As part of the legislative framework of the Private Education Act 2009, it is a requirement that all Private Education Institutions (PEIs) implement the Fee Protection Scheme (FPS), which serves to protect the course fees that students pay to PEIs in Singapore. Under the FPS, Insworld  is required to collect no more than twelve (12) months of fees from all students, and to protect all our students’ paid course fees via an approved ESCROW account with the Hong Kong and Shanghai Banking Corporation Pte Ltd (HSBC)  approved by the Council of Private Education.

The FPS is compulsory for all international and local students taking courses at PEIs seeking EduTrust certification.  FPS applies for all courses unless waived by the Council for Private Education. 

Students pay their course fees directly into an Escrow Account established with HSBC Pte Ltd. Tuition fees paid by the students will be left in the custody of HSBC, a participating bank in the Student Tuition Fee Account (Escrow) scheme. When specified conditions for its release have been met, the banks will disburse the students’ tuition fees on a regular basis to Insworld. The disbursement will stop if Insworld is unable to continue operations due to insolvency and/or regulatory closure or if Insworld fails to pay penalties or to return fees to students arising from judgments made against it by the Singapore courts.

Implementation of FPS        

The following provides details on implementation of FPS:

• Upon signing a Student Contract with Insworld, the student is required to complete and sign a HSBC Form of Student Escrow
• Insworld will upload the Student’s details to the HSBC EduSphere.  An email notification will be sent directly to the student’s email account
• Insworld will send to the student a Tax Invoice for Course fee due and the HSBC Payment Voucher
• Student shall pay the Course Fees directly into the Escrow Account on or before the dates specified in the Payment Voucher
• Students are expected to bear the Escrow Bank Administrative Charge of S$30.00 per installment which are billed accordingly in the course fees due
• Students are able to check and monitor the status of their protected fees at CPE’s official website http://www.cpe.gov.sg/cos/o.x?c=/cpe/fps&ptid=1133&ptid=1134 under the Fee Protection Monitoring Module

Insworld’s Escrow Account Details:
Account Name: Insworld Institute Pte Ltd – FPS Escrow Account
Account No:  041-595604-002
Swift Code: HSBCSGSG
Bank Name: The Hongkong and Shanghai Banking Corporation Limited
Bank Address: HSBC Lockbox Centre, Robinson Road Branch P O Box 1796, Singapore 903546
Click HERE to view copy of the Master Escrow Agreement. 

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