Funds, Grants And T&Cs

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%. This existing scheme wil also be expanded to include workers in eligible FinTech firms.

Enhanced Funding Support

Funding Quantum

90% of direct training cost for training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive).

 

80% of direct training cost for training programmes commencing between 1 January 2022 and
30 June 2022 (both dates inclusive). For Singapore Citizens aged 40 years old and above will be
eligible for 90% co-funding of direct training costs.

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 Allowance Grant

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 the table 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 accredited 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.

Company-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 30 June 2021 (both dates inclusive)

 

Completed no later than 30 September 2021

​Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)

Completed no later than 30 September 2022

Eligible Participant

Singapore Citizens or Singapore Permanent Residents, physically based in Singapore.

Terms & Conditions

Terms & Conditions Governing Registration, Payment, Cancellation Deferment And No-Show

Monthly Registration

Monthly Registration Period

 

Consolidated registrations will be processed on a “first-come-first-serve” basis. Registrations will close 30 calendar days before class commencement.

 

Please submit registration / consolidated Group Registration Form to openprog@wmi.edu.sg.

 

One Consolidated Submission Per Month

 

Organisations should appoint a central officer to submit one consolidated registration per month using our Group Registration Form.

 

It is the organisation’s responsibility to ensure that the information provided is accurate and each application has the appropriate internal approval.

 

Group Registrations received outside the monthly registration period and non-consolidated applications may be returned to the organisation for next month’s consolidation.

Payment Due

For IBF accredited courses, you / Invoicing Addressee are permitted to pay upfront a portion of the course fee (less the potential funding amount) based on the respective payment terms indicated below. In the event that the trainee fails to meet any of the requirements set under the funding scheme, resulting the funding claim application to be rejected by IBF due to any reasons, the trainee is liable to pay the balance of the course fee (i.e. the potential funding amount) to WMI.

 

Self-Sponsored Individuals

 

Full payment upon issuance of the invoice and prior to the issuance of the online learning access and/or class commencement.

 

Company-Sponsored Individuals

 

30 days credit upon issuance of the invoice.

​​Refund Policy

BEFORE accessing any online learning modules or commencing the course

30 to 60 calendar days before commencement date of each Module or Programme:
50% of Full Fee per Module is payable.

Less than 30 calendar days before commencement date of each Module or Programme:
100% of Full Fee per Module is payable.

AFTER accessing any online modules or commencing the course

100% of Full Fee per Module is payable, even if the classroom session has not commenced.

NOTE:

  • No funding will be provided for partial or full withdrawal from courses.
  • There is no withdrawal, deferment or replacement allowed for pure online learning modules and 100% of the Full Fee per Module is payable.

​Deferment and/or Replacement after training places have been allocated

Change of training date/class without Replacement

​​​​Once the training places have been allocated, request to defer without a suitable replacement participant is treated as a withdrawal and the Withdrawal Fee will apply.

 

Change of training date/class with Replacement

Request to defer with a suitable replacement participant must be submitted to WMI in writing at least 30 calendar days prior to class commencement. An Administrative Fee of S$107 (not eligible for funding) will apply for every deferment with replacement participant.

No Show / Late-Comers / Minimum Attendance Unfulfilled

No Show

Participants who fail to turn up for class is treated as a withdrawal and 100% of the Full Fee per Module will apply.

Late-Comers / Minimum Attendance Unfulfilled

Participants who do not fulfil the minimum attendance requirement of 85% will be treated as a No Show and 100% of the Full Fee per Module will apply.

If the module has commenced, participants/companies are not permitted to transfer the enrolment on a Course to any other person under any circumstances.

  • The information above is correct at the time of publication. The Wealth Management Institute reserves the right to amend the fees and/or terms and conditions as appropriate.​