| Verification of trainees’ employment for courses under the Critical Core skills and Future-Enabled skills categories | With effect from 3 October 2022: IBF-STS funding of training courses under the Critical Core skills and Future-Enabled skills categories will only be available to locals (Singapore Citizens or Singapore Permanent Residents) employed in the financial sector (i.e. by financial institutions or SFA certified FinTech firms)
Training Providers must verify the trainees’ eligibility for funding by checking one of the following documents from the trainees’: - CPF statement
- Payslip
- Physical staff pass
- Any evidence that proves the trainee’s employment with the Singapore-based Financial Institutions regulated by MAS or FinTech firms certified by Singapore FinTech Association
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| Licensed Representatives and General Insurance Agents | All licensed representatives (e.g. financial advisors, insurance agents, remisiers) and general insurance agents registered with the General Insurance Association’s (GIA) Agent Registration Board who wish to register for FTS courses, must provide a Letter of Support from his/her Financial Institution (FI) Principal. Please refer to template of Letter of Support (LOS) as attached.
Training providers should sight the staff pass of the licensed representative or registered agent, and check the MAS Register of Representatives / General Insurance Association (GIA) Agent Registration Board to confirm the trainee’s eligibility. |
| Documents to Retain by FTPs for Audit Purpose | - Exchange rate[3] records for expenses paid in foreign currency other than SGD
- Registration forms and acknowledgement by trainees
- Documents to verify personal particulars[4] of trainees
- Attendance (Only applicable to manual attendance submission) and assessment records[5] signed or acknowledged by the trainers and trainees
- Full video recordings[6] of synchronous online training sessions
- LOS - Letter of Support (Only applicable for licensed representative and registered agent)
a) Mandatory details to be reflected in invoice: - Self-sponsored trainees - Trainees' full name (as per NRIC)
- Company-sponsored trainees - Trainees' full name (as per NRIC), Financial Institution's name and Name of whom the invoice is attention to
- Course Title and Code (as per course accreditation)
- Course start and end dates
- Full course fee breakdown comprising of full course fee, funding amount, amount after funding, GST on full course fee (if applicable) and currency exchange rate based on date of invoice (if applicable)
- Invoice number
- Invoice date
b) Mandatory details to be reflected in Certificate of Completion: - Trainee's Full name (as per NRIC)
- Course Title and Code (as per course accreditation)
- Course start and end dates
- Training Provider's logo
- Training Provider's authorised signature
- Issue Date
A copy of COC must be issued to each trainee for all courses with compulsory assessment(s).
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| Goods & Services Tax (GST) | GST funding support will no longer be applicable for all courses effective 3 October 2022. |
| Double-Funding | All funding support submission by Training Providers and Financial Institutions / Singapore FinTech Association (SFA) certified FinTech Firms should not be claiming for any other grants, subsidies, or tax concessions, provided either by the Financial Sector Development Fund (FSDF) and/or other government agencies, unless explicitly permitted.
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| Administrative Fee | IBF reserves the right to charge an administrative fee if there are errors associated with the funding support submission, regardless of whether any grants have been disbursed.
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| Computation of Unit Cost | Click here to access the computation for E-learning courses. Click here to access the computation for Classroom Training. |
Course Run & Course Session
| A course run and session(s) must be created before its course commencement date for the link to the QR code for attendance taking to be sent to the Course Administrator and Trainer.
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Make-up Sessions / Assessment
| Ensure to conduct and submit the attendance and assessment records for the make-up session(s)/assessment(s) within the submission deadline and within 120 calendar days from the initial course run end date which the trainee was enrolled in.
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| Processing Timeline | IBF will take approximately 6 to 8 weeks to process the funding support submission upon complete and accurate submission after the submission deadline for Attendance and Assessment records, and full payment made.
Longer processing time may be required in certain cases (e.g. incomplete or inaccurate submissions, Corporate PayNow not link or nonstandard cases). |
[3] Exchange rate should be using the daily MAS Exchange Rate as at the date of the invoice.
[4] Personal particulars include full name as per NRIC, NRIC number, mobile telephone numbers, e-mail addresses and nationalities.
[5] Attendance and assessment records should clearly state the IBF recognised course title, the start and end dates, and the start and end times of each training and/or assessment session.
[6] Full video recording should clearly show the following: (i) Date and time records of the delivery of that training session / lesson; and (ii) Date and time records of presence of trainees corresponding to that training session / lesson.
Foreign Currency Exchange Rate
Course fees paid in foreign currency other than Singapore dollar should be converted using the daily MAS Exchange Rate based on the date of the invoice.
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