International Postings Programme (iPOST)
The iPOST initiative helps financial institutions defray part of the costs incurred to send Singapore citizen staff on overseas attachments or postings. Find out the eligibility criteria and how to apply.
What It Is
iPOST is a leadership development initiative supported by the . Its objective is to increase opportunities for Singaporeans to be groomed through international exposure to build capabilities for future global leadership roles.
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 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 staff on an international attachment or posting. The attachment or posting should be relevant and an important component of the staff's career and leadership development plan.
Funding is capped at two years, and at $50,000 per year per participant. The following qualifying costs will receive up to 50% of qualifying costs (subject to MAS internal guidelines and benchmarks):
- Cost-of-living or per diem allowance
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.
Successful applicants have the following responsibilities:
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 4 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
10 Shenton Way, MAS Building, Singapore 079117
Tel: 6229 9175
Fax: 6229 3261