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All You Need To Know About IBF-STS Funding Changes in 2023

by | Oct 6, 2022 | Blogs | 0 comments

IBF Singapore - Vertical Institute

In recent years, technological advancements have drastically changed the way in which we work. Various types of businesses, regardless of its industry and size, are seeing a growing trend of utilising data and machine learning to improve their operations. Thus, to ensure relevancy, it is essential for people in the workforce to regularly develop and expand their skill sets.

Taking up specialised tech courses is one great way of kickstarting your upskilling journey. These programmes may come at a cost, but fret not, as there are subsidies available in Singapore, such as the IBF funding.

What does IBF stand for?

IBF refers to 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 established in partnership with the industry.

What is the IBF Standards Training Scheme (IBF-STS)?

One of the schemes that the IBF funding offers is the IBF Standards Training Scheme (IBF-STS). This scheme provides course fee subsidies for training and assessment programmes accredited under the Skills Framework for Financial Services. It is open to both eligible self-sponsored individuals and company-sponsored individuals.

What are the eligibility requirements?

The applicant must be a Singaporean citizen or a Permanent Resident (PR) that is physically based in Singapore.

On top of that, the individual must successfully complete the course, which includes fulfilling the minimum attendance requirements and passing the assessment component of the programme.

IBF-STS Funding Quantum

With effect from 1 Jan 2022, the IBF-STS funding will be adjusted as such. The funding amount will decrease from 90% and 70% down to 70% and 50%.

IBF-STS Funding Quantum - Vertical Institute

Streamlined Funding Support

With effect from 3 October 2022, the IBF-STS funding will be adjusted as such. The important thing to note is that GST funding support will no longer be applicable.

IBF STS - Vertical Institute

Is it possible to further utilise my SkillsFuture Credits or NTUC UTAP for the balance fee?

For selected IBF courses that have been approved for SkillsFuture Credits usage or NTUC UTAP, the below is applicable:

SkillsFuture Credits

All Singaporeans aged 25 and above are able to use their SkillsFuture Credits to offset the remaining course fees after IBF funding. With enough SkillsFuture Credits, you need not pay any cash. Check out our guide to learn more about SkillsFuture Credits.

NTUC UTAP

NTUC members can utilise UTAP to offset 50% of the balance fees (capped at $250 per year). To find out more, please refer to our guide on the NTUC UTAP funding.

Vertical Institute’s IBF-accredited courses

Vertical Institute offers in-demand tech courses that are both IBF-accredited and eligible for SkillsFuture Credits usage and NTUC UTAP funding. For more information, you may visit the respective links:

All three courses consist of seven lessons each, with each lesson having the duration of three hours.

For flexible planning of schedules, classes are conducted on evenings or weekends. Beginner-friendly and designed to be completed within a month, the courses are led by industry experts who work in top tech companies such as Google, Apple, and Gojek.

Moreover, upon successful completion of the IBF accredited course, participants will receive an industry-recognised certificate.

How to sign up for a course

To enroll in our courses, simply register at Vertical Institute. Our admissions team will get in touch with you shortly after for step-by-step guidance.

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. 

Singaporeans and PRs can receive up to 90% IBF Funding off their course fees with Vertical Institute. The remaining fees can be claimable with SkillsFuture Credits or NTUC UTAP Funding.

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