Enabling Financial Institutions to Build Long-Term Capabilities

MAS announced a $125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors. The support package will help to position financial institutions and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.

Workforce Training and Manpower Costs

The package comprises enhanced support for workforce training and manpower costs to encourage financial institutions and FinTech firms to make use of the downtime in business activity to train and deepen the capabilities of their employees.

We have extended the enhanced training support measures to continue to build capabilities in new growth areas and strengthen employability of the local workforce.

Support for Self-sponsored Individuals
Enhanced Course Fee Subsidy
Features

For courses that commence between 8 April 2020 and 31 December 2021

  • Self-sponsored individuals are subsidised at 90% course feeCourse fee subsidy is capped at $7,000 per person per programme under IBF-STS. for IBF-accredited courses.

For courses that commence between 1 January 2022 and 30 June 2022

  • Self-sponsored individuals are subsidised at 80% course feeCourse fee subsidy is capped at $7,000 per person per programme under IBF-STS. Singaporean Citizens aged 40 and above will continue to receive the enhanced subsidy at 90% from 1 January 2022. for IBF-accredited courses.

Note: Individuals only need to pay course fees net of subsidy to the training provider
Eligibility Applicants should be Singapore Citizens or Singapore PRs.

Please refer to IBF’s website for further information on the above schemes. For queries, you may wish to approach IBF at standards@ibf.org.sg .
Support for Employees of Financial Institutions and FinTech Firms
Training Allowance Grant (TAG)
Features
  • Eligible financial institutions can receive training allowance of S$10 per training hour, for eligible employees who undergo training through IBF-accredited or recognised courses.This refers to courses under the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS). IBF-STS provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services, and FTS provides funding for financial sector-specific training programmes which are recognised under FTS. For the list of courses, please refer to IBF Programme Finder .
  • For courses that commence between 1 July 2021 and 30 June 2022 and complete no later than 30 September 2022.
  • Firms can apply for TAG upon employees’ completion of the IBF-accredited or recognised course.
Eligibility Financial institutions regulated by MAS (either licensed or exempted from licensing) and FinTech firms certified by the Singapore FinTech Association (SFA), for training participants who are Singapore Citizens or Singapore PRs.
Enhanced Course Fee Subsidy
Features

For courses that commence between 8 April 2020 and 31 December 2021

  • Company-sponsored training participants are subsidised at 90% course feeCourse fee subsidies are capped at S$7,000 and S$2,000 per person per programme under IBF-STS and FTS respectively. for IBF-accredited or recognised courses.

For courses that commence between 1 January 2022 and 30 June 2022

  • Company-sponsored training participants are subsidised at 80% course feeCourse fee subsidy is capped at $7,000 and S$2,000 per person per programme under IBF-STS and FTS respectively. Singaporean Citizens aged 40 and above will continue to receive the enhanced subsidy at 90% from 1 January 2022. for IBF-accredited or recognised courses.
Note: Companies only need to pay course fees net of subsidy to the training provider.
Eligibility Financial institutions regulated by MAS (either licensed or exempted from licensing) and FinTechs certified by SFA, for training participants who are Singapore Citizens or Singapore PRs.

Please refer to IBF’s website (IBF-STS and FTS ) for further information on the above schemes. For queries, you may wish to approach IBF at standards@ibf.org.sg .
Support for Eligible Hires of Financial Institutions
Double Monthly Salary Grant under the Finance Associate Management Scheme (FAMS)
Features
  • Financial institutions can receive salary grant of S$2,000/month for eligible Singapore Citizens hired under a structured talent development programme.
  • For FAMS applications submitted from 8 April 2020, for hires in 2020 and 2021.
Eligibility
  • Financial institutions regulated by MAS (either licensed or exempted from licensing), for Singapore Citizens who are fresh graduatesThis refers to fresh graduates within 12 months after graduation. or cross-sector convertees.
  • Learn about the other eligibility criteria for FAMS.

For queries on FAMS, financial institutions may wish to approach IBF at fams@ibf.org.sg .

Strengthening Digitalisation

MAS set up a new Digital Acceleration Grant (DAG) to support digitalisation in smaller financial institutions and FinTech firms. The DAG scheme includes two tracks:

  1. Institution Project

    2. This track supports 80% of qualifying expenses for the adoption of digital solutions by smaller financial institutions and FinTech firms, up to a cap of S$120,000 per entity, over the duration of the scheme.

  2. Industry Pilot

    3. This track supports collaborations among at least 3 smaller financial institutions to customise digital solutions for implementation within their institutions, by co-funding 80% of qualifying expenses, capped at S$100,000 per participating financial institution per project.

Learn more about the other list of initiatives for FinTech firms.

Infographics

Date Title
08 Apr 20 S$125 Million Package for Financial Services and FinTech Sectors (440.9 KB)

Related News

Date Title
25 Jun 21 MAS Extends Training Support Measures to Foster Skills Development in New Growth Areas
26 Nov 20 Measures to Enhance Job Readiness and Job Retention in Financial Sector 
13 May 20 New S$6 Million Grant Scheme to Support Singapore FinTech Firms
08 Apr 20 MAS Launches S$125 Million Package for Financial Institutions and FinTech Firms to Strengthen Long-Term Capabilities

Enquiries

If you have further queries on MAS’ and the financial industry’s support measures, please write to MAS at our Contact Us page.