What is the Financial Training Scheme?
The Financial Training Scheme ("FTS") provides funding for financial sector-specific training programmes which are recognized under FTS.
Enhanced support for FIs and Individuals
In light of the economic challenges arising from COVID-19, MAS announced support of up to S$90 million, to encourage financial institutions and individuals to make use of the downtime for training and deepening of skills.
These include:
(1) Enhancements of course fee subsidies for FTS courses
AND
(2) Training Allowance Grant for locals who participate in FTS courses
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(1) Enhanced Funding Support for IBF FTS and IBF Credit
MAS will enhance course fee subsidies for locals attending accredited or recognised courses up to 90%. IBF will provide an additional 5% in support in the form of IBF Credit, bringing the course fee subsidy up to 95%. This existing scheme will also be expanded to include workers in eligible FinTech firms.
To alleviate any cashflow challenges that individuals, employers or training providers may face during this difficult time, we will allow advanced disbursement of course fees subsidies until the end of 2020.
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Current Funding Support
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Enhanced Funding Support
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Funding Quantum
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50% of direct training costs*
Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs.
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90% of direct training cost*
Available for training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive).
Advanced disbursement of course fees subsidies available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive).
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IBF Credit
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-N.A-
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5% on top of 90% subsidy.
Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021.
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Grant Cap
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S$2,000 per participant per programme
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Training Grant Allowance (TAG)
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-N.A-
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Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021
Refer to below for TAG rates.
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Eligible Individuals
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- Only company-sponsored individuals; and
- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
- Successfully completed FTS recognised programme.
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Companies eligible to submit claims for company-sponsored participants
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- Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
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- Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
- FinTech firms certified by Singapore FinTech Association
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*Direct training cost would be based on the gross programme fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house programmes. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house programmes will also be eligible for support.
(2) Training Allowance Grant
The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms manage manpower costs and support the skills upgrade of their employees.
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Company Sponsored Participants
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Grant Amount
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S$15/hour of eligible training and assessment hours
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Eligible FTS Courses
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- Commencing between 8 April 2020 to 31 December 2020 (both dates inclusive)
- Completed no later than 31 March 2021
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Eligible Participants
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- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
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TAG will only be disbursed to the sponsoring company upon the participants’ successful completion of the FTS programme.
Effective Support of Enhanced Course Fee Subsidy and Training Allowance Grant
How much support will I receive for a 2 week FTS accredited Programme?
For Financial Institutions and FinTech Firms:
Course Fee (assume $3000)
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$3,000
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Training duration (assume 2 weeks)
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8 hours * 5 days * 2 weeks = 80 hours
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Course Fee Support, at 90% course fee subsidy, capped at $2,000
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$3,000 * 90% = $2,700, capped at $2,000
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| IBF Credit, at 5%
(applied through training provider, and pay net fee)
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Not applicable, as course fee support has met the grant cap
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Training Allowance Grant (TAG) at $15 per training hour for eligible companies
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80 hours * $15/hour = $1,200
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Effective support: Course fee susbidy, IBF Credit and training allowance grant
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$2,000 + $1,200 = $3,200
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This support is in addition to wage support provided under Job Support Scheme, announced at the Resilience and Solidarity Budgets.
Where to find FTS Programmes
A list of FTS-recognised external programmes can be found in the
Programme Finder.
If you are a Financial Training Provider or Financial Institution,
click here to find out how you can get your programmes recognized under FTS.
Submission of Claims
For details on the claims submission process, please click
here or refer to the FAQs above.
As we are currently experiencing higher volume of claims, processing time might take up to eight weeks. Please be assured that we are committed in reviewing your claim promptly and if there is still no change in the claim status after eight weeks, please contact us at
funding@ibf.org.sg
Other resources
Financial Institutions and FinTech firms may email their queries to
fts@ibf.org.sg 