What is the IBF Standards Training Scheme?

The IBF Standards Training Scheme ("IBF-STS") provides funding for training and assessment courses accredited under the Skills Framework for Financial Services.

This scheme is available for both self-sponsored and company-sponsored individuals.

Eligible Individuals:

  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
  • Successfully completed IBF-STS accredited course (including passing all relevant assessments and examinations)

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 (TAG) | FIND IBF-STS ACCREDITED COURSES | IBF-STS & FTS  | CLAIM SUBMISSION GUIDES | FREQUENTLY ASKED QUESTIONS


 IBF-STS 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$7,000 per
participant per course
 90%
capped at S$7,000 per participant per course
 70%
capped at S$7,000 per participant per course
 90%
capped at S$7,000 per participant per course
 50%
capped at S$3,000 per participant per course
 70%
capped at S$3,000 per participant per course

 STREAMLINED FUNDING SUPPORT

IBF-STS Funding will be adjusted with effect from 3 October 2022:
Self-Sponsored Individuals
  • ​Funding of training courses[3] under the Critical Core skills and Future-Enabled skills categories will only be available to locals (Singapore Citizens or Singapore Permanent Residents) employed in the financial sector (i.e. by financial institutions or SFA certified FinTech firms)

  • GST funding support will no longer be applicable for all courses

    		•
    Self-Sponsored and Company Sponsored Individuals
  • ​Funding support for the same course will be granted only once per calendar year per participant
    		•

     TRAINING ALLOWANCE GRANT (TAG)

    $10/hour

    of eligible training and assessment hours

    ELIGIBLE COMPANIES[4]

    • 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 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 IBF-STS accredited courses. This includes:
    • Fulfilling minimum attendance requirements
    • Passing the assessment component of the IBF-STS course

     FIND IBF-STS ACCREDITED COURSES

    A list of IBF-STS accredited 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 IBF-STS accredited.

      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 above.

     

     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 (i) attend a course in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist, or (ii) civil servants are not eligible for IBF-STS 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] Please refer to IBF’s website for the list of training courses under the critical core skills and future-enabled skills

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


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