Overview
Under AFLS, the FSDF will co-fund qualifying costs incurred by financial institutions that send their mid-level professionals or senior leaders to eligible leadership programmes.
- Eligible claimants: Financial Institutions based in Singapore [1]
- Eligible participants: Promising incumbent staff whom the sponsoring entities are keen to groom as future leaders. Only Singapore citizens will be supported. Details on the eligible participants for the respective leadership programmes are as follows:
| Programmes for senior leaders | Programmes for mid-level professionals | |
| Eligible participants (Only Singapore citizens will be supported) | Senior professionals of financial institutions who
- Are at least MD and above seniority (usually with more than 15 years of related work experience) and in leadership roles that undertake executive decisions; and - Have the potential to progress to even more senior leadership roles. | Mid-level professionals of financial institutions who
- Are at least SVP/Director seniority (usually with 8 to 15 years of related work experience); and - Have the potential to progress to senior leadership roles (MD & above) with closer proximity (i.e., fewer hierarchical layers) to the CEO compared to the current role. |
| Eligible leadership programmes | 1.
Asian Financial Leaders Programme (AFLP)
by Human Capital Leadership Institute (HCLI) and Singapore Management University (SMU)
2. (To be launched in 2026) | 1. (To be launched in 2026) |
Details of the funding support are as follows:
| Completion Date | Between 1 July 2023 and 31 December 2024 | Between 1 January 2025 and 31 December 2028 |
| Funding level of qualifying costs | 75% of eligible leadership programme fees (exclude airfare, accommodation, absentee payroll and allowances) for eligible participants. | 50% of eligible leadership programme fees (exclude airfare, accommodation, absentee payroll and allowances) for eligible participants. |
| Funding cap | S$35,000 per participant | S$25,000 per participant |
An individual may be funded under AFLS for a programme targeted at mid-level professionals, and again when the individual progresses to a more senior level for the programme targeted at senior leaders. However, the individual should not be funded more than once for programmes targeted at the same seniority level as the incremental skills acquisition may be marginal.
Subject to the fulfilment of all eligibility criteria, funding for approved claims
will be disbursed on a reimbursement basis, after the participant's successful
completion of the programme and upon verification of the invoice issued by the
programme
provider.
There are 2 claim cycles per calendar year. Each sponsoring financial
institution should submit one claim form for all eligible programme participants per
qualifying period. Claims are to be compiled and submitted based on the timelines
below:
| Claim cycle | Qualifying period | Submission period |
| 1 | Programmes completed from January to June | July to September of the same calendar year |
| 2 | Programmes completed from July to December | January to March of the next calendar year |
Each claim submission should be accompanied by relevant supporting documents:
- Claim form duly completed and signed by the Head of Human Resources and Head of Internal Audit (or Head of Compliance in the absence of Internal Audit Department);
- Invoice issued by the programme provider; and
- Certificate of completion.
For payments in foreign currencies, exchange conversion will be computed based on
IBF’s internal reference rate.
Download the claims form from the Resources section, complete it, and submit it through the FormSG link below for our evaluation. For late submissions, the applicant bears the risk of no funding.
The applicant is to ensure that the documents and information submitted are true,
accurate and complete and maintain proper, accurate and complete records of all
data, documents and information relating to the claim. IBF may request for
additional information to support its evaluation of the claim application.
To find out more about the claims process, please contact us.
Resources
[1] Entities regulated by the Monetary Authority of Singapore (either licensed, approved, registered or recognised; or exempted from being licensed, approved, registered or recognised), as listed on MAS FI Directory.
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