What is the IBF Standards
Training Scheme (IBF-STS)?
The IBF Standards Training Scheme, offered under the IBF funding, 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 courses can I enrol for with IBF Funding?
Upskilling in tech has become the new norm for many individuals, especially with technological advancements and a shift in job operations. With the IBF funding, you’ll be able to kickstart your upskilling journey and learn high-growth tech skills. Vertical Institute offers tech courses that are eligible for IBF funding.
For more information, please visit the links below:
Data Analytics
Master Excel, SQL and Tableau. Learn how to leverage data to make
critical business decisions.
From $925 after funding*
Claimable with SFC and UTAP
Digital Marketing
Gain digital marketing skills in SEO, SEM, Facebook, Instagram, TikTok and more.
From $925 after funding*
Claimable with SFC and UTAP
UX Design
Learn to design meaningful digital experiences and build your portfolio.
From $925 after funding*
Claimable with SFC and UTAP
Data Science
Learn Python and machine learning to drive powerful predictions through data.
From $925 after funding*
Claimable with SFC and UTAP
To join our courses, simply sign 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.
Who is eligible for IBF funding?
The eligibility requirements are:
- Applicants must be a Singaporean citizen or a Permanent Resident (PR) that is physically based in Singapore.
- Applicants must successfully complete the course, which includes fulfilling the minimum attendance requirements and passing the assessment component of the programme.
IBF-STS Funding Quantum
| Course commencing between 1 July 2022 - 31 December 2022 (Both dates inclusive) |
Course commencing 1 Jan 2023 |
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| Eligible Singapore Citizens and PRs | Funding amount for direct training costs:
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Funding amount for direct training costs:
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| Eligible Singapore Citizens aged 40 years and above | Funding amount for direct training costs:
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Funding amount for direct training costs:
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How do I obtain the IBF Funding?
IBF funding support operates on a nett fee model. 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
Self-sponsored individuals are not required to submit claims for the subsidy. Upon successful completion of the course, your training provider will help to submit the course fee subsidy claims to IBF.
2. Company-sponsored Individuals
Company-sponsored individuals must be 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
Frequently Asked Questions
What does IBF refer to?
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 established in partnership with the industry.
What is the purpose of IBF?
The Institute of Banking and Finance (IBF) aims to promote the development of the financial industry in Singapore by enhancing the skills, knowledge, and professionalism of industry professionals. The IBF serves as a national accreditation and certification agency for financial professionals in Singapore and works closely with industry stakeholders to develop and implement training programs and qualifications that meet the evolving needs of the financial industry.
What is 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 funding support off course fees on IBF funded courses in Singapore.
How do you qualify for IBF funding?
For Self-Sponsored:
All Singaporeans or Singapore Permanent Residents (PRs) that are physically based in Singapore and successfully complete the course will be eligible.
- Be a Singaporean Citizen or PR physically based in Singapore
- Minimum of 75% attendance (this means that you must attend at least 6 out of 7 lessons)
- Pass the assessment
For Company-Sponsored:
- Be from Financial Institutions that are regulated by the Monetary Authority of Singapore (MAS) (either licensed / exempted from licensing) or Fintech companies that are registered with the Singapore Fintech Association.
- Be a Singaporean Citizen or PR physically based in Singapore
- Minimum of 75% attendance (this means that you must attend at least 6 out of 7 lessons)
- Pass the assessment
How do I submit an IBF claim?
If you have attended an IBF-accredited course and would like to submit a claim for IBF funding, you can follow these steps:
- Log in to the IBF Portal using your SingPass or CorpPass credentials.
- Click on the “Training Grant” tab on the left-hand side of the screen.
- Select the “Submit a New Claim” option.
- Enter the required information, including the course details and the funding you request.
- Upload the supporting documents, such as the invoice and receipt for the course fees and any other relevant records.
- Review and submit your claim.
- You will receive a notification once your claim has been processed, which may take up to four weeks.
It is important to note that there are specific eligibility criteria and guidelines for IBF funding, and not all courses may be eligible. Therefore, it is advisable to check the IBF website or consult with the training provider to confirm eligibility for a course before enrolling.