Resources

For Self-Sponsored Individuals

For self-sponsored individuals, your training providers will submit claims for your course fee subsidies and/or training allowance grant, on your behalf. Please ensure that you have linked your NRIC to your PayNow bank accounts to receive the disbursements. 

Please check with your training providers if you wish to find out more about the claims process and documents required for claims submissions. 
 
For Industry Examinations (such as CACS, CBCE and FMRP) administered by IBF, eligible candidates should submit their claims form to IBF exams@ibf.org.sg within the month of the completion of the exam. Claims submitted later than 1 month from the completion of the exam will not be accepted for the funding support.  For more information, please refer here.

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 up to 31 Dec 2020, and completed by 31 Mar 2021

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

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 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


 Self-Sponsored Individuals
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 Jan 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. 

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 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 31 Dec 2020, and completed by 31 Mar 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 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 Jan 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

Sponsorship
In-house programmes/ 
External programme where full fee is charged
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
​
 Upload into the IBF portal Retain for audit purpose
Programmes commenced before 8 April 2020 ​ ​
Course Fee Subsidy Please refer to the Training Incentive Information Note here
Programmes commenced on or after 8 April 2020 ​ ​
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)
  • Enhanced Funding Claims Worksheets
  • Programme Invoices
  • Exchange rate documentation for expenses paid in foreign currency other than SGD. FTP to apply daily MAS FX rate  applicable as at the date of invoice for conversion.
  • Price list of training programmes by the training provider
  • Registration forms and acknowledgment by participants
  • Documents to verify personal particulars of individuals (for self-sponsored individuals)
Enhanced Course Fee Subsidy and IBF Credit (Submission by FI / FinTech Firm)
  • Enhanced Funding Claims Worksheets
  • Programme Invoices
  • Form B (In-house programme form)
  • Exchange rate documentation for expenses paid in foreign currency other than SGD. FTP to apply daily MAS FX rate applicable as at the date of invoice for conversion.

Training Allowance Grant
 (Submission by FTP/FI/FinTech Firms)
  • Training Allowance Grant Worksheet
  • Certificate of Completion of trainees
  • Evidence of class attendance and assessment scores


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.

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 of S$100 + GST in the event that there are errors associated with claims submitted, regardless of whether any grants have been disbursed.

Information Guide and Documents Template


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

Management Declaration for Claims Submission


 FI/SFA certified FinTech Firms FTP
Enhanced Course Fee Subsidy and IBF Credit
Management Declaration Form - FI
Management Declaration Form - FTP
Training Allowance Grant


IBF Portal Account

To apply for an IBF Portal account, plase click here. 

Other resources

Training Incentives:Information Note (Last updated: Dec 2019)

FDD Circular (Last updated: Jun 2018)

Financial Instituions and FinTech firms may email their queries to funding@ibf.org.sg.