Schemes and Initiatives
Published Date: 31 December 2019

Finance Associate Management Scheme (FAMS)

The FAMS helps financial institutions defray part of the costs incurred in the hiring of Singapore citizen staff who would be trained under their structured management/functional programmes. Find out the eligibility criteria and how to apply.

What It Is

FAMS is a talent development initiative supported by the Financial Sector Development Fund (FSDF). Its objective is to increase opportunities for Singaporeans to be groomed through structured programmes that can lead on to future specialist and management leadership roles in the industry.

About the FSDF

The FSDF was set up to facilitate the development and enhancement of talent and other infrastructure for Singapore’s financial centre in keeping up with dynamic changes worldwide. The FSDF supports various schemes that help Singapore develop a pool of highly skilled professionals in their respective specialist areas.

Eligibility

Financial institutions (FIs) and staff must fulfil the following eligibility criteria to qualify for FAMS:

  • For FIs: Be a Singapore-based financial institution that is regulated by MAS (licensed or exempted from licensing), or an industry association who may act as an aggregator.
  • For staff: Be Singapore citizens who are fresh graduates (within 12 months after graduation) or cross-sector convertees.
  • All programmes, new or existing, must contain the following elements:
    • Job rotations, which can be within the same function or across different functions.
    • Structured training (e.g. classroom training, leadership training, e-learning).
    • Mentorship programme.
  • MAS will take into consideration the employment size of the applicant in assessing the eligibility of programmes.
  • International exposure (e.g. short-term attachments, postings) is encouraged and eligible for funding support under FAMS.

Funding Support

The following funding support will be provided to successful applicants:

  • Grant amount of S$1,000 per month for every Singapore citizen hired onto the programme
  • For programmes with elements of international exposure, S$5,000 per month or part thereof will be provided for the duration of the overseas attachment/posting (if applicable) for every Singapore citizen
  • Funding amount is capped at 2 years per programme

Approval for funding under FAMS is on an individual case-by-case basis, subject to the fulfilment of all eligibility criteria and hiring commitment. Funding for approved applications will be disbursed on an annual basis.

Applicant's Responsibilities

Successful applicants have the following responsibilities:

Hiring Commitment

Over a 3 year period, FIs

(i) with headcounts above 200:

  • Should commit to hiring at least 3 times the FI’s annual Singapore citizens hiring baseline (as determined by the average annual Singapore citizens hiring of the same programme in the preceding 5 years).

(ii) with headcounts of 200 and below:

  • Should commit to hiring a minimum of 3 Singapore citizens.

Performance Reports

They are required to report, on an annual basis along with their claims, the performance of the Singapore citizen hires groomed under the FAMS programmes. The report should also include feedback from the Singapore citizen hires.

In the event of poor performance, the FI has the right to terminate the employment of the staff.

Termination Initiated by Staff

In the event where termination is initiated by the staff, the FI will not be penalised. Such cases of early termination must be highlighted to the FSDF Secretariat, with reasons clearly provided.

Termination Initiated by Institution

If the FI terminates the employment of the staff for reasons other than for poor performance, MAS has the right to recover either parts, or all, of the monies disbursed to the FI, or adjust the funding amount available to it.

Fee or Bond

FIs may decide if a fee or bond on the new hire is necessary.

How to Apply

Submit the application to the FSDF Secretariat at least 2 months before the commencement of the programme. In the application, you are required to:

  • Declare your FI's hiring numbers of the same programme (if applicable) over the past 5 years.
  • Submit the detailed training plan under the proposed structured programme.

You may contact the FSDF Secretariat for the application form at:

Financial Sector Development Fund Secretariat
Financial Centre Development Department

Monetary Authority of Singapore
Tel: 6229 9175
Email: fsdf@mas.gov.sg