The Monetary Authority of Singapore extends training support measures to foster skills development in new growth areas - Waystone

      The Monetary Authority of Singapore extends training support measures to foster skills development in new growth areas

      On 25 June 2021, MAS and IBF announced new measures for the extension of the enhanced training support measures to build capabilities and strengthen employability of the local workforce.

      The course fee subsidies under both IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS) will be extended by six months to 30 June 2022, with 80% of course fees subsidised. This will apply to courses that commence on or after 1 January 2022, up to 30 June 2022, and must be completed no later than 30 September 2022. To help mature workers acquire industry relevant skills as the industry transforms, Singapore citizens aged 40 and above will continue to receive the enhanced subsidy at 90% from 1 January 2022, for training under IBF-STS and FTS.

      The Training Allowance Grant (TAG) will also be extended for employees sponsored by eligible financial institutions and FinTech firms by one year to 30 June 2022 at a rate of $10 per training hour. This will apply to IBF recognised courses that commence on or after 1 July 2021 until 30 June 2022, and must be completed no later than 30 September 2022.

      We would like to highlight that, at the same time, the following training scheme support features will expire on 30 June 2021:

      • IBF credit of additional 5% course fee subsidies
      • funding support (FTS and TAG) for IMDA recognised deep-technology courses and certifications
      • advance disbursement of enhanced course fee subsidies under FTS and STS to the relevant training providers.

      You can read further details on the funding support and the updated FAQs using these hyperlinks.

      For any further clarification, please contact IBF using the following details:

      Accredited programme under the IBF Standards Training Scheme [email protected]

      Recognised programme under the Financial Training Scheme or Core FAA/SFA CPD [email protected]

      Funding claims matters [email protected]

      How can Argus Global assist?

      At Argus Global, our team of consultants specialise in regulatory compliance for financial institutions. We can assist with the following:

      • Draft and incorporate reference checks requirements into current Compliance Manual
      • Assist to conduct reference checks on behalf of financial institutions
      • Provide regulatory advice on key steps to take to address and implement the necessary procedures to adhere to mandatory reference check requirements.

      Please reach out to us for an initial discussion at [email protected].

      Learn more about how Waystone can help

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