Financial Associate Management Scheme (FAMS)
FAMS helps financial institutions defray part of the costs incurred from taking in and training an increased number of Singaporean citizen staff. Find out the eligibility criteria and how to apply.
What It Is
FAMS is a leadership development initiative supported by the . Its objective is to increase opportunities for Singaporeans to be groomed through structured programmes that can lead to future specialist and management leadership roles in the industry.
About the FSDF
The FSDF facilitates 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.
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:
- Cross-franchise or cross-functional rotations.
- Mentorship programme.
- Structured on-the-job and classroom training (including leadership training).
- International exposure (e.g. short-term attachments, postings).
- Post-programme career roadmap with a view for leadership.
Funding is capped at two years per programme. The following funding support will be provided to successful applicants (subject to MAS internal guidelines and benchmarks):
- Up to 30% of basic salary (including fixed allowances, excluding bonuses) per incremental Singapore citizen new entrant hire.
- For programmes with elements of international exposure, funding support covers up to 50% of the following qualifying costs per participant per attachment or posting:
- Cost-of-living or per diem allowance
Approval for funding under FAMS is on an individual case-by-case basis, subject to the fulfilment of all eligibility criteria. Funding for approved applications will be disbursed on a yearly reimbursement basis.
Successful applicants have the following responsibilities:
Incremental Number of Singaporeans
They must maintain the committed incremental number from the first year over three years' intakes.
Incremental numbers are determined using the average number of Singaporeans hired over the last five years, as a base. Hence, any increment of the first year's base number is considered incremental.
Note: For new programmes, the whole intake will be taken as incremental.
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, an FI has the right to terminate the attachment or posting agreement with 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 an FI terminates the programme 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 1 month before the start of the international attachment or posting. In the application, you are required to:
- Declare your FI's hiring numbers over the past five years.
- Declare the number of incremental hires in the application.
- Submit the detailed training schedule under the structured programmes.
- Submit the developmental roadmap for the incremental Singapore citizens.
You may contact the FSDF Secretariat for the application form at:
Financial Sector Development Fund Secretariat
Financial Centre Development Department
Monetary Authority of Singapore
10 Shenton Way, MAS Building, Singapore 079117
Tel: 6229 9175
Fax: 6229 3261