Singapore is a rare example of a nation-state taking proactive steps to support a comprehensive framework for developing technologies. With CFTE being part of the Fintech industry, this has obvious appeal to us. It’s no secret that there is currently a lack of workers with the relevant tech skills in this industry. However, public programmes such as SkillsFuture and Professional Conversion Programmes (PCP) demonstrate how the Singapore government is pushing for to upskill its workforce to adapt to new technologies that are in line with its Smart Nation vision.
CFTE created the first industry-led course for AI in Finance, a SkillsFuture-accredited course in partnership with Ngee Ann Polytechnic, a leading institution of higher education. Along the way, we quickly realised that many Singaporeans are simply unaware of funding on offer for accredited courses, as well as how to use their SkillsFuture Credits effectively. Simply put, many Singaporeans aged 25 and above have no idea that they’re eligible for $500 in free credits!
As a result, we want to break it down for you. Here’s our easy three-step guide explaining how to use SkillsFuture Credits to kickstart your career in Fintech, with AI in Finance used as an example:
1. Know Your Rights
Whether you want to upskill yourself or are part of a learning and development department looking to upgrade your collective knowledge, there are plenty of courses that have been accredited by Singapore, with enticing subsidies to boot!
SkillsFuture Singapore in Numbers:
- Over 18,000 available courses
- More than 285,000 people have benefited from SkillsFuture Singapore
- At least 4,600 have enrolled in ‘SSG for the Digital Workplace’, learning functional skills for the future digital economy
- At the same time, you can identify eligible courses for SkillsFuture credits through the course directory here
Funding and Potential Subsidies for Singapore citizens:
- SG$500 worth in credits if you are aged above 25
- Accredited courses will be partially funded by the state, with 70 to 90% funded for those aged above 40
On the Training Exchange page, you can search for courses related to certain areas of training, industry sectors, supporting agencies and types of training providers. Popular courses include the likes of Fintech, language skills, innovation in business, cybersecurity and more.
On the course page, you will find information such as:
- Claim periods
- Mode of training
- Training duration
- Course language
- Prerequisites and minimum qualifications
However, it’s important to note that not all courses are hosted on the directory! To enrol and verify information like dates and course structure, you should get in touch with the course provider directly. This may be more effective if you refer to their website and, if available, attempt to enrol via their enlisted contact details.
2. Define Your Dream Course
It’s vital that you set some objectives for your ideal course(s). This gives you time to reflect on the areas of need in your career and will eventually optimise the outcome of anything you may learn.
Naturally, different courses will have differing levels of accreditation and prerequisites. It’s important to understand the aspects of the courses, and especially how they relate to or affect your future desired career.
Using Fintech as an example, you may already recognise the widespread industry disruption from emerging technologies like Artificial Intelligence. This evolution urgently calls for an appropriately skilled workforce. The CFTE AI in Finance course fulfils this industry need while providing a clear educational framework for professionals such as:
- A good understanding of the main concepts behind AI, including machine learning, deep learning, natural language processing and more
- Learning to identify potential use cases of AI in different sectors of finance
- Understanding the opportunities / challenges of implementing AI
To top it all off, you will also achieve SkillsFuture accreditation!
3. Apply for a course using your SkillsFuture Credits
Register for your desired course either directly via the course provider or through the SkillsConnect directory.
Using the example of AI in Finance, here’s how to claim directly via a course provider:
- Head to www.np.edu.sg/lifelonglearning/Pages/aifinance.aspx
- Click on the button labelled “Singaporean/Singapore PR Who Are Working Adults To Enjoy Subsidies” below “Apply Now As”.
- Sign in with your SingPass ID and fill in any relevant details.
- Complete the application and wait for confirmation from Ngee Ann Polytechnic.
As mentioned earlier, the course is SSG (SkillsFuture Singapore) accredited, with a standard price of SG$963. However, with state funding, you will qualify for extensive subsidies:
- Singapore citizens and PRs: $288.90
- SC Qualified for WTS (Promo code: WTS): $63.90
- SC Aged 40 and Above: $108.90
- SC & PR Sponsored by SME (Promo code: SME): $108.90
This accreditation means users can pay the remaining amount with their allotted credit. Here’s how to claim via SkillsFuture Credit:
- Login to www.skillsfuture.sg/credit/
- Click on “Login via SingPass”.
- Login using your NRIC and SingPass ID.
- Alternatively, you may also scan the QR code using the Singpass Mobile app to login.
- Enter the course code: NP_SFAIFIN
- Click on “Claim SkillsFuture Credit”.
- Double check that your details are correct and confirm your claim.
That’s it, you’re done!
We hope this guide has helped you understand how easy it is to claim and use SkillsFuture credits on SSD accredited courses. You can also look around for our other courses to learn more about the latest trends in Fintech today.
It goes without saying that you should embrace this opportunity to upskill yourself by taking advantage of these subsidies. This is a rare opportunity to prepare yourself and hone your skills, gaining industry accreditation and becoming a better professional!
We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.
- Q&A with Ronit Ghose – Part 2
- Q&A with Ronit Ghose – Part 1
- How to Use SkillsFuture Credits to Start Your Career in Fintech
- Why is Extrapreneurship Important?
- How AI in Finance Affects Human Capital