Falco Academy Pte Ltd
General FAQs

General FAQs

  • IBF Enhanced Course Fee Subsidy Funding *Source from IBF Website*

    What is the IBF Financial Training Scheme?

    The IBF Financial Training Scheme  provides course fee subsidies to eligible company sponsored individuals who complete the financial sector-specific training courses recognized under FTS.

    Who is eligible for the enhanced course fee subsidy?

    Company-sponsored individuals are eligible who are Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore, are Singapore for the enhanced course fee subsidies.

    Know more about the enhanced course fee subsidy

    The enhanced course fee subsidies (90%) will apply to IBF FTS courses that commence  on or after 8 April 2020, up to 31 December 2021, and are completed no later than 31 March 2022.

    For IBF recognised courses that commence between 1 January 2022 and 30 June 2022, completed no later than 30 September 2022, the enhanced subsidies will be 80%.  However, Singapore Citizens aged 40 years old and above will continue to be eligible for 90% co-funding of course fees. The course fee subsidies are subject to prevailing grant cap.

    The enhanced course fee subsidies (90%) will apply to IBF FTS courses that commence on or after 8 April 2020, up to 31 December 2021, and are completed no later than 31 March 2022. For IBF recognised courses that commence between 1 January 2022 and 30 June 2022, completed no later than 30 September 2022, the enhanced subsidies will be 80%. However, Singapore Citizens aged 40 years old and above will continue to be eligible for 90% co-funding of course fees. The course fee subsidies are subject to prevailing grant cap.

    Eligible companies include Singapore-based Financial Institutions (licensed or exempt from licensing by MAS) and FinTech firms certified by Singapore FinTech Association.

    Who will be assisting with the FTS enhanced course fee claim?

    The claim will be administered by Falco Academy.

    How do I be qualified to enrol for Financial Training Scheme (FTS) courses?

    For FTS courses that charge nett fee,you will be required to provide a letter of support from your Financial Institution
    principal during application for the course to qualify for the nett fee.

  • IBF Training Allowance Grant *Source from IBF Website*

    What is the Training Allowance Grant for?

    The Training Allowance Grant is part of MAS’ support package to encourage financial institutions and FinTech employers to make use of the downtime in business activity, to train and deepen the capabilities of their employees such that the workforce can be in a position of strength when the economy recovers.

    Who is eligible for the Training Allowance Grant?

    Eligible Companies who are supporting their employees for training. Eligible companies refers to :
    1. Singapore-based financial institutions regulated by MAS;
    or
    2.FinTech firms certified by the Singapore FinTech Association.

    How does my company apply for the Training Allowance Grant for me?

    Financial Institutions and eligible FinTech firms can submit a training allowance grant claim through the IBF Portal upon course completion. Claimants will be required to include relevant documentation, including a certification of course completion, as part of the claim application.

    How does my company apply for the Training Allowance Grant on behalf of (i) licensed representatives (e.g. insurance agents, financial advisers, and remisiers) who are agents of my company or (ii) General Insurance (GI) agents registered with General Insurance Association’s (GIA) Agent Registration Board who have paid on their own for the IBF recognised FTS courses and successfully completed it?

    A Financial Institution (FI) principal can submit a training allowance grant claim on behalf of its licensed representatives or registered agents through the IBF Portal upon their successful completion of the FTS course. This applies to courses taken by the licensed representatives or registered agents commencing 8 April 2020 onwards. Claimants will be required to include relevant documentation, including a certification of course completion, as part of the claim application.
    The training allowance grant should be fully passed on to these representatives and agents.

    Is there a deadline for the submission of the Training Allowance Grant?

    Application must be submitted to IBF within 3 months from the end of the month of the
    completion of your employees’ training and no later than 31 December 2022.
    Please ensure that the claim records for the month are consolidated for submission.