For Self-Sponsored Individuals

You will not need to submit claims for the enhanced course fee subsidy and the IBF Credit. If your training provider is charging nett fees, you only need to pay the unfunded portion of the course fee i.e. full course fee less the enhanced course fee subsidy. Your training provider is responsible for submitting claims to IBF for the course fee subsidy and IBF Credit upon course completion.

If your training provider is charging you full fees, please ensure that you provide all the required information, such as your NRIC, email address, invoice and certificate of completion to your training provider on a timely basis. IBF reserves the right to reject a claim if it is not submitted within 1 month from the course completion date or found to contain erroneous or incomplete information such as inaccurate NRIC number, invoice or certificate of completion.  You are also required to link your NRIC to your PayNow bank account to facilitate disbursement by IBF.

Claims Submissions by Financial Training Providers

1. For training programmes that commenced before 8 April 2020

Eligible Funding Scheme
IBF-STS  [For Self-sponsored individuals]
Claim Submission By Training Provider
Submission Channel IBF Portal
Earliest Submission Date Upon course completion
Submission Deadline
Within 3 months from the course completion date
Disbursement via
NRIC PayNow*
*Please ensure that your trainees have linked their NRIC to their PayNow bank account to facilitate disbursement by IBF

2. For training programmes that commenced on or after 8 April 2020

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, such as the full name, NRIC number, email address, and citizenship or PR status of a trainee to verify his/her eligibility for funding. 

(i) Enhanced Course Fee Subsidy and IBF Credit (For training programmes that commenced on or after 8 April 2020 up to 30 June 2021, and completed by 30 September 2021)

Sponsorship
Self-Sponsored Individuals FI/FinTech Firm-Sponsored Individuals
Eligible Funding Scheme
IBF-STS
FTS and IBF-STS
Claim Submission By Training Provider (FTP) Training Provider (FTP)*
Submission Channel IBF Portal
IBF Portal
Earliest Submission Date Once a course run is confirmed and registration for that particular run is closed. Once a course run is confirmed and registration for that particular run is closed.
Submission Deadline Within 3 months from course completion date Within 3 months from course completion date
Disbursement via
Nett Fee Model - GIRO# to FTP’s corporate bank account

Full Fee Model – Trainees’ NRIC Linked PayNow Bank Accounts

Nett Fee Model - GIRO# to FTP’s corporate bank account
# Duly completed Direct Credit Authorisation (DCA) forms are required to be submitted to IBF.
*In cases where a training provider charges full course fee to certain trainees, the training provider should exclude such trainees from its claims submission. For trainees who pay full fees and are sponsored by FIs or Fintech firms, training providers 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. 

(ii) Enhanced Course Fee Subsidy (For training programmes that commenced on or after 1 July 2021 up to 30 June 2022, and completed by 30 September 2022)

Sponsorship
Self-Sponsored Individuals FI/FinTech Firm-Sponsored Individuals
Eligible Funding Scheme
IBF-STS
FTS and IBF-STS
Claim Submission By Training Provider (FTP) Training Provider (FTP)*
Submission Channel IBF Portal
IBF Portal
Earliest Submission Date 
Upon course completion
Upon course completion
Submission Deadline Within 3 months from course completion date
Within 3 months from course completion date
Disbursement via
Nett Fee Model - GIRO# to FTP’s corporate bank account

Full Fee Model – Trainees’ NRIC Linked PayNow Bank  Accounts


Nett Fee Model - GIRO# to FTP’s corporate bank account
# Duly completed Direct Credit Authorisation (DCA) forms are required to be submitted to IBF.
*In cases where a training provider charges full course fee to certain trainees, the training provider should exclude such trainees from its claims submission. For trainees who pay full fees and are sponsored by FIs or Fintech firms, training providers should issue relevant documents such as the invoices and certificates of completion in a timely manner to facilitate the claims 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

1. For training programmes that commenced before 8 April 2020

Eligible Funding Scheme
FTS and IBF-STS
Claim Submission By Financial Institution*
Submission Channel IBF Portal
Earliest Submission Date Refer to Claim Submission Period in below table
Submission Deadline
Within 3 calendar months from the end of each qualifying period (refer to table below)
Disbursement via GIRO to FI's corporate bank account

Claim Cycle Qualifying Period

Claim Submission Period#
(Claim to be submitted by entity through the IBF Portal)

#1 Programmes completed from Jan-Jun
Jul – Sep of the same calendar year
#2
Programmes completed from Jul - Dec Jan – Mar of the next calendar year
#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 up to 30 June 2022, and completed by 30 September 2022

Note: IBF Credit will not be applicable for programmes commencing after 30 June 2021 and completing after 30 September 2021.

