Latest Forum Topics /
IFAST
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Rowsley is brewing!
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alexvar
Senior |
10-Feb-2025 21:59
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General Announcement by ifast FSMOne: Revolutionising ETF Trading with Flat Processing Fees Constant competition in brokerage fees. ifast is doomed to lower fees and lower margins?! |
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dontbetray
Master |
05-Feb-2025 12:29
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Ifast portfolio in CNMC looking bright due to goods earning and bull run in gold price. their portfolio in China tech also good due to Alibaba Qwen breakthrough. Deepseek also improve China tech sentiment |
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behonest
Senior |
03-Feb-2025 01:02
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Ifast also invest in cnmc listed in Sgx. Cnmc is in gold sector. Now gold breaking record
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leroy55
Veteran |
30-Jan-2025 12:23
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since many china fintech and rest is moving to malaysia as headquarter, i quite confidently they will have a good chance to get it if they reapply.
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leroy55
Veteran |
29-Jan-2025 23:57
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ifast got alot of china tech portfolio. let hope this open AI by deepseek and alibaba will push it portfolio higher. | ||||
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dontbetray
Master |
27-Jan-2025 19:36
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Can China tech deepseek help China fintech Ifast in terms of Chinese sentiment? | ||||
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turtletrader
Senior |
15-Jan-2025 11:24
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Make lots of sense. If don' t go to Europe, HK & China - then just stay in Sg? If just stay in Sg, how to have fast growth & scalability?
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Nippon72
Veteran |
14-Jan-2025 20:53
Yells: "Dude, is ALWAYS Time in the market than Timing the market! " |
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For whatever conspiracy theory or reason that we might have for iFAST why they are unable to secure a banking licence in Malaysia or Singapore, they can only either go China, Europe/UK for expansion. For iFAST financial might, they can only go for smaller banks and hopefully to turnaround it. Why would bigger or profitable banks doing well ones let iFAST to acquire it or have a stake? Buy at a price with resurrection/turnaround play in mind. Meanwhile collect their divvy as a fuel to keep your faith going. Vested way before iFAST even went into UK. |
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alexvar
Senior |
13-Jan-2025 17:21
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from their public announcements lor. The constant losses in 2022, 2023, Q1-Q2-Q3 of 2024 and thus, the whole year of 2024, in the UK. maybe they will do some creative accounting to show " profit breakeven" in the last Q4 of 2024. |
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leroy55
Veteran |
13-Jan-2025 16:19
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where u got the news? they lose
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alexvar
Senior |
13-Jan-2025 14:46
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damn stupid lah keep losing money in the UK, and now, looks to borrow more SGD, and lose more cash in the EU. |
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Joelton
Supreme |
13-Jan-2025 10:55
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iFast mulls more banking licences in the EU, Singapore amid global push
The company&rsquo s banking business is a key part of its three-year plan, which includes reaching a target of assets under administration of S$100 billion by 2028 to 2030
WHEN iFast bought a bank in the UK in 2022, it had ambitions to build a &ldquo truly global business model&rdquo that serves customers from around the world from a few key locations.
Two years later, the digital bank has narrowed its losses and is expected to turn profitable in the fourth quarter of its 2024 financial year.
And iFast chief executive Lim Chung Chun expects more opportunities for the company to apply for licences at &ldquo a couple more locations&rdquo to boost its global model.
For starters, he has set his sights on the European Union (EU) and Singapore.
&ldquo We don&rsquo t need to go to get a licence in too many countries, since the strength of the business model is being able to have customers from around the world by operating from just one or a few locations,&rdquo Lim said in an interview with The Business Times.
&ldquo Having said that, there are probably still one or two other locations that we will be looking into more closely for the opportunities, so that we can tap into this global opportunity better,&rdquo he added.
Lim noted that the EU is a big market and has close proximity to the UK. He said: &ldquo Our initial success and progress that we have seen in the UK is telling us that the opportunity is real.&rdquo
Meanwhile, Singapore is home base for the wealth management player. While it had unsuccessfully applied for digital banking licences in the Republic back in 2021, Lim hopes it can take &ldquo a more active approach&rdquo in trying for a licence again over the next few years.
iFast&rsquo s banking business &ndash known as iFast Global Bank (iGB) &ndash is a key part of its three-year plan, which includes reaching a target of assets under administration (AUA) of S$100 billion by 2028 to 2030.
Group AUA rose 23.6 per cent year on year to reach S$23.6 billion as at the third quarter of 2024. This was amid a 53.4 per cent rise in net profit to S$64 million in Q3, as revenue rose 49.7 per cent to S$99.1 million.
Untapped potential
Banking is an area that Lim sees &ldquo very substantial untapped potential&rdquo . Even though it is the oldest segment in the financial sector, he noted opportunities, particularly in wealth management for retail and mass affluent clients.
He noted that today&rsquo s banks do not need to be constrained by geography when acquiring clients due to global connectivity &ndash a trend largely seen in the high-net-worth space, such as with global private banks.
Yet, similar offerings are not yet available for retail or the mass affluent market segment, Lim said.
&ldquo There is a very substantial demand from people around the world to have a bank account outside their home countries, but most banks are not catering for them, or not actively trying to tend to that segment.&rdquo
The CEO noted that for offshore investing, one of the first things customers do is to open a bank account, yet the process remains difficult outside one&rsquo s home country.
