Overview
- Financial Institutions based in Singapore [1].
- Eligible programmes must be post-diploma or degree-equivalent programmes, and endorsed by the sponsoring FI to be relevant to the participant’s current or potential job role.
- Eligible participants must be Singapore citizens (SCs) who are recent graduates [2] of a polytechnic [3], and not possess any post-diploma or degree-equivalent qualification.
- Eligible participants must remain in employment with the sponsoring FI during the course of the programme and serve a bond of at least 1 year with the sponsoring FI after completion of programme.
- If the sponsoring FI wishes to impose a longer bond of another one year or more, the FI should co-fund at least 40% of the individual’s tuition fees (capped at $10,000), in addition to FSDF’s funding.
Subject to the fulfilment of all eligibility criteria, funding for approved claims will be disbursed on a reimbursement basis, after the participant has completed the programme and served the one-year bond with the sponsoring FI.
Applicants are required to submit your claim application within three months of the completion of the one-year bond with applicant by the participants. If you have met the eligibility requirements, please download the claims form from the resources section and send the completed form via FormSG for our evaluation. For late submissions, the applicant bears the risk of no funding.
Applicants are required to provide details of how the applicant is supporting the participants in their programmes, for example, co-fund the remaining tuition fees, offer other financial incentives (e.g., study allowance), special work arrangements (e.g., study leave).
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.
[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.
[2] Refers to the following polytechnics: Nanyang Polytechnic (NYP), Ngee Ann Polytechnic (NP), Republic Polytechnic (RP), Singapore Polytechnic (SP); or Temasek Polytechnic (TP).
[3] For contract role, the minimum contract duration must be one year.
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