Institute of Banking and Finance Standards Training Scheme (IBF-STS)

The Institute of Banking and Finance Standards Training Scheme (IBF-STS) in Singapore is a funding program designed to support training and assessment courses that develop key skills needed in the financial sector. The scheme is aligned with the Skills Framework for Financial Services (SFwFS) and aims to enhance the professional competencies of individuals and companies in the industry.

Objectives:

• To provide funding support for training programs that cover critical core skills and future-enabled skills essential for the financial sector.
• To encourage continuous skills upgrading and professional development among financial sector employees.
• To support both self-sponsored individuals and company-sponsored employees in acquiring relevant skills.

Target Beneficiaries:

• Singapore Citizens or Singapore Permanent Residents physically based in Singapore who successfully complete IBF-STS accredited courses, including passing all relevant assessments.
• Locals employed in the financial sector (financial institutions or Singapore FinTech Association certified firms) for courses under Critical Core Skills and Future-Enabled Skills categories.
• Financial institutions based in Singapore and FinTech firms certified by the Singapore FinTech Association.

Application Process:

• Individuals or companies must enroll in IBF-STS accredited training programs.
• Funding claims are submitted through the Training Partners Gateway (TPGateway).
• Funding support is granted once per calendar year per participant for the same course.

Key Features:

• Funding covers direct training costs, including course fees charged by external providers or apportioned salaries for in-house training.
• Funding quantum for Singapore Citizens is 50% of direct training costs, capped at S$3,000 per participant per course.
• For Singapore Citizens aged 40 and above, funding is 70%, capped at S$3,000 per participant per course.
• The scheme supports training for both executive and non-executive staff, including short-term employees and interns.
• A wide range of accredited training providers and programs are available under the scheme, ensuring quality and relevance to industry needs.

This scheme facilitates workforce transformation and talent development in Singapore's financial sector by making professional training more accessible and affordable.