The Financial Training Scheme (FTS) is a course-fee grant run by the Institute of Banking and Finance (IBF) for financial sector employers in Singapore. MAS-regulated financial institutions and Singapore FinTech Association-certified fintechs can recover 30% of direct training costs for Singapore Citizen and PR staff, and 70% for Singapore Citizens aged 40 and above. The cap is S$500 per participant per course. The course must be FTS-accredited and company-sponsored, and the employee must complete it, including passing all assessments.
Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.
What does FTS fund, and how is it different from IBF-STS?
IBF runs two main course-fee schemes for the financial sector, and they fund different courses:
| Feature | Financial Training Scheme (FTS) | IBF Standards Training Scheme (IBF-STS) |
|---|---|---|
| Courses funded | Financial sector-specific courses recognised under FTS that are not accredited under the Skills Framework for Financial Services | Training and assessment programmes accredited under the IBF Standards (Skills Framework for Financial Services) |
| Sponsorship | Company-sponsored only | Self-sponsored or company-sponsored |
| Singapore Citizens and PRs | 30% of direct training costs | 50% of direct training costs |
| Singapore Citizens aged 40 and above | 70% of direct training costs | 70% of direct training costs |
| Cap | S$500 per participant per course | S$3,000 per participant per course |
| Effective from | 1 January 2023 | 1 January 2023 |
For an employer, the first question is therefore not “how much” but “which scheme is this course accredited under”. A course accredited under the IBF Standards attracts the higher IBF-STS cap, so check the accreditation before you choose between two similar programmes.
Who is eligible?
The employer must be either:
- a financial institution based in Singapore and regulated by MAS (listed in the MAS Financial Institutions Directory), or
- a fintech firm certified by the Singapore FinTech Association.
The participant must:
- be a Singapore Citizen or Singapore Permanent Resident physically based in Singapore
- be sponsored by the company
- complete an FTS-accredited course, including passing all relevant assessments and examinations
Executive and non-executive staff both qualify, and so do staff who have been employed for less than a year, including contract staff and interns. People attending as instructors, facilitators, presenters, speakers or panellists are not eligible, and one-off industry events such as conferences and seminars are not funded.
A company that is not an MAS-regulated FI or an SFA-certified fintech cannot use FTS. It should look at the general course-fee subsidies for employer-sponsored training described in our guide to course fee subsidies for SMEs.
How much funding can you get?
Funding is a percentage of the direct training cost, capped at S$500 per participant per course:
- External courses: the direct training cost is based on the gross course fee charged by the external provider.
- In-house courses: the cost is based on the apportioned basic salaries of internal staff who develop or deliver the course. Apportioned basic salaries of full-time in-house trainers also qualify.
Two limits apply. Funding for the same course is granted only once per calendar year per participant, and the S$500 cap applies per participant per course. Because the cap is fixed, the 70% rate for Singapore Citizens aged 40 and above reaches the cap once the eligible course fee exceeds about S$715. On expensive programmes, the cap rather than the percentage decides the grant.
IBF’s published table gives rates only for Singapore Citizens and PRs as one group, and for Singapore Citizens aged 40 and above. It does not show a separate higher rate for PRs aged 40 and above, so budget PR participants at the 30% rate unless IBF tells you otherwise.
How do you claim?
FTS is a reimbursement to the sponsoring company after the course. The usual sequence is:
- Set up the company’s IBF Portal account. IBF uses a corporate login account for training grant reimbursement claims. The application form must be signed by the CEO (or equivalent), and the company appoints two Management Representatives at department head level or above who verify and submit claims. A Direct Credit Authorisation form, endorsed by the bank, sets the account for payments.
- Check the course is FTS-accredited before the employee registers, and keep the course listing.
- Sponsor the employee. The company pays the fee; FTS is for company-sponsored participants only.
- Collect proof of completion, including assessment and examination results.
- Submit the claim through the IBF Portal with the supporting documents IBF asks for.
IBF’s public pages do not state a claim deadline or a payment timeline for FTS. Submit promptly after completion and confirm the current requirements on IBF’s claims page.
