FINANCIAL SECTOR DEVELOPMENT FUND

Building Talent & Infrastructure for Singapores Financial Centre

FINANCIAL TRAINING SCHEME (FTS)

What Is The FTS ?

The Financial Training Scheme (FTS) is a training incentive financial scheme support designed for to encourage which aim the to development of financial sector expertise by providing programmes enhance the skills and capabilities of the Singapore financial sector workforce.

Who Is Eligible ?
FTS provides grants to the following Singapore based entities sponsoring staff for qualifying training programmes: Financial Institutions; and Other entities regulated by The Monetary Authority of Singapore (either licensed or exempted from licensing) Entities who are significantly involved in supporting financial sector activities (including industry associations or professional bodies) will be assessed for eligibility on a case-by-case basis. Sponsored trainees have to be executive level staff1 physically based in Singapore2, and involved in or supporting financial sector activities. They may be locals or foreigners, either permanent or contract3 staff, and engaged either on a full or part time basis.

Executives refer to professional and managerial staff

engaged in financial or supporting activities such as IT, Legal and Finance. They would generally have degrees, diplomas or other professional qualifications. Staff performing clerical, secretarial and other similar functions are deemed to be nonexecutive staff.
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Costs to be apportioned if training programmes involve a

mix of staff physically based in Singapore and overseas. Version 1 January 2011
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For contract staff, these should be for contracts of 1-year or

more.

How Much Grants Can My Organisation Get ?

1 January 2011. Please note that FTS does not support GST.

Financial Training Scheme (FTS)

The following grant quantums and caps are effective for programmes commencing on or after

Under no circumstances should there be a double claim made for the same cost item. Grants would only be disbursed for staff who have successfully completed the training programme, including any mandatory assessments. External Training Programmes Type Programme Costs 50% of qualifying costs capped Conducted in Singapore Conducted outside of Singapore Programme Costs o o Fees charged by external training providers; and Ancillary costs (if incurred), comprising only of o o o apportioned basic salaries of internal staff contributing to the development and/or delivery of the programme, material costs, rental of external premises & equipment, and food & refreshments only. at S$3,000/- grant per participant per programme 50% of qualifying costs capped at S$6,000/- grant per participant per programme Not Applicable Travel Expenses incurred for each programme

FTS supports the following qualifying costs for external training programmes:

Travel Expenses Airfare; Accommodation for the duration of the programme; and Cost Of Living Allowance for the duration of the programme.

Overseas Attachments Type Conducted outside of Singapore Programme Costs o o Apportioned basic salaries of internal staff involved in developing and/or delivering the programme; and Ancillary costs (if incurred), comprising only of o o o material costs, rental of external premises & equipment, fees charged by external training providers, and food & refreshments. Programme Costs Travel Expenses incurred for each programme

50% of qualifying costs capped at S$30,000/- grant per participant per attachment

FTS supports the following qualifying costs for overseas attachments:

Travel Expenses Airfare; Accommodation for the duration of the programme; and Cost Of Living Allowance for the duration of the programme.

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Financial Training Scheme (FTS)

In-house Developed Programmes4 Type Programme Costs Travel Expenses incurred for each programme 50% of qualifying costs capped at S$6,500/- grant per overseas Conducted in Singapore 50% of qualifying costs capped at S$1,500/- grant per participant per programme. Conducted outside of Singapore internal trainer brought in to train the Singapore-based staff per programme 50% of qualifying costs capped at S$1,500/- grant per participant per programme

FTS supports the following qualifying costs for in-house developed programmes: Programme Costs o o Apportioned basic salaries of internal staff involved in developing and/or delivering the programme; and Ancillary costs (if incurred), comprising only of o o o
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material costs, rental of external premises & equipment, fees charged by external training providers, and food & refreshments.

Travel Expenses Airfare; Accommodation for the duration of the programme; and Cost Of Living Allowance for the duration of the programme.

A programme is deemed to be in-house developed if the grant applicant or a related entity owns the

proprietary rights to the programme.

What Kinds Of Training Programmes Are Supported ?

