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 of an 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.

Support for Self-sponsored Individuals
New Training Allowance Grant (TAG)This refers to courses under the IBF-Standards Training Scheme (IBF-STS). IBF-STS provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services. For the list of courses, please refer to IBF Programme Finder .
Features
  • Self-sponsored training participants can receive a training allowance of S$10 per training hour, for completing training in IBF-accredited courses.
  • For courses that commence between 8 April 2020 and 31 December 2020 and complete no later than 31 March 2021.
  • Individuals can apply TAG through the training provider upon completion of the IBF-accredited course
Eligibility Applicants should be Singapore Citizens or Singapore PRs.
Enhanced Course Fee Subsidy
Features
  • 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 8 April 2020 and 31 December 2021.
  • Subsidy to be disbursed in advance of course completion, for courses that commence between 8 April 2020 and 31 December 2020.

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 certification@ibf.org.sg .

Support for Employees of Financial Institutions and FinTech Firms
New Training Allowance Grant (TAG)
Features
  • Eligible financial institutions can receive training allowance of S$15 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). IBF-STS provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services. For the list of courses, please refer to IBF Programme Finder .
  • For courses that commence between 8 April 2020 and 31 December 2020 and complete no later than 31 March 2021.
  • 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
  • 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 8 April 2020 and 31 December 2021.
  • Subsidy to be disbursed in advance of course completion, for courses that commence between 8 April 2020 and 31 December 2020.
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 for further information on the above schemes. For queries, you may wish to approach IBF at certification@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.
  • Other eligibility criteria by MAS apply. Learn about the eligibility criteria for FAMS.

For queries on FAMS, financial institutions may wish to approach MAS at manpower@mas.gov.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.

  3. Industry Pilot
  4. 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.

Enquiries

If you have further queries on MAS’ and the financial industry’s support measures, please email webmaster@mas.gov.sg .