Schemes and Initiatives
Published Date: 31 December 2019

International Postings Programme (iPOST)

The iPOST initiative helps financial institutions defray part of the costs incurred in sending Singapore citizen staff on global and regional attachments or postings. Find out the eligibility criteria and how to apply.

What It Is

The iPOST is a leadership development initiative supported by the Financial Sector Development Fund (FSDF). Its objective is to increase opportunities for Singaporeans to be groomed through international exposure to build capabilities for future global and regional leadership roles.

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 and staff must fulfil the following eligibility criteria to qualify for iPOST:

  • For FIs: Be a Singapore-based financial institution that is regulated by MAS (licensed or exempted from licensing).
  • For staff: Only high-potential, incumbent Singapore citizen staff are eligible.
  • The FI must have a clear objective for sending their high-potential Singapore citizen staff on an international attachment or posting, which should be relevant and an important component of the staff's career and leadership development plan.
  • Duration of the international attachment or posting should be at least 6 months.

Funding Support

Funding is capped at 2 years, and at $50,000 per year per participant. Details of the funding support are as follows (subject to MAS internal guidelines and benchmarks):

Qualifying Costs

Funding Support

  • Southeast Asia - 90% of qualifying costs
  • Asia excluding Southeast Asia - 70% of qualifying costs
  • Rest of world - 50% of qualifying costs

Approval for funding under iPOST 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.

Applicant's Responsibilities

Successful applicants have the following responsibilities:

Performance Reports

They are required to report, on an annual basis along with their claims, the performance of the Singapore citizen staff on the attachment or posting.

In the event of poor performance, the 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 the FI terminates the attachment or posting 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.

How to Apply

Submit the application to the FSDF Secretariat at least 2 months before the start of the international attachment or posting.

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