​Submission for Funding Support on IBF Portal

All services related to IBF Standards Training Scheme (IBF-STS), Financial Training Scheme (FTS) and Core Financial Advisory Representatives / Capital Markets Services Representatives Continuing Professional Development will be moved to Training Partners Gateway (TPGateway) from 10 October 2022.

For courses that commenced before 10 October 2022, funding claims must be submitted in accordance with the prescribed timelines and requirements.

Kindly complete your submission for funding support for courses commencing:
Before 10 October 2022

on the IBF Portal
On or After 10 October 2022

on the TPGateway


QUICK LINKS


​Claim Submission by Financial Training Providers


Courses that have commenced before 10 October 2022 should be completed by 30 June 2023 for claims to be submitted before 30 September 2023 or within 3 months from the course end date, whichever earlier.

Course Duration
Between 8 April 2020 to 9 October 2022
Eligible Funding Scheme
IBF Standards Training Scheme (IBF-STS): For self-sponsored individuals and FI/FinTech Firm-sponsored individuals

Financial Training Scheme (FTS): For FI/FinTech Firm-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
Nett Fee Model: GIRO[1] to FTP's corporate bank account
Full Fee Model[2]: Trainees' NRIC Linked PayNow Bank Accounts
Updated as of 10 October 2022



​Claim Submission by Financial Institutions / Singapore FinTech Association (SFA) certified FinTech Firms


Financial Institutions / SFA certified FinTech firms may submit company-sponsored course fee subsidy only for:

  1. External training courses where full fees are charged OR
  2. In-house courses


Financial Institution Claim Submission Video Guides


1. How to Submit: Funding Claims for FIs (for Funding Administrators)
 

2. How to Submit: Funding Claims for FIs (for Management Representatives)


 Courses that have commenced before 10 October 2022 should be completed by 30 June 2023 for claims to be submitted before 30 September 2023 or within 3 months from the course end date, whichever earlier.

Course Commencement Date
Between 8 April 2020 to 9 October 2022
Eligible Funding Scheme IBF Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS)

Training Allowance Grant (for IBF-STS programmes commenced before 30 June 2022 and completed before 30 September 2022)
Submission Channel IBF Portal
Earliest Submission Date Upon course completion
Submission Deadline Within 3 months from the course completion date[3]
Disbursement GIRO to the FI's or SFA certified FinTech Firm's corporate bank account
Updated as of 10 October 2022


 

Supporting Documents to be Submitted


1. Submission by FTPs
Course Fee Subsidy
Submission by FTP
Mandatory details to be reflected in invoice:

  • Self-sponsored trainees - Trainees’ full name (as per NRIC)
  • Company-sponsored trainees – Trainees’ full name (as per NRIC), Financial Institution’s name and Name of whom the invoice is attention to
  • Course Title and Code (as per IBF programme finder)
  • Course start and end date
  • Full course fee breakdown comprising of full course fee, funding amount, amount after funding, GST on full course fee (if applicable) and currency exchange rate based on date of invoice (if applicable)
  • Invoice number
  • Invoice date

Mandatory details to be reflected in Certificate of Completion: 
  • Trainee’s Full name (as per NRIC)
  • Course Title and Code (as per IBF programme finder)
  • Course start and end date (to include either in COC or attach course schedule together with COC for submission) 
  • Training Provider’s logo
  • Training Provider’s authorised signature on certificate
  • Date of certificate issued

A COC must be issued to each trainee for all courses with compulsory assessment(s)

​2. Submission by FIs/FinTech Firms
Course Fee Subsidy
Submission by FI/FinTech Firm
Audit Certification

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 submit full set of relevant documents:

In-house courses
  • In-house developed course form (Direct Training cost incurred)
  • Attendance record

In-house courses developed and/or conducted by external consultants
  • Invoice issued by external consultants
  • Certificate of Completion issued by external consultants, if applicable

Click here to access the Terms of Reference for Auditors and Internal Compliance Departments.




