What is the IBF Standards Training Scheme?
The IBF Standards Training Scheme ("IBF-STS") provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services.
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 IBF-STS accredited courses
AND
(2) Training Allowance Grant for locals who participate in IBF-STS accredited courses
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(1) Enhanced Funding Support for IBF-STS and IBF Credit
IBF and 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.
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Enhanced Funding Support
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Funding Quantum
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For training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive):
- 90% of direct training cost*
For training programmes commencing between 1 January 2022 and 30 June 2022 (both dates inclusive):
- 80% of direct training cost*
- Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs.
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IBF Credit
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5% on top of 90% subsidy.
Only available for training programmes commencing between 8 April 2020 and 30 June 2021 (both dates inclusive) and completed no later than 30 September 2021.
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Grant Cap
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S$7,000 per participant per programme
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Training Grant Allowance (TAG)
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Only available to eligible companies for training programmes commencing between 8 April 2020 and 30 June 2022 (both dates inclusive) and completed no later than 30 September 2022.
Refer to below for TAG rates.
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Eligible Individuals#
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- Company-sponsored individuals or self-sponsored participants; and
- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
- Successfully completed IBF-STS recognised programme
(including passing all relevant assessments and examinations).
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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)
- 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.
#Individuals who attend a programme in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for IBF-STS funding.
^SkillsFuture Credit (SFC) cannot be used to co-fund the programme fees of company-sponsored training programmes.
(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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S$10/hour of eligible training and assessment hours
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Eligible STS Courses
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- Commencing between 8 April 2020 to 30 June 2021 (both dates inclusive)
- Completed no later than 30 September 2021
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- Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
- Completed no later than 30 September 2022
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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 eligible sponsoring companies upon the participants’ successful completion including fulfilling the minimum attendance requirements and passing the assessment component of the IBF-STS programme.
Where to find IBF-STS Programmes
If you are a Financial Training Provider or Financial Institution,
click here to find out how you can get your programmes IBF-STS accredited.
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 above
You may also be interested in the following resources
Develop and deepen your skills with the
Skills Future Study Award (SFSA).
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IBF Certified professional.
