Institute of Banking and Finance (IBF) Financial Training Scheme (FTS)

Institute of Banking and Finance (IBF) Financial Training Scheme (FTS)

The FTS provides funding for financial sector-specific training programmes which are recognized under FTS. Only Singapore citizens and Permanent Residents (PR) are eligible for the FTS funding. 

Currently only the Prosci Change Management Certification Programme is approved (both in-person and virtual delivery) under the FTS.

How to register

  1. Submit your interest in the form on this page

  2. Register yourself on the Prosci Change Management Certification Programme. Note to select payment option ‘payment via invoice’

  3.  An e-invoice will be sent to your email address with nett fees reflected, after deduction of funding amount. Payment must be made prior to the course commencement date for your seat to be officially confirmed

Interested? Complete the form below

Funding Quantum

(1) Enhanced Funding Support for IBF FTS 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.

  Enhanced Finding Support
Funding Quantum

 

For training programmes commencing between 1 July 2022 - 31 December 2022 (Completed no later than 31 Mar 2023)

  • 50% of direct training cost* (capped at S$2000 per participant per course)
  • Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs (capped at S$2000 per participant per course)

For training programmes commencing 1 Jan 2023

  • 30% of direct training cost* (capped at S$500 per participant per course)
  • Singapore Citizens aged 40 years old and above will be eligible for 70% co-funding of direct training costs (capped at S$500 per participant per course)
IBF Credit

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.
Training Gant Allowance (TAG)

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.
Eligible Individuals #
  • Only company-sponsored individuals*; and 
  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore; and
  • Successfully completed FTS recognised programme (including passing all relevant assessments and examinations).
Companies eligible to submit claims for company-sponsored participants
  • Singapore-based financial institutions regulated by MAS (licensed or exempt from licensing by MAS)
  • FinTech firms certified by Singapore FinTech Association

* Direct training cost would be based on the gross programme fee charged by the external training provider 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 on a short-term basis(less than one year, inclusive of contracts 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 / panellist are not eligible for FTS funding.

Include licensed representatives such as luxury agents, financial advisors, and remisiers supported by FI principle and General Insurance (GI )agents registered with the General Insurance Association (GIA) Agent Registration Board.

^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.

  Company Sponsored Participants
Grant Amount S$10/hour of eligible training and assessment hours
Eligible FTS Courses
  • Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
  • Completed no later than 30 September 2022
Eligible Companies
  • Singapore-based Financial Institutions regulated by MAS (licensed or exempted from licensing by MAS)
  • Fintech firms certified by Singapore FinTech Association
Eligible Participants
  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
 

TAG will only be  disbursed to the eligible sponsoring company upon the participants' successful completion of the FTS programme including fulfilling the minimum attendance requirements and passing the relevant assessments, where applicable.

 

Funding Illustration (For illustration purposes only)

Course Fee (SGD) 

$5,000

7% GST

$ 350

Funding Support (80%)- exclusive of GST (capped at $2000)

$ 2,000

Total fee payable by company (SGD)

$ 5,350 - $ 2000 = $ 3,350

 

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