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Enhanced Funding Support for IBF-STS and IBF Credit

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 Funding Support
Funding Quantum 90% of direct training cost Available for training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive).
IBF Credit 5% on top of 90% subsidy. Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021.
​Training Grant Allowance (TAG) ​​​​Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021.Refer to below for TAG rates
​Eligible Individuals
  • Company-sponsored individuals or self-sponsored participants.
  • Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
  • Successfully completed IBF-STS recognised programme.
​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​.

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. Self-sponsored individuals are also eligible for TAG to encourage them to invest time into skills upgrading.

Training Allowance Grant
Company-Sponsored Self-Sponsored
Grant Amount S$15/hour of eligible training and assessment hours ​S$10/hour of eligible training and assessment hours
Eligible STS Course
  • Commencing between 8 April 2020 to 31 December 2020 (both dates inclusive)
  • Completed no later than 31 March 2021
Eligible Participant Singapore Citizens or Singapore Permanent Residents, physically based in Singapore.

The Institute of Banking and Finance reserves the right to alter the fees as appropriate.


For any enquiries, please contact us at fotrust@wmi.edu.sg

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