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What is the Technology in Finance Immersion Programme (TFIP) by IBF?

by | Sep 30, 2022 | Blogs | 0 comments

 tfip ibf - Vertical Institute

In this article, we will cover everything to know about IBP Programme like “TFIP IBF” and more. Upskilling and keeping up with job demands is a must in this day and age. It seems daunting to learn, especially when the skills in demand sound taxing; like artificial intelligence and cloud computing. 

However, there are many avenues one can take to learn more and become job ready. For instance, choosing to join TFIP by IBF. Read on to find out about this programme and how you can learn and gain experience in key technology areas. 

What is IBF? 

The Institute of Banking and Finance Singapore (IBF) is an agency dedicated to developing the skills for those in the financial industry. It partners with various companies, government agencies and training providers to grow Singapore’s financial industry.  

What is TFIP? 

TFIP stands for ‘Technology in Finance Immersion Programme’, which is an industry Attach-and-Train Career Programme launched in 2019 by IBF. This programme aims to give mid-career individuals opportunities to attend industry training and an attachment with leading financial institutions. A combination of both then allows participants to learn new skills and gain job experience in the financial services sector. 

The programme lasts 12 to 18 months and provides a training allowance ranging from $4,500 to $5,500. The list of participating financial institutions for TFIP 2022 include DBS, NTUC Income, UOB, and Goldman Sachs. Some technology areas that were offered under TFIP 2022 include artificial intelligence, business analysis and cybersecurity. 

How is TFIP structured?

As previously mentioned, participants of TFIP will attend industry training and undergo an attachment. 

The first portion – structured industry training – will take 1 to 6 months. The training will be done by industry-recognised training providers, equipping participants with basic skills needed for their technology area chosen. 

Once the first portion is completed, participants will move to their hosting companies for their attachment, also known as on-the-job training (OJT). The attachment will be full-time, so participants will be expected to resign from their current job, if any. During the OJT, participants will be assigned a mentor that will provide guidance and advice. 

To ensure that participants acquire meaningful experiences and knowledge through the OJT, a checklist will be provided. This checklist, for both participants and financial institutions, will help to track progress and ensure quality experience gained. 

Do note that participants under TFIP are not considered employees of the host company nor IBF. This means there is no CPF contribution from the training allowance. Additionally, host companies are not obligated to provide participants with full-time positions after TFIP. 

Why should I join TFIP? 

An article published by The Straits Times in 2021 emphasises the demand for tech talent in the financial sector in Singapore. It quotes the Manpower Minister Tan See Leng, stating: “The rise of the digital economy will drive up the demand for tech jobs – among others, we will need data analysts, software developers, infrastructure architects and cyber security engineers.” 

On top of this demand for more individuals in the financial sector, TFIP also provides you with a training allowance. This allowance (ranging from $4,500 to $5,500) is comparable to salaries earned in jobs of similar positions. 

What’s the difference between IBF TFIP and IBF-STS?

The IBF Standards Training Scheme (IBF-STS) is a scheme that provides funding for training courses accredited under the Skills Framework for Financial Services. With this scheme, eligible individuals can receive up to 90% funding for their direct training course. 

In contrast, TFIP is a programme designed to provide individuals with on-the-job experience in  tech in the financial services sector. View the table below for a rundown on the differences between the initiatives. 

Am I eligible for TFIP? 

Individuals interested in TFIP can apply, as long as they meet the following criteria:

  • Is a Singapore citizen or Singapore Permanent Resident
  • At least 21 years old 
  • Graduated/completed National Service for at least 2 years at the point of application 
  • Posses a tertiary qualification (a diploma or a degree)
  • No prior work experience in the following sectors: Agile IT Project Management, Artificial Intelligence, Business Analysis, Cloud Computing, Cyber Security, Data Analytics, Software Engineering, and Technology, Information and Cybersecurity Risk 
  • No outstanding scholarship obligations 
  • Not a shareholder* of the hosting financial institution or its related companies (* does not apply to publicly traded shares in listed companies)
  • Not be related to the owner(s) if the hosting financial institution 
  • Not be immediate ex-staff of the hosting financial institution or related entities 

Do note that there are also prerequisites for the different technology training areas. For instance, those interested in the artificial intelligence training area must have a qualification/experience in science, technology, engineering, or maths (STEM); or STEM-related courses or certifications. 

In addition, do take note that applications for TFIP 2022 have closed. However, if you are looking for more avenues to upskill and learn, consider taking a Digital Marketing (covering SEO, SEM, TikTok Advertising, Digital Advertising, ROAS, Paid Social Media, and more!), and Data Analytics bootcamp. This bootcamp is shorter in duration in comparison to TFIP and under IBF-STS. 

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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