Enhanced Support for Training (All)

How long will IBF take to process the Training Allowance Grant application?

IBF will take approximately approximately six to eight weeks to process the application. Longer processing time may be required in certain cases (e.g. incomplete or inaccurate submissions, NRIC not linked to PayNow or non-standard cases).

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I am a licensed representative. Will I be eligible for the Training Allowance Grant for a Financial Training Scheme (FTS) course that is not sponsored by my Principal Entity?

Yes. You will be eligible for the Training Allowance Grant (TAG) if you successfully complete the FTS course commencing 8 April 2020 onwards. Your Principal Entity will submit a TAG claim on your behalf after course completion. You will be required to furnish to your Principal Entity relevant documentation, including a certification of course completion, as part of the claim application (...)

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Will I be eligible for the Training Allowance Grant if I (a) drop out halfway through the course; or (b) did not pass my assessment for the course?

No, the Training Allowance Grant will only be accorded to eligible participants who successfully complete the course with the required attendance and who pass the assessments.

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How is the Training Allowance Grant computed?

The Training Allowance Grant will be accorded to eligible participants who successfully complete the IBF Standards Training Scheme (IBF-STS) accredited course at a rate of $10 per training hour. Course duration (training and assessment) will be rounded down to the nearest 0.5 hour.

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Who can I contact for more information?

Please refer to IBF website for further information on the schemes. For further clarification, please email us at certification@ibf.org.sg.

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Will I be able to claim the enhanced course fee subsidy and the IBF Credit for courses that continue to charge full fee?

Yes. There are selected training providers who will continue to charge full fees. Claims for self-sponsored individuals of IBF-STS courses will be submitted by the training provider on your behalf upon confirmation of class commencement.

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Who can I contact for more information?

Please refer to IBF’s website for further information on the scheme. For further clarification, individuals can email IBF at certification@ibf.org.sg.

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What is the Training Allowance Grant for?

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.

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Who is eligible for the Training Allowance Grant?

The Training Allowance Grant (TAG) is open to: (a)Companies who are supporting their employees for training; and (b) Individuals who attend training on their own.

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What type of courses are eligible for the Training Allowance Grant?

For self-sponsored individuals, only IBF accredited courses under the IBF Standards Training Scheme (“STS”) will be eligible for the Training Allowance Grant. For company-sponsored individuals, all IBF recognised courses under the IBF Standards Training Scheme (“STS”) or Financial Training Scheme (“FTS”) will be eligible for the Training Allowance Grant.

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When will the Training Allowance Grant take effect and for how long will the Training Allowance Grant be made available?

The training allowance grant will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2020, and must be completed no later than 31 March 2021.

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How do I apply for the Training Allowance Grant upon my successful completion of the IBF Standards Training Scheme (IBF-STS) courses?

No application is required from you. The Training Allowance Grant application for self-sponsored individuals of IBF-STS courses will be submitted by the training provider.

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Will I receive any notification(s) upon successful application of the training allowance grant?

The training provider will notify you when your training allowance grant has been disbursed.

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What is the IBF Standards Training Scheme and Financial Training Scheme?

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 Financial Training Scheme("FTS") provides course fee subsidies to eligible company-sponsored individuals who complete financial sector-specific training courses recognized under FTS.

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Why are course fee subsidies being enhanced?

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.

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How have the IBF Standards Training Scheme (“IBF-STS”) and Financial Training Scheme (“FTS”) been enhanced?

Course fee subsidies for courses recognised under the IBF-STS and FTS will be increased from 70% and 50% respectively to 90%, subject to the prevailing grant cap.

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What is the IBF Credit?

The IBF Credit is a 5% course fee support that IBF will provide 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) and Financial Training Scheme (FTS), subject to the prevailing grant cap.

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Who is eligible for the enhanced course fee subsidy and the IBF Credit?

Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore are eligible for the enhanced course fee subsidies and IBF Credit.

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When will the enhanced course fee subsidy take effect and for how long will the enhanced course fee subsidy be made available?

The enhanced course fee subsidies will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2021, and are completed no later than 31 March 2022.

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When will the IBF Credit take effect and for how long will it be made available?

The IBF Credit will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2020, and are completed no later than 31 March 2021.

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How will the enhanced IBF-STS and FTS funding schemes and IBF Credit be administered?

Eligible company-sponsored and self-sponsored individuals will be required to pay course fees net of enhanced course fee subsidies and the IBF Credit, subject to the prevailing grant cap.

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