Family Office
Funds And Grants

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 will 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 Grant 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 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.

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