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.
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.
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.
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.
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).
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 [email protected].
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.
and subsidies are a huge part of the Singaporean culture, that encourages education. Individuals living in Singapore should avail this opportunity to expand their horizons and take part in learning something that can be applied to their jobs.