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 approved by IBF to continue to charge full fees for cases such as offering of assessment-only courses or where the eligible sponsoring company is not able to furnish their sponsored staff’s personal details.
(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)
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 has been closed. |
Once a course run is confirmed and registration for that particular run has been closed. |
Submission Deadline |
Within 1 month from course completion date |
Within 1 month 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) form is required to be submitted to IBF.
*In cases where the training provider charges the eligible sponsoring company the full course fee, the claims will be submitted by the eligible sponsoring company and the training provider should
exclude such participants from the claim. The training provider should issue relevant documents such as the invoice and certificate of completion in a timely manner to facilitate the company’s claims submission.
(ii) Training Allowance Grant (For training programmes that commenced on or after 8 April 2020 up to 31 December 2020, and completed by 31 March 2021)
Eligible Funding Scheme
|
IBF-STS
|
Claim Submission By |
Training Provider
|
Submission Channel |
IBF Portal
|
Earliest Submission Date |
Upon course completion
|
Submission Deadline |
Within 1 month from course completion date |
Disbursement via |
Trainees NRIC Linked PayNow Bank Accounts*
|
*Please ensure that your trainees have linked their NRIC to their PayNow bank account to facilitate disbursement by IBF
3. For training programmes that commenced on or after 1 July 2021 and up to 31 Dec 2021, and completed no later than 31 Mar 2022
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 approved by IBF to continue to charge full fees for cases such as offering of assessment-only courses or where the eligible sponsoring company is not able to furnish their sponsored staff’s personal details.
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 1 month from course completion date
|
Within 1 month 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) form is required to be submitted to IBF.
*In cases where the training provider charges the eligible sponsoring company the full course fee, the claims will be submitted by the eligible sponsoring company and the training provider should
exclude such participants from the claim. The training provider should issue relevant documents such as the invoice and certificate of completion in a timely manner to facilitate the company’s claims submission.
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 |
1st July 2020
|
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 2021, and completed by 30 September 2021
(i)Enhanced Course Fee Subsidy and IBF Credit
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 every month. This should include claims for the enhanced course fee subsidy and IBF Credit, and the training allowance grant for programmes that were completed. 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 every month. This should include claims for the enhanced course fee subsidy and IBF Credit and the training allowance grant for programmes that were completed. Please ensure that claim records are consolidated before submission
3. For training programmes that commenced on or after 1 July 2021 and up to 31 Dec 2021, and completed no later than 31 Mar 2022
Note: IBF Credit and Training Allowance Grant will not be applicable for programmes commencing during this period.
Enhanced Course Fee Subsidy
Eligible Funding Scheme
|
FTS and IBF-STS
|
Claim Submission By (Eligible Entities) |
Financial Institution / 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
|
#Companies will only be allowed one claim submission every month. Please ensure that claim records are consolidated before submission.
Documents to Submit