​Other Information to Note

Verification of trainees’ employment for courses under the Critical Core skills and Future-Enabled skills categories
With effect from 3 October 2022: IBF-STS funding of training courses 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).

Training Providers must verify the trainees’ eligibility for funding by checking one of the following documents from the trainees’,
  • CPF statement
  • Payslip
  • Physical staff pass
  • Any evidence that proves the trainee’s employment with the Singapore-based Financial Institutions regulated by MAS or FinTech firms certified by Singapore FinTech Association
Licensed Representatives and General Insurance Agents All licensed representative (e.g. financial advisers, insurance agents, remisiers) and general insurance agents registered with the General Insurance Association’s (GIA) Agent Registration Board who wish to register for FTS courses, must provide a Letter of Support from his/her Financial Institution (FI) Principal.

Training providers should sight the staff pass of the licensed representative or registered agent, and check the MAS Register of Representatives / General Insurance Association (GIA) Agent Registration Board to confirm the trainee’s eligibility.
Documents to Retain by FTP for Audit Purposes
  • Exchange rate[4] records for expenses paid in foreign currency other than SGD
  • Registration forms and acknowledgement by trainees
  • Documents to verify personal particulars[5] of trainees
  • Attendance and assessment records[6] signed or acknowledged by the trainers and trainees
  • Full video recordings[7] of synchronous online training sessions
Documents to Retain by FIs/FinTech Firms for Audit Purposes
  • Form B (In-house course form)
  • Exchange rate[4] records for expenses paid in foreign currency other than SGD.
  • Documents to verify personal particulars[5] of trainees
  • Attendance and assessment records[6] signed or acknowledged by the trainers and trainees
  • Full video recordings[7] of synchronised online training sessions
Revision to course code Due to the migration from IBF Portal to TPGateway, a new course reference number will be issued to replace the existing course ID from 10 October 2022. Training Providers must refer to the programme finder for the latest and most updated course reference number before the claim submission.

FIs/FinTech Firms with in-house courses can login to your TPGateway account for the latest and updated course code before the claim submission.
Goods & Services Tax (GST) Self-Sponsored Claims
Only for courses commencing before 3 October 2022. Singapore GST can be covered in funding claims.

Company-sponsored Claims
All course 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 All funding support submission by Training Providers and Financial Institutions / Singapore FinTech Association (SFA) certified FinTech Firms 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 if there are errors associated with claims submitted, regardless of whether any grants have been disbursed.
Computation of Unit Cost
Click here to access the computation for E-learning courses.

Click here to access the computation for Classroom Training.
Processing Timeline
IBF will take approximately 6 to 8 weeks to process the claim upon complete and accurate submission from the claim submission date.

Longer processing time may be required in certain cases (e.g. incomplete or inaccurate submissions, Direct Credit Authorisation form not submitted to IBF or nonstandard cases).





​Foreign Currency Exchange Rate


Course fees paid in foreign currency other than Singapore dollar should be converted using the daily MAS Exchange Rate based on the date of the invoice. 

Click here to access the MAS Exchange Rate.


 

IBF Portal Account


To apply for an IBF Portal Account, please click here.




faq.png
If you have further questions, please refer to our Frequently Asked Questions:



[1]​ Duly completed Direct Credit Authorisation (DCA) forms are required to be submitted to IBF.
[2] Only applicable for self-sponsored indidviduals for IBF-STS. Please ensure that your trainees have linked their NRIC to their PayNow bank account to facilitate disbursement by IBF.
[3] Companies will only be allowed one claim submission for the course fee subsidy every month. Please ensure that claim records are consolidated before submission.
[4] Exchange rate should be using the daily MAS Exchange Rate as at the date of the invoice.
[5] Personal particulars include full name as per NRIC, NRIC number, mobile telephone numbers, e-mail addresses and nationalities.
[6] Attendance and assessment records should clearly state the IBF recognised course title, the start and end dates, and the start and end times of each training and/or assessment session.
[7] Full video recording should clearly show the following: (i) Date and time records of the delivery of that training session / lesson; and (ii) Date and time records of presence of trainees corresponding to that training session / lesson.