Documents checklist
- Evidence that the company is MAS-regulated (FI Directory listing) or SFA-certified
- Course accreditation details showing FTS recognition
- Employee details: citizenship or PR status, age (for the 40 and above rate), employment status
- Invoice and proof of payment by the company, with GST shown separately
- Certificate of completion and assessment or examination results
- For in-house courses: the trainer’s basic salary and a reasonable apportionment of time spent developing and delivering the course
Example: a fund manager training three staff
Example (hypothetical): A licensed fund management company sends three employees on the same FTS-accredited course in risk management. The course fee is S$1,200 per person before GST.
- A Singapore Citizen aged 45: 70% of S$1,200 is S$840, capped at S$500.
- A Singapore Citizen aged 30: 30% of S$1,200 is S$360.
- A PR aged 42: 30% of S$1,200 is S$360, because IBF’s table has no separate rate for PRs aged 40 and above.
Total FTS funding is S$1,220, provided all three pass the course assessments and none has already been funded for the same course in the same calendar year. If the course were instead accredited under the IBF Standards, IBF-STS would pay 70%, 50% and 50% with a S$3,000 cap, giving S$840 plus S$600 plus S$600, which is S$2,040.
Common reasons claims are rejected
- Employer not eligible: the company is not on the MAS FI Directory and is not SFA-certified.
- Self-sponsored participant: FTS funds company-sponsored participants only.
- Assessment not passed: completion includes passing all relevant assessments and examinations.
- Repeat in the same year: the same course is funded only once per calendar year per participant.
- Conference or seminar: one-off industry events are excluded.
- Wrong scheme: an IBF Standards-accredited course should be claimed under IBF-STS, not FTS.
- Participant was a speaker or trainer at the course.
How does FTS fit with other training support?
FTS and IBF-STS are funded through MAS’s Financial Sector Development Fund, explained in our Financial Sector Development Fund guide. Many general courses are instead funded by the Skills and Workforce Development Agency, which took over SkillsFuture Singapore and Workforce Singapore in July 2026; see our article on what the SWDA merger means for employer training grants. Do not claim the same course fee twice from different schemes. The company’s net training cost after the grant may still be deductible for tax, as explained in our guide to the staff training tax deduction. Fintechs looking for help with hiring interns or building products should also read our guide to MAS FSTI 4.0, and our directory of Singapore government grants for companies covers support outside financial services.
Frequently asked questions
Can a foreign employee on an Employment Pass be funded under FTS?
No. IBF limits FTS to Singapore Citizens and Singapore Permanent Residents physically based in Singapore.
Does FTS cover GST?
IBF bases funding on the gross course fee charged by the external provider. Course fee subsidies are generally calculated on the fee before GST, so budget GST as a company cost and confirm with IBF if in doubt.
Can we claim for an in-house course?
Yes, if the course is FTS-accredited. The direct training cost is based on the apportioned basic salaries of the internal staff who develop or deliver it.
Are interns and contract staff covered?
Yes. IBF says staff employed for less than one year, including contract staff and interns, qualify, provided they are Singapore Citizens or PRs and are company-sponsored.
Can an unregulated company use FTS for finance training?
No. The employer must be an MAS-regulated FI based in Singapore or an SFA-certified fintech. Other companies should use the general SWDA course-fee subsidies.
Where are the official rules?
On IBF’s Financial Training Scheme page, its IBF Standards Training Scheme page and the IBF claims submission page for financial institutions.
Information checked against official sources on 6 November 2026.
Free grant consultation: is FTS right for your company?
Raffles Corporate Services has in-house certified grant consultants who are experienced with Singapore grant applications and the full grant process, from checking eligibility and preparing the proposal and supporting documents to submitting claims and meeting the conditions after approval. We can arrange a free consultation to review your company and identify which grants, including FTS, may be applicable.
Email [email protected] or WhatsApp +65 8501 7133 to book a time. IBF decides every application, and no consultant can guarantee approval.
Rachel Sim, Raffles Corporate Services