&ldquo By having a bank within the ecosystem where they can open a bank account, this accelerates our ability to directly address this group of customers from various countries,&rdquo he said.
This should also bring synergistic benefits to iFast&rsquo s main profit driver &ndash its wealth management platform.
For example, &ldquo quite a lot of clients&rdquo who started banking with iFast through the UK-based bank have already transferred funds to Singapore, where they invest through its platform.
As at Sep 30, 2024, iGB&rsquo s deposits stood at S$805.6 million, up from S$358.6 million as at Dec 31, 2023.
Currently, 70 per cent of deposits come from non-UK residents from over 90 countries, with a number of Asian countries contributing to the bulk of the non-UK deposits.
This synergy and integration is something that Lim expects to be a growing trend that can accelerate the growth of its investment platform as well.
Meanwhile, iFast has &ldquo pretty clear advantages&rdquo compared to traditional banks, such as its faster speed in technology innovations and lower costs, Lim said.
In fact, the company&rsquo s operating costs are even lower than that of the digital banks awarded licences in Singapore, he said.
Lim views the banking space as less competitive than the investment space, mainly because more players get created in the latter than the former each year.
Three-year plan
Another target of its three-year plan was to accelerate the growth of its Hong Kong business as it delivers on its ePension services.
Lim noted that the ePension business is currently in its ramping up phase. The division is also preparing to launch its in-house digital pension solution platform in the first quarter of 2025, which will help contribute to its overall AUA target.
A key thing is to ensure that iFast can run the business efficiently, he said.
&ldquo We want to continue to deliver the service very well in the years ahead, so that the project hopefully will last much longer, well beyond (the current contract of) seven years.&rdquo
Lim expects the platform business will continue to grow at a good pace in the longer term, even though it still sees fluctuations in the short term due to changes in market conditions.
Commenting on iFast&rsquo s share price, Lim noted that the company is more focused on its plans to grow revenue and profitability.
Shares of iFast had fluctuated over the years &ndash it surged 180 per cent in 2021 amid a spike in market trading activity, but lost 30.5 per cent the following year. Shares rebounded 40.6 per cent in 2023 before slipping 9.7 per cent in 2024.
In the year to date, the counter has dipped 1.5 per cent to close at S$7.31 on Friday (Jan 10).
&ldquo More importantly are the overall fundamentals &ndash the actual growth in revenue and profitability,&rdquo Lim said.
&ldquo That&rsquo s why, in the last two to three years, we have been talking about our plans because there were some new strategies that we wanted to articulate better.&rdquo
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turtletrader
Senior |
13-Jan-2025 08:31
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Tide may be turning to be more positive:). Vested. https://www.businesstimes.com.sg/companies-markets/ifast-mulls-more-banking-licences-eu-singapore-amid-global-push |
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turtletrader
Senior |
10-Jan-2025 13:47
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Aiyo, so much negaitve news on iFAST (bad news on UK economy, Temasek selling, Sakura short selling etc).....share price must be crashing due to these bad news. Just check after lunch this afternoon:- STI: - 70points (-1.8%) DBS: -97 cenys (-2.16%) OCBC -45 cents (-2.57%) iFAST -7 cents (-0.95%) How come iFAST down much less than the market:) Looks like iFAST is a resilient stock. Waiting for Feb announcement on 4th Q results & impact of UK economy on its IGB business. |
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alexvar
Senior |
09-Jan-2025 21:08
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Bad news for the UK economy and the so called Ifast global bank. UK government seeks to quell turmoil in bond markets as the UK borrowing costs soar. GBP Pound falls to 14-month low! |
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alexvar
Senior |
07-Jan-2025 18:21
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Temasek dumped more shares of ifast today. 75,000 Shares disposed of by CP Invest Ltd. (" CP Invest" ).
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NL1730
Member |
03-Jan-2025 07:36
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iFAST Corporation (SGX: AIY), a leading fintech and wealth management platform, delivered exceptional financial results in 3Q2024, cementing its position as a key growth stock. The Group reported a 97.3% year-on-year increase in net profit to S$16.81 million, driven by strong 23.6% growth in Assets Under Administration (AUA) to a record high of S$23.62 billion. Net inflows of S$0.81 billion during the quarter highlight investor confidence in iFAST&rsquo s platform amidst favorable market conditions.... |
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tangsookiam1947
Master |
02-Jan-2025 20:43
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if one day, they can sell 500,000 shares, just need 2 to 3 months to dump all 35 mil shares..
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alexvar
Senior |
02-Jan-2025 18:20
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ifast ceo, Malaysian citizen Lim CC just exercised to buy his share options. 400,000 shares for $508,000 SGD ~$1.27 per share! haha it is good to be CEO! |
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turtletrader
Senior |
31-Dec-2024 11:21
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Thank you for the explanation. The various vehicles traed to Hotel Properties (HPL) is interesting as HPL is in the midst to redevelop The Concord Hotel at Orchard Road. HPL needs additional fund for that project. The sale seems logical as hotel business is core to HPL. Not surprising if one connect the dots, not so much on the outlook of iFAST.... But it does mean harder for iFAST to chiong in the short term with quite a motivated seller to supply shares when share prise rebound.
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