SINGAPORE - Funding for certain financial sector training schemes is being scaled down as subsidies slowly return to pre-pandemic levels while the focus increases on growth areas.
Funding will be cut for the IBF-Standards Training Scheme and Financial Training Scheme, said the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) on Wednesday (July 6).
A new funding regime kicks in on Oct 3 for the categories of critical core and future-enabled skills provided under the IBF-Standards Training Scheme.
These will be available only to Singapore citizens and permanent residents employed in the financial sector. This refers to those working at financial institutions or fintech firms certified by the Singapore FinTech Association.
Such funding is now available to both local workers employed in the financial sector and those who are self-sponsored.
The scheme provides funding for courses covering key skills in the financial sector, including problem solving, communication and data storytelling.
Subsidies for local workers attending accredited training programmes under the scheme will be cut from 70 per cent now to 50 per cent from Jan 1 next year.
Citizens aged 40 and above will be eligible for 70 per cent co-funding, compared with 90 per cent now, while the grant cap on these subsidies will be cut from $7,000 to $3,000 per participant for each programme.
Funding will also be cut from Jan 1 for the Financial Training Scheme. Subsidies for local workers attending recognised skills programmes will be cut from 50 per cent to 30 per cent.
Citizens aged 40 and above will be eligible for 70 per cent co-funding, compared with 90 per cent now. The grant cap on these subsidies will be reduced from $2,000 to $500 for each participant for each programme.
The revisions follow earlier MAS and IBF announcements that they would enhance funding for talent development programmes in key areas and progressively return subsidy rates under the IBF training schemes to pre-Covid-19 levels.
They noted that the amount of funding for financial sector training schemes has grown more than 10-fold to about $140 million a year compared with pre-pandemic days. This has involved ramping up certain talent development programmes and temporarily enhancing training course subsidies to help the sector tide over the crisis.
They will place more focus on reskilling existing professionals to move into growth segments such as tech and wealth management, and support the development of entry-level talent in expanding areas.
Funding doubled last September for areas such as green finance, technology, digital and data analytics, and private banking and wealth management.
MAS and IBF will also enable more Singaporeans to take on international, specialist and leadership roles, including in Asia.
More than 76,000 individuals benefited from training support and talent development programmes last year, they noted.
They added: "Training participation remained strong in the first quarter of 2022, with close to 25,000 individuals supported despite training subsidy rates being progressively stepped down from Jan 1.
"This is a positive reflection that the training and upskilling culture in the financial sector workforce has taken root."
