As digitalisation rapidly takes over a spectrum of industries, there has never been a better time to pick up valuable data-related skills. Trying out specialised courses is a great way to figure out which tech path is suitable or of interest to you. However, these programmes often come at a cost.
If this is a concern for you, fret not. There are various subsidies available in Singapore for you to utilise, such as the IBF funding for all Singaporean Citizens and Permanent Residents.
What does IBF stand for?
For starters, IBF stands for the Institute of Banking & Finance (IBF) Singapore. It is the national accreditation and certification agency for financial industry competency in Singapore under the Skills Framework for Financial Services, which was developed in partnership with the industry.
What is the IBF funding?
There are two main schemes provided under the IBF funding – IBF Standards Training Scheme (IBF-STS) and IBF Financial Training Scheme (FTS). Under these schemes, eligible individuals may receive up to 90% funding support off course fees on IBF funded courses in Singapore.
For the purposes of this article, we will only cover the IBF-STS funding scheme.
IBF Standards Training Scheme (IBF-STS)
The IBF Standards Training Scheme (IBF-STS) offers course fee subsidies to both eligible self-sponsored individuals and company-sponsored individuals who complete training and assessment programmes accredited under the Skills Framework for Financial Services. The grant is capped at S$7,000 per participant per programme.
All Singapore citizens and Permanent Residents (PRs) who are physically based in Singapore may qualify for this subsidy.
Another important requirement is that individuals must successfully complete the course, including fulfilling the minimum attendance requirements and passing the assessment component of the programme.
How do I obtain the IBF Funding?
IBF funding support operates on a nett fee model. This means that eligible self-sponsored and company-sponsored individuals are only required to pay the unsubsidised portion of the course fee. The nett fee can then be fully paid with your SkillsFuture Credits.
Training providers will claim the course fee subsidy from IBF directly.
How to claim IBF funding
1 – Self-sponsored Individuals
For self-sponsored individuals, you do not need to submit claims for the subsidy. Upon successful completion of your course, your training provider will help to submit the course fee subsidy claims to IBF.
2 – Company-sponsored Individuals
For company-sponsored individuals, you must be a Singaporean or PR that is physically based in Singapore and working in an eligible company such as the following:
- Financial Institutions that are regulated by the Monetary Authority of Singapore
- Singapore FinTech Association (SFA) certified FinTech Firms
Can I further utilise my SkillsFuture Credits or NTUC UTAP for the course?
It only applies to selected IBF courses that have been approved for SkillsFuture Credits usage or NTUC UTAP.
All Singaporeans aged 25 years old and above can use their SkillsFuture Credits to fully offset the remaining course fees after IBF funding. If you have enough SkillsFuture Credits, you will not have to pay any cash.
NTUC Union Training Assistance Programme (UTAP)
Additionally, NTUC members can utilise UTAP to offset 50% of remaining fees (capped at $250 per year.) Check out our guide to learn more about UTAP funded courses.
Vertical Institute’s IBF-accredited courses
Vertical Institute provides in-demand IBF-accredited tech courses which are also eligible for SkillsFuture Credits usage and NTUC UTAP funding. To find out more information, you may visit the links below:
The three courses consist of seven lessons each, with each lesson lasting three hours.
Classes are conducted on evenings or weekends to minimize disruption to business hours. The courses are designed to be completed within a month, and participants will be taught by industry experts who work in leading companies such as Google, Alibaba, and Gojek.
Participants who complete the IBF accredited course will receive an industry recognized certificate of completion.
How do I sign up for a course?
To register for our tech courses, simply sign up at Vertical Institute! Our admissions team will get in touch with you to guide step-by-step soon after.
For further clarification on course content, schedules or fees, reach out to us at [email protected], or call/WhatsApp us at 8817 2578.
For more information on IBF funded courses, please visit the IBF website.
About Vertical Institute
Vertical Institute prepares individuals for the jobs of tomorrow. We specialise in teaching in-demand skills, building the next generation of changemakers and inventors through our world-class tech courses and certifications.