The IBF Standards is a set of internationally-benchmarked competency standards, developed by the industry, for the industry. It is a comprehensive quality assurance framework with both an accreditation and a certification system.
The IBF Standards a practice-oriented approach to talent development for financial practitioners. Certification under the IBF Standards is an industry endorsed mark of quality that recognises individuals who exhibits professional excellence, integrity and commitment to the industry.
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial sector. From its early days of offering banking diplomas to Singapore bankers, through to the administering of licensing examinations, IBF has worked with the Monetary Authority of Singapore (MAS) and the financial industry to promote continuous learning and the highest standards of workforce competency
The ICA’s qualifications offered in Singapore receive national recognition from the Monetary Authority of Singapore (MAS). MAS is Singapore's central bank, and supervises the banking, insurance, securities and futures industries, and also manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector. MAS is an integrated supervisor overseeing all financial institutions in Singapore: banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
MAS recognition of ICA qualifications is quality assured: the qualifications are aligned to the FICS certification requirements and to nationally recognised workforce skills qualifications (WSQ). The quality of WSQ is assured by the Singapore Workforce Development Agency (WDA).