Financial Training Scheme

The Financial Training Scheme (FTS) in Singapore is a funding program designed to support company-sponsored individuals in the financial sector to upgrade their skills through sector-specific training courses. Below is a comprehensive detailed description of the program:

Objectives:

• To provide funding support for financial sector-specific training courses that are recognized under FTS but not accredited under the Skills Framework for Financial Services (SFwFS).
• To encourage continuous professional development and skills upgrading among financial sector employees.
• To enhance the capabilities and competencies of the financial workforce in Singapore.

Target Beneficiaries:

• Individuals who are company-sponsored.
• Singapore Citizens or Singapore Permanent Residents physically based in Singapore.
• Individuals who have successfully completed an FTS-recognized course, including passing all relevant assessments where applicable.
• Eligible companies include financial institutions based in Singapore and FinTech firms certified by the Singapore FinTech Association (SFA).

Application Process:

• The scheme is available only for company-sponsored individuals.
• Funding claims are submitted through the Training Partners Gateway (TPGateway).
• Funding support is granted once per calendar year per participant for the same course.
• One-off industry-related events such as conferences and seminars are not eligible for FTS funding.

Key Features:

• Funding quantum for direct training costs is 30% for Singapore Citizens aged below 40 years and 70% for those aged 40 years and above, capped at S$500 per participant per course.
• Direct training costs include gross course fees charged by external training providers or apportioned basic salaries of internal staff involved in developing or delivering in-house courses.
• The scheme supports training costs for executive and non-executive staff, including short-term employees, contract staff, and interns.
• Apportioned basic salaries of full-time in-house trainers involved in course development or delivery are also eligible for support.
• The scheme excludes individuals attending courses as instructors, facilitators, presenters, speakers, or panelists.

This scheme aims to strengthen the financial sector workforce by subsidizing relevant training, thereby promoting skills development aligned with industry needs in Singapore.

For more details and to view all FTS-recognized courses, visit the official IBF website: https://www.ibf.org.sg/home/for-individuals/skills-and-jobs-development/training-support/IBF-FTS