The Financial Sector Development Fund (FSDF) was set up by the Monetary Authority of Singapore (MAS) to facilitate the manpower and capability development for Singapore 's financial sector.
In recognition of the important role the FICS will play in building capabilities of the Singapore financial sector workforce, the MAS has, on 12 June 2006, announced the availability of a funding scheme under the FSDF, to assist financial institutions in implementing the FICS. The funding will support training and assessment activities under the FICS framework.
- Programme fees incurred by financial institutions in sponsoring staff who have successfully completed a FICS accredited training programme
- Fees incurred by financial institutions in sponsoring staff who have successfully undergone a FICS accredited assessment programme
The funding support is available for programmes that are completed between 12 June 2006 and 31 December 2008.
The funding support is available only to the following institutions:
- Singapore based financial institutions,
- industry/professional associations,
- financial training providers, and
- other entities that are involved in financial activities (e.g. legal and accounting firms, finance and treasury centres, commodity trading firms etc).
Supported participant can be a Singapore citizen, permanent resident or foreigner, but the person must be based in Singapore, and hold a work position here or being sponsored by a ‘surrogate employer', such as an industry association.
Participant has to complete the programme for the sponsoring organisation to be eligible for the grant.
Click here for details on eligible activities and application procedures available on IBF website.
a) Training
Eligible institutions can seek funding support of 70% for the training course fees incurred by the organisation in sending their employees to attend a training programme that has been accredited under the FICS. The funding support is capped at S$4,200 per participant per programme. This is regardless of how many competency units are covered in that programme.
b) Assessment
Eligible institutions can seek funding support of 70% for the assessment fees incurred by the organisation in sending their employees to undergo a competency assessment programme that has been accredited under the FICS. The funding support is capped at S$500 per participant per successful assessment. This is regardless of how many competency units are covered in that programme.
b) Training and Assessment
Eligible institutions can seek funding support of 70% for the training course fees incurred by the organisation in sending their employees to attend a training and assessment programme that has been accredited under the FICS. The funding support is capped at S$4,200 per participant per programme. This is regardless of how many competency units are covered in that programme.
