What is the Financial Training Scheme?

The Financial Training Scheme ("FTS") provides funding for financial sector-specific training courses which are recognized under FTS.

This scheme is only available for company-sponsored individuals.

Eligible Companies:

  • Singapore-based Financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
  • FinTech firms certified by Singapore FinTech Association (SFA)




FIND OUT MORE

FUNDING QUANTUM | STREAMLINED FUNDING SUPPORT | TRAINING ALLOWANCE GRANT | FIND FTS-RECOGNISED COURSES | IBF-STS & FTS  | CLAIM SUBMISSION GUIDES | FREQUENTLY ASKED QUESTIONS


 FTS FUNDING QUANTUM

TRAINING COURSES Commencing Between
1 Jan 2022 - 30 Jun 2022
(both dates inclusive)
Commencing Between
1 Jul 2022 - 31 Dec 2022
(both dates inclusive)
Commencing
1 Jan 2023
Completed no later than
30 Sep 2022
Completed no later than
31 Mar 2023
ELIGIBLE INDIVIDUALS
[1]
Singapore Citizens and PRs Singapore Citizens aged
40 years and above
Singapore Citizens and PRs
Singapore Citizens aged
40 years and above
Singapore Citizens and PRs Singapore Citizens aged
40 years and above
FUNDING AMOUNT FOR DIRECT TRAINING COSTS
[2]
80%
capped at S$2,000 per
participant per course
90%
capped at S$2,000 per participant per course
50%
capped at S$2,000 per participant per course
90%
capped at S$2,000 per participant per course
30%
capped at S$500 per participant per course
70%
capped at S$500 per participant per course


 

 STREAMLINED FUNDING SUPPORT

FTS Funding will be adjusted with effect from 3 October 2022.
Company Sponsored Individuals
  • Funding support for the same course will be granted only once per calendar year per participant
  • One-off industry related events e.g., conferences and seminars will no longer be eligible for FTS funding


  •  

     TRAINING ALLOWANCE GRANT (TAG)

    $10/hour

    of eligible training and assessment hours

    ELIGIBLE COMPANIES[3]

    • Singapore-based Financial Institutions regulated by MAS (licensed or exempted from licensing by MAS)
    • FinTech firms certified by Singapore FinTech Association
    • Only for company-sponsored individuals[4] who are Singapore Citizens or Singapore Permanent Residents, physically based in Singapore

    DURATION

    • Only for courses commencing between 8 April 2020 and 30 June 2022 (both dates inclusive), and
    • Completed no later than 30 September 2022

    DISBURSEMENT

    TAG will only be disbursed to the eligible sponsoring companies upon the participants' successful completion of the FTS courses. This includes:
    • Fulfilling minimum attendance requirements
    • Passing the assessment component (where applicable) of the FTS course


      FIND FTS RECOGNISED COURSES

    A list of FTS recognised external courses 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 courses recognised under FTS.


     WHAT IS THE DIFFERENCE BETWEEN IBF-STS AND FTS?


    IBF STANDARDS TRAINING SCHEME (IBF-STS)
    FINANCIAL TRAINING SCHEME
    (FTS)
    Eligibility
    Open to both self-sponsored and company-sponsored individuals
    Only for company-sponsored individuals
    For company eligibility, please click here
    Course Type
  • Courses for key skills needed in the financial sector
  • All courses are accredited under the Skills Framework for Financial Services (SFwFS)
  • Courses for skills related to the financial sector
  • Not accredited under SFwFS

  •    SUBMISSION OF CLAIMS

    Financial Institution Claim Submission Video Guides

    1. How to Submit: Enhanced Funding Claims for F.I.s

     

    2. How to Submit: Enhanced Funding Claims for F.I.s  (For Management Representatives)



    For more details on the claims submission process, please click here or refer to the FAQs.


     FREQUENTLY ASKED QUESTIONS


    Frequently Asked Questions (FAQs) for IBF-STS and FTS Funding Schemes:
    For Individuals For Financial Institutions and FinTech Firms For Financial Training Providers



    [1] Individuals who attend a course in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for FTS funding.

    [2] Direct training cost would be based on the gross course fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house courses. 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 courses will also be eligible for support.

    [3] SkillsFuture Credit (SFC) cannot be used to co-fund the course fees of company-sponsored training courses.

    [4] Include licensed representatives such as insurance agents, financial advisers, and remisiers supported by FI principal and General insurance (GI) agents registered with the General Insurance Association’s (GIA) Agent Registration Board.