FTS supports all financial sector related training programmes except for: Orientation and induction programmes; Generic management and other personal development programmes (e.g. MBAs, Advanced Management Programmes)5; Academic programmes (e.g. programmes leading to Bachelors, Masters and Doctorate qualifications); Professional qualification programmes unless approved6; Licensing programmes and examinations (e.g. CMFAS); and Programmes co-funded by other FSDF schemes (e.g. FICS funding) and/or government agencies.
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Soft skills training relevant to the trainees job scope is supported. However, these programmes Approved professional qualification programmes: Professional Risk Manager (PRM) Certification by PRMIA (Professional Risk Managers International Association) Financial Risk Manager (FRM) Certification by GARP (Global Association of Risk Professionals) Foundation Certificate and Diploma by STEP (Society of Trust & Estate Practitioners) Diploma / Advanced Diploma in General Insurance and Risk Management by SCI (Singapore College of Insurance) CII (Chartered Insurance Institute) Diploma in Insurance (Dip CII) offered by SCI CII Advanced Diploma in Insurance (ACII) offered by SCI FSDF Financial Training Scheme (FTS) Page 3

should not be generic but be specific to the needs of the financial sector.
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Financial Training Scheme (FTS)

CII Fellowship (FCII) offered by SCI Islamic Finance Certification by CIMA (Chartered Institute of Management Accountants, Islamic Finance Qualification by SII (Securities & Investment Institute) Investment Administration Qualification (IAQ) by SII Certificate in International Cash Mgt (CertICM) by ACT (Association of Corporate Treasurers) Certificate in International Treasury Mgt (CertITM) by ACT ICA International Diploma in Financial Crime Prevention by International Compliance Association (ICA) Chartered Alternative Investment Analyst (CAIA) programme offered by CAIA Association

How To Make An Application ?

Grants will be disbursed on a reimbursement basis. Each eligible grant applicant should submit a single annual grant application on a prescribed form for all qualifying training undertaken for the financial year (based on programme commencement date), within 3 calendar months of the end of the applicants financial year. The application should only include training programmes that have been successfully completed by staff, including any mandatory assessments. Supporting Documents - Invoices and other supporting documents will not be required to be submitted as part of the annual claim. However, for annual claims above S$100,000/-, each applicant is required to obtain certification from a qualified external auditor of its choice, that the claims are in order. for annual claims up to S$100,000/-, each institution is required to have its internal audit or its compliance (in the absence of internal audit) management staff certify that the claims are in order. Although invoices and other supporting documents are not required for submission, the grant applicant is required to maintain proper records of these documents for a period of five years. MAS may, if it deems fit, request the production of these documents for verification purposes.

Prescribed application forms are available from: Financial Sector Development Fund Secretariat Financial Centre Development Department Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Fax: (65) 6225-3261 Website: www.mas.gov.sg E-mail: fsdf@mas.gov.sg Please note that the Monetary Authority of Singapore (MAS) retains the right to amend the FTS at its sole discretion. Any decision made by MAS with regards to this incentive scheme shall be final and binding.

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Financial Training Scheme (FTS)

Frequently Asked Questions (FAQs)

Q1. Are there restrictions on the form or duration of training? A1. No. The FTS does not impose restrictions on the training duration, form of training (e.g. courses, seminars, conferences, workshops, online programmes) and venue (e.g. external or in-house premises).

Q2. Are there restrictions on the class of travel or accommodation? A2. No. The FTS does not impose restrictions on the class of travel, accommodation and cost of living allowances as long as the grant applicant incurs its share of the cost and grant claims are kept within the relevant grant caps.

Q3. What happens when in-house developed training programmes involve a mix of trainees physically based in Singapore and overseas? A3. Qualifying costs should be apportioned by trainee count when claims are made.

Q4. Is it possible for my organisation to make separate annual grant claims by business units? A4. No. Each eligible legal entity should submit a single annual grant claim at the end of its financial year covering training activities undertaken by the entire entity. Q5. Can individuals apply for FTS co-funding on their own? A5. No. Only Singapore based entities which are engaged in, promote or support financial activities are eligible to apply for FTS funding support when sponsoring staff for qualifying training programmes.

Q6. How do you define basic salaries of internal staff? A6. Basic salaries refer to the staffs gross salary. This would include employees CPF contributions but exclude employers CPF contributions. All allowances (eg: transport, medical, overtime) should also be excluded. Q7. Are financial advisors, insurance agents and remisiers representing an entity considered employees of that entity? A7. Yes. They are deemed to be employees of that entity for purposes of FTS grants.

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