(i)Enhanced Course Fee Subsidy and IBF Credit


In-house programmes/ 
External programme where full fee is charged
Eligible Funding Scheme
FTS and IBF-STS
Claim Submission By
(Eligible Entities)
Financial Institution*/SFA Certified FinTech Firm 
Submission Channel IBF Portal
Earliest Submission Date  Upon course completion
Submission Deadline Within 3 months from the end of the month of the course completion date#
Disbursement via GIRO to FI’s or SFA certified FinTech Firm’s corporate bank account
*Eligible entities include MAS Licensees and exempt entities
#Companies will only be allowed one claim submission for the enhanced course fee subsidy and IBF Credit every month. Please ensure that claim records are consolidated before submission. 

(ii) Training Allowance Grant

Eligible Funding Scheme
FTS and IBF-STS
Claim Submission By
(Eligible Entities)
Financial Institution*/ SFA Certified FinTech Firms
Submission Channel IBF Portal
Earliest Submission Date  Upon course completion
Submission Deadline Within 3 months from end of the course completion date#
Disbursement via

GIRO to FI’s or SFA certified FinTech Firm’s corporate bank account

*Eligible entities include MAS Licensees and exempt entities
#Companies will only be allowed one claim submission for the enhanced course fee subsidy and IBF Credit every month. Please ensure that claim records are consolidated before submission. 

Documents to Submit

Upload into the IBF portal Retain for audit purpose
Programmes commenced on or after 8 April 2020 ​ ​
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)
  • Enhanced Funding Claims Worksheets
  • Programme Invoices
  • Certificates of Completion

  • Exchange rate1 records for expenses paid in foreign currency other than SGD. 
  • Registration forms and acknowledgment by participants
  • Documents to verify personal particulars2 of trainee
  • Attendance and assessment records3 signed or acknowledged by the trainers and trainees
  • Full video recording4 of synchronised online training sessions 
Enhanced Course Fee Subsidy and IBF Credit (Submission by FI / FinTech Firm)
  • Enhanced Funding Claims Worksheets
  • Programme Invoices and
  • Certificates of Completion

  • Form B (In-house programme form)
  • Exchange rate1 records for expenses paid in foreign currency other than SGD. 
  • Documents to verify personal particulars2 of trainees
  • Attendance and assessment records3 signed or acknowledged by the trainers and trainees
  • Full video recording4 of synchronised online training sessions 

Training Allowance Grant
 (Submission by FTP/FI/FinTech Firms)

  • Training Allowance Grant Worksheet
  • Certificate of Completion
  • Evidence of class attendance and assessment scores

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)

 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.

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.

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.

​Invoice
​Mandatory details to be reflected in supporting documents:
  1. Programme dates (programme start and end date)
  2. Trainees’ full names (as per registration forms)
  3. Programme name and code (as per IBF programme finder)
  4. 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)
  5. If programme is purchased as a package, all trainees’ names should be listed in the invoice
  6. Invoice number
  7. Invoice date
  8. Self-sponsored trainee’s names / FI’s company name and name of whom the invoice will be attention to

​Certificate of Completion
(all programmes with assessment must be issued a copy of COC to each trainee)

​Mandatory details to be reflected in supporting documents:
  1. Trainee’s full names (as per registration forms)
  2. Programme name and code (as per IBF programme finder)
  3. Programme dates (programme start and end date to either include in COC or attach programme schedule together with COC for submission)
  4. FTP’s logo
  5. FTP’s authorised signature on certificate
  6. Date of certificate issued

Claim Worksheet to Submit


FI/SFA certified FinTech Firms FTP
Enhanced Course Fee Subsidy and IBF Credit Claims Worksheet
For programmes that commence between 8 April 2020 and 31 December 2020:

Claims Worksheet D - Enhanced Course Fee
For programmes that commence between 8 April 2020 and 31 December 2020:

Claims Worksheet A - Enhanced Course Fee (Coy-Sponsored)

Claims Worksheet B - Enhanced Course Fee (Self-Sponsored)

Training Allowance Grant Claims Worksheet Claims Worksheet E - TAG
Claims Worksheet C - TAG

Please download the latest claim worksheets from the Claim Submission Package in the IBF Portal.


IBF Portal Account

To apply for an IBF Portal account, plase click here

Other resources