The IBF Standards Training Scheme (“IBF-STS”) provides course fee subsidies to eligible company-sponsored individuals and self-sponsored individuals who complete training and assessment courses accredited under the Skills Framework for Financial Services. The enhanced course fee subsidies are part of MAS’ support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. This will help to position financial institutions (FIs) and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.
Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore are eligible for the enhanced course fee subsidies and IBF Credit. Company-sponsored individuals and Self-sponsored individuals are eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF Standards Training Scheme (“IBF-STS”).
Course fee subsidies for CFP Certification Program is currently 90%, up to 31 Dec 2021 and subject to the prevailing grant cap.
In addition to course fee subsidy, an additional IBF Credit of 5% will be given to provide additional course fee support to eligible company-sponsored individuals and self-sponsored individuals on top of the enhanced course fee subsidies for courses recognised under the IBF Standards Training Scheme (IBF-STS), subject to the prevailing grant cap. The IBF Credit is only valid up till 30 June 2021. To qualify for IBF-STS or FTS funding, participants must successfully complete the program (including passing the relevant assessments, where applicable). Claims will be submitted by FPAS on behalf of the candidate.
The course fee subsidy and the IBF Credit are applicable only to trainees who have successfully completed the course and passed the assessment. In the event that the candidate drop out halfway through the course; or did not pass the assessment for the course, the candidate will not be eligible for the course fee subsidy and the IBF Credit. The funded portion of the course fee (the course fee subsidy and IBF Credit) will be clawed back from you and be returned to MAS/IBF. The claw back process is administered by the Training Provider on behalf of MAS/IBF.
The Training Allowance Grant is part of MAS’ support package to encourage financial institutions (FI) and FinTech employers to make use of the downtime in business activity, to train and deepen the capabilities of their employees such that the workforce can be in a position of strength when the economy recovers. Locals, even those outside of the financial and FinTech sectors can also use their personal time to attend accredited courses that are relevant for the financial sector.
The Training Allowance Grant (TAG) is open to:(a) Companies who are supporting their employees for training ($15 per training & assessment hour for CFP program). Eligible companies must be:i. Singapore-based financial institutions regulated by MAS (licensed or exempt by MAS), or ii. FinTech firms certified by the Singapore FinTech Association (SFA).Eligible companies can claim TAG for employees who are Singapore Citizens or Singapore Permanent Residents, who are physically based in Singapore and have completed an IBF-STS or FTS course. Eligible companies can submit claims for training allowance for employees who are Singapore Citizens or Singapore Permanent Residents and who have completed the IBF Standards Training Scheme (IBF-STS) or Financial Training Scheme (FTS) courses. (Until 30 June 2021).