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Claims Submissions by Financial Institutions / Singapore FinTech Association (SFA) certified FinTech Firms

Financial Institutions / SFA certified Fintech firms may submit for company-sponsored Enhanced Course Fee Subsidy only for

(a) external training programmes where full fee is charged or (b) in-house programmes

Updated on 31 March 2022

For Training Programme Documents to submit Certification Requirements Additional Information to Note

Claim Worksheet To Submit Financial Institution Claim Submission Video Guides

Claims submission for training programmes

	In-house programmes/ External programme where full fee is charged
Programme Commencement Date Disbursement	Between 8 April 2020 to 30 June 2022 (Enhanced course fee subsidy and Training Allowance Grant)	From 1 July 2022
Eligible Funding Scheme	IBF-STS and FTS
Claims Submission By	Training Provider
Submission Channel	IBF Portal
Earliest Submission Date	Upon course completion
Submission Deadline	Within 3 months from the end of the month of the course completion date2
Disbursement	Nett Fee Model - GIRO# to FTP's corporate bank account Full Fee Model2 – Trainees' NRIC Linked PayNow Bank Accounts1

Updated on 31 March 2022
¹ Eligible entities include MAS Licensees and exempt entities
² Companies will only be allowed one claim submission for the enhanced course fee subsidy every month. Please ensure that claim records are consolidated before submission.

Documents to submit

	Upload into the IBF portal	Retain for audit purpose
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)	Enhanced Funding Claims Worksheets Programme Invoices and Certificates of Completion	Exchange rate1 records for expenses paid in foreign currency other than SGD. Registration forms and acknowledgment by participants. Documents to verify personal particulars2 of trainees Attendance and assessment records3 signed or acknowledged by the trainers and trainees Full video recording4 of synchronised online training sessions
Training Allowance Grant (Submission by FTP/FI/FinTech Firms)	Training Allowance Grant Worksheet Certificate of Completion	Evidence of class attendance and assessment scores

¹ Exchange rate should be the daily MAS FX rate as at the date of the invoice.
² Personal particulars include full names, last four (4) alphanumeric characters of NRIC numbers, mobile telephone numbers, e-mail addresses, and nationalities.
³ Attendance and assessment records should state clearly the IBF recognised course title, the start and end dates, and the start and end times of each training and/or assessment session.
⁴ 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.

Certification Requirements
(For claim submissions by Financial Institutions / SFA certified FinTech Firms only)

Certification for Claims

Applications with a claim amount of S$30,000 or more must be certified by one of the following:

an external auditor, or
claim applicant’s internal audit function, or
claim applicant’s compliance function in the absence of an internal audit function.

Applications with a claim amount of less than S$30,000 can be certified by one the following:

an external auditor, or
claim applicant’s internal audit function, or
claim applicant’s compliance function in the absence of an internal audit function.

Alternatively, for claim applications without a valid certification by an external auditor/internal audit function/compliance function, the full set of relevant documents must be submitted to IBF for each eligible company-sponsored participant.

Additional information to note
(For claim submissions by Financial Institutions / SFA certified FinTech Firms)

Goods & Services Tax (GST)	Self-Sponsored claims All programme fees claimed can include Singapore GST. Company-sponsored claims All programme fees or eligible expenses claimed should exclude Singapore GST. If GST is not separately reflected in the invoices, checks should be done to ascertain if the training provider is a GST-registered entity for which GST has already been subsumed in the costs. If so, the GST amount should be excluded from the claim.
Double-Funding	Claimants 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.
Administrative Fee	IBF reserves the right to charge an administrative fee in the event that there are errors associated with claims submitted, regardless of whether any grants have been disbursed.
Invoice	Mandatory details to be reflected in supporting documents: a. Programme dates (programme start and end date) b. Trainees’ full names (as per registration forms) c. Programme name and code (as per IBF programme finder) d. Full course fee breakdown: Full course fee Funding amount Amount after funding GST on full course fee (if applicable) Currency Exchange Rate based on date of invoice (if applicable) e. If programme is purchased as a package, all trainees’ names should be listed in the invoice f. Invoice number g. Invoice date h. Self-sponsored trainee’s names / FI’s company name and name of whom the invoice will be attention to.
Certificate of Completion (all programmes with assessment must be issued a copy of COC to each trainee)	Mandatory details to be reflected in supporting documents: a. Trainee’s full names (as per registration forms) b. Programme name and code (as per IBF programme finder) c. Programme dates (programme start and end date to either include in COC or attach programme schedule together with COC for submission) d. FTP’s logo e. FTP’s authorised signature on certificate f. Date of certificate issued

Claim worksheets to submit

	FTP
Enhanced Course Fee Subsidy and IBF Credit (Submission by FTP)	For programmes that commence between 8 April 2020 and 31 December 2020: Claims Worksheet A - Enhanced Course Fee (Coy-Sponsored) Claims Worksheet B - Enhanced Course Fee (Self-Sponsored)
Training Allowance Grant Claims Worksheet	Claims Worksheet C - TAG