Enhanced Support for Training (FIs)

How long will IBF take to process my company’s Training Allowance Grant submission?

IBF will take approximately approximately six to eight weeks from date of claim submission to process your claim, upon receipt of complete and accurate documentation for the claim. Longer processing time may be required in certain cases (e.g. incomplete or inaccurate submissions or non-standard cases).

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What types of deep technology courses are eligible for the enhanced course fee subsidy and the IBF Credit?

With effect from 12 August 2020, Infocomm Media Development Authority (IMDA) recognised courses will be eligible for the Enhanced Course Fee Subsidy and IBF Credit under the Financial Training Scheme. Please refer to the eligible courses here (...)

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What types of deep technology courses are eligible for the Training Allowance Grant?

With effect from 12 August 2020, Infocomm Media Development Authority (IMDA) recognised courses will be eligible for the Training Allowance Grant under the Financial Training Scheme. Please refer to the eligible courses here (...)

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Is there a deadline for the submission of the Training Allowance Grant for eligible Infocomm Media Development Authority (IMDA) recognised courses?

Application must be submitted to IBF no later than 3 months from the end of the month of the completion of your employees’ training. Please ensure that the claim records for the month are consolidated for submission (...)

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How does my company apply for the Training Allowance Grant on behalf of (i) licensed representatives who are agents of my company or (ii) General Insurance (GI) agents who have completed IBF recognised courses?

A Financial Institution (FI) principal can submit a training allowance grant claim on behalf of its licensed representatives or registered agents through the IBF Portal upon course completion. This applies to courses taken by the licensed representatives or registered agents commencing 8 April 2020 onwards (...)

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Which companies are eligible for the enhanced course fee subsidies and IBF Credit under the IBF Standards Training Scheme (IBF-STS) or Financial Training Scheme (FTS)?

Eligible companies include Singapore-based Financial Institutions (licensed or exempt from licensing by MAS) and FinTech firms certified by Singapore FinTech Association.

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Does my company need to submit claims for company-sponsored staff to qualify for the enhanced course fee subsidy and the IBF Credit?

You will not need to submit claims for the enhanced course fee subsidy and the IBF Credit for courses administered by an external training provider. Such claims will be submitted by the training provider.

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Can I claim enhanced course fee subsidies and IBF Credit on the Goods & Services Tax (GST) applied to the course fee?

No, the enhanced course fee subsidies and IBF Credit are only applicable to the course fee excluding the GST amount.

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What will happen if our staff (a) drop out halfway through the course; or (b) did not pass the assessment for the course?

Only trainees who have successfully completed the course and passed the assessment are eligible for the course fee subsidies and IBF Credit.

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Will my company be eligible for the enhanced course fee subsidy and the IBF Credit if our staff have commenced the courses before 8 April 2020?

No. The enhanced course fee subsidy and IBF Credit will only apply to IBF recognised courses that commence on or after 8 April 2020.

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What if my company is not prepared to furnish our staff’s personal details such as NRIC?

In the event that your company is not prepared to furnish your sponsored staff’s personal details through an external training provider, your company may submit the enhanced course fee subsidy and IBF Credit claim directly to IBF.

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What happens if an IBF recognised course run is attended by both grant eligible and ineligible trainees, and the company is billed on a per run basis?

In cases where the IBF recognised course is attended by both eligible and ineligible trainees, the course fees should be apportioned based on total number of trainees in the class. The company should submit a claim for the enhanced course fee subsidy and IBF Credit for its eligible trainees only.

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How can my company support licensed representatives general insurance agents who want to enrol for FinancialTraining Scheme (FTS) courses?

For Financial Training Scheme (FTS) courses that charge nett fee, licensed representatives or registered agents will be required to provide a letter of support from their Financial Institution (FI) principal during application for the course to qualify for the nett fee.

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How can my company seek IBF accreditation under IBF Standards Training Scheme (“STS”) or Financial Training Scheme (“FTS”) for our in-house course(s)?

You may apply for your in-house course(s) to be accredited under the IBF-STS or FTS. Please click here for more information on the process.‍

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What are the types of companies that are eligible for Training Allowance Grant?

Eligible companies include Singapore-based financial institutions (licensed or exempted from licensing by MAS) and FinTech firms certified by Singapore FinTech Association.

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Can an in-house developed course be eligible for Training Allowance Grant?

Yes, in-house developed course(s) that are accredited under IBF Standards Training Scheme (IBF-STS) or Financial Training Scheme (FTS) will be eligible for the Training Allowance Grant.

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Can courses recognised under Core FAA / SFA CPD be eligible for Training Allowance Grant?

No, courses recognised under Core FAA / SFA CPD are for the provision of Core FAA / SFA CPD hours only.

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How does my company apply for the Training Allowance Grant for my employees?

Financial Institutions and eligible FinTech firms can submit a training allowance grant claim through the IBF Portal upon course completion. Claimants will be required to include relevant documentation, including a certification of course completion, as part of the claim application.

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How can my company apply for an IBF Portal account?

To apply for an IBF Portal account, please click here or visit https://www.ibf.org.sg/ and click on portal login at the top right hand of the page. You will need the following items handy for application:

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Is there a deadline for the submission of the Training Allowance Grant?

Application must be submitted to IBF no later than 3 months from the end of the month of the completion of your employees’ training.

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