STS) or Financial Training Scheme (FTS) courses are required to adopt a nett fee model, unless otherwise approved by IBF to charge full fees for cases such as offering of assessment-only courses or not being able to obtain personal details of company sponsored individuals, such as the full name, NRIC number, email address, and citizenship or PR status of a trainee to verify his/her eligibility for funding.
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Programme Commencement Date
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Before 8 April 2020 |
Between 8 April 2020 to 30 June 2022
(Enhanced Course Fee Subsidy)
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From 1 July 2022
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Eligible Funding Scheme
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IBF-STS: For self-sponsored individuals |
IBF-STS: For self-sponsored individuals and FI/FinTech Firm-sponsored individuals
FTS: For FI/FinTech Firm-sponsored individuals
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Claim Submission By |
Training Provider
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Submission Channel |
IBF Portal |
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Earliest Submission Date |
Upon course completion
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Submission Deadline |
Within 3 months from the course completion date |
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Disbursement |
NRIC PayNow1 |
Nett Fee Model - GIRO# to FTP's corporate bank account
Full Fee Model2 – Trainees' NRIC Linked PayNow Bank Accounts1
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Updated on 31 March 2022
# Duly completed Direct Credit Authorisation (DCA) forms are required to be submitted to IBF.
1 Please ensure that your trainees have linked their NRIC to their PayNow bank account to facilitate disbursement by IBF.
2 Only applicable to self-sponsored individuals for IBF-STS. In cases where a training provider charges full course fee to certain trainees sponsored by FIs or Fintech firms, the training provider should exclude such trainees from its claims submission and should issue relevant documents such as the invoices and certificates of completion in a timely manner to facilitate the claim submission by the sponsoring companies.
Claims Submissions by Financial Institutions / Singapore FinTech Association (SFA) certified FinTech Firms
Financial Institutions / SFA certified Fintech firms may submit for company-sponsored Enhanced Course Fee Subsidy only for
(a) external training programmes where full fee is charged or
(b) in-house programmes
Financial Institution Claim Submission Video Guides
1. How to Submit: Enhanced Funding Claims for F.I.s (Funding Adminstrators)
2. How to Submit: Enhanced Funding Claims for F.I.s (For Management Representatives)
1. For training programmes that commenced before 8 April 2020
Eligible Funding Scheme
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FTS and IBF-STS
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Claim Submission By |
Financial Institution*
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Submission Channel |
IBF Portal |
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Earliest Submission Date |
Refer to Claim Submission Period in below table
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Submission Deadline
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Within 3 calendar months from the end of each qualifying period (refer to table below)
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Disbursement via |
GIRO to FI's corporate bank account
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Claim Cycle |
Qualifying Period |
Claim Submission Period#
(Claim to be submitted by entity through the IBF Portal)
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| #1 |
Programmes completed from Jan-Jun
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Jul – Sep of the same calendar year
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#2
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Programmes completed from Jul - Dec |
Jan – Mar of the next calendar year
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#Eligible entities include MAS Licensee /Exempt entities only
*Please ensure that claim records for each half-yearly cycle are consolidated for submissions as
each entity may only perform one claim submission per cycle
2. For training programmes that commenced on or after 8 April 2020
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In-house programmes/
External programme where full fee is charged
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Programme Commencement Date |
Between 8 April 2020 to
30 June 2022
(Enhanced course fee subsidy and Training Allowance Grant)
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From 1 July 2022
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Eligible Funding Scheme |
IBF-STS and FTS
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Claim Submission By |
Financial Institution1/SFA Certified FinTech Firm
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Submission Channel |
IBF Portal
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Earliest Submission Date |
Upon course completion
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Submission Deadline |
Within 3 months from the end of the month of the course completion date2
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Disbursement |
GIRO to FI's or SFA certified FinTech Firm's corporate bank account
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Updated on 31 March 2022
1 Eligible entities include MAS Licensees and exempt entities
2 Companies will only be allowed one claim submission for the enhanced course fee subsidy every month. Please ensure that claim records are consolidated before submission.
Documents to Submit
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.
Certification Requirements
(For claim submissions by Financial Institutions / SFA certified FinTech Firms only)
Certification for Claims
Applications with a claim amount ≥ S$30,000
must be certified by one of the following:
- an external auditor, or
- claim applicant’s internal audit function, or
- claim applicant’s compliance function in the absence of an internal audit function.
Applications with a claim amount < S$30,000 can be certified by one the following:
- an external auditor, or
- claim applicant’s internal audit function, or
- claim applicant’s compliance function in the absence of an internal audit function.
OR
- Alternatively, for claim applications without a valid certification by an external auditor/internal audit function/compliance function, the full set of relevant documents must be submitted to IBF for each eligible company-sponsored participant.
Please refer to the Terms of Reference for Auditors and Internal Compliance Departments
here.
Additional Information to Note
(For claim submissions by Training Providers / Financial Institutions / SFA certified FinTech Firms )
Goods & Services Tax (GST)
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Self-Sponsored claims
All programme fees claimed can include Singapore GST.
Company-sponsored claims
All programme 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.
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| 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.
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| 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.
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Invoice
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Mandatory details to be reflected in supporting documents:
- Programme dates (programme start and end date)
- Trainees’ full names (as per registration forms)
- Programme name and code (as per IBF programme finder)
- Full course fee breakdown:
- 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)
- If programme is purchased as a package, all trainees’ names should be listed in the invoice
- Invoice number
- Invoice date
- Self-sponsored trainee’s names / FI’s company name and name of whom the invoice will be attention to
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| Certificate of Completion
(all programmes with assessment must be issued a copy of COC to each trainee)
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Mandatory details to be reflected in supporting documents:
- Trainee’s full names (as per registration forms)
- Programme name and code (as per IBF programme finder)
- Programme dates (programme start and end date to either include in COC or attach programme schedule together with COC for submission)
- FTP’s logo
- FTP’s authorised signature on certificate
- Date of certificate issued
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