2. With the rising economic challenges after the Corona Virus, it had become difficult for individuals to attain quality
education and training. The government of Singapore has always extended a helping hand to ease the situation
and encourage learning. The Financial Sector Development Fund (FSDF) was established for the purpose of
improving talent and other substructures for the financial hub of Singapore. Various schemes have been initiated
and introduced by FSDF.
One of the programs is the Financial Training Scheme (FTS). It supports individuals undergoing training and
courses related to finance and banking. The idea is to grow the skills of the financial sector employees and to
provide them an opportunity to learn new ideas and methods to be applied at their jobs. The Monetary Authority of
Singapore has increased the amount of subsidy given for courses. Individuals with a Singapore permanent
residency or citizenship can avail of up to 90% of their fee waived off for accredited courses that fall under the
scheme.
3. The FTS is a government initiative and it has helped thousands of employees to get the deserved training that
they needed and couldn’t afford. The Institute of Banking and Finance Singapore (IBF) handles the monetary side
of things. They also provide a 5% additional subsidy as IBF Credit. The amount of grant allotted to each candidate
is over S$2,000 for each program. They can cover the expenses of the courses with this amount which is released
to participants once they are marked eligible for the scheme.
4. Eligibility Criteria of Financial Training Scheme
The FTS funding is available for financial sector employees only. Thus, companies (based in Singapore) sponsoring their
employees for training courses will be allowed to proceed with their applications. The sponsors can be entities controlled by
the Monetary Authority of Singapore and they should be licensed or cleared for licensing by the authority. FinTech
companies verified by Singapore FinTech Association can apply. Payment by the sponsors should be made through
corporate channels such as corporate cheques, company credit cards, or corporate GIRO.
Only employees that are Singapore citizens or permanent residents are eligible for FTS. The candidates should be working
at an executive level and should be actively working or aiding in financial sector activities. Moreover, they should also be
currently living in Singapore. The scheme is available for permanent employees or for those on a 1-year (or more) contract
basis. Both full-time and part-time workers are eligible to apply. Candidates should have significant attendance and should
complete the courses in their given time. The participants should not be younger than 25 years and should have legitimate
proof of identity and required documents.
5. What does the funding cover?
The FTS provides 50% funding of course fees for its participants. However, the maximum limit for the
amount for each candidate is S$2,000. Different training providers charge fees according to their expertise
and skill level. The amount of concession should stay under the maximum fee to avoid any issues. It is
strictly for the approved programs in the FTS Directory. The FTS does not cover any GST applied to the
program cost. The basic salaries of the employees are also allotted while their training period undergoes.
6. Eligible Courses under FTS
BF152: Best Practices in Countering Trade-Based Money Laundering
■ BF152v: Best Practices in Countering Trade-Based Money Laundering (Live Webinar)
■ BF088: Understanding and Using Letters of Credit
■ BF088v: Understanding and Using Letters of Credit (Live Webinar)
■ BF120: An Understanding of INCOTERMS 2020
Programs conducted in Singapore or abroad are part of the training scheme, as long as they are verified and recognized by IBF
Programme Directory. The courses should be specifically targeted at financial sector executives and experts in the finance sector.
The professors or trainers teaching the program should have a minimum of five years of practical experience in their relevant fields
or a minimum of three years of training record which could either be part-time or full-time. FTS training programs should not be
orientation and induction courses, Language programs, or Academic programs (e.g. programs leading to bachelor, Master, and
Doctorate qualifications, Advanced Management Programmes).
7. How to apply for Financial Training Scheme?
Legitimate financial sector companies based in Singapore can apply for approved
training courses. The application is submitted to and is processed by the Institute of
Banking and Finance (IBF). That is the entity to which you should direct all your FTS
related claims. The details of submission vary from each other and you can check their
official website before applying. All queries related to claims can be forwarded to
funding@ibf.org.sg.
8. Training Grant Allowance
The Training Allowance Grant is a helpful initiative to support financial entities and FinTech corporations to
administer human resources costs and encourages the up-gradation of skills. Thus, the allowances cover
the expenses of training employees under the IBF Standards Training Scheme. The benefit of TAG is that
companies that were earlier reluctant to send their employees for training can get motivated to take the
initiative. It is an additional subsidy provided by the IBF to contribute to economic growth and increase in
revenue of businesses in the financial sector.
Once you complete your training, TAG will be allotted to you. Moreover, the eligibility criteria of FTS are
the same as TAG. It is only available to employees who complete their training and accredited entities.
The candidate should also have to participate in all the training sessions and maintain a good attendance
record. They should also have passed the assessment stage in order for the grant to be distributed to
them. Training courses usually commence between the period of April to June, and there is an extension
till September for completion. The assessment should be cleared by the end of September. After
completion of the program, the sponsor company can apply to the IBF for a training allowance.