Latest Forum Topics /
IFAST
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up and coming
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tangsookiam1947
Master |
08-Sep-2024 09:45
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iFASTCorp-AR2023.pdf With the Group AUA hitting record high, and with initial contributions from the ePension division, for 2023 as a whole, the Group&rsquo s net profit increased by 340% YoY to S$28.3 million, on the back of a 23% increase in Group' s total revenue to S$256.5 million. The year 2024 has started on a relatively positive note, with our AUA crossing the S$20 billion mark (S$20.5 billion as of end Feb 2024). We are hopeful that in 2024, we will be able to see healthy growth rates for our core wealth management platform business. The wealth management industry is a huge industry globally. A huge industry means huge opportunities, but it typically also means that there will be many players in the industry. When there are many players offering the same type of services, price competition will set in, leading to a squeeze in revenue and profitability In iFAST, we make it a point to constantly look ahead into the future and look for opportunities to continuously improve on our services and be able to differentiate ourselves. We are generally also in pursuit of blue ocean business strategies which open up vast areas of new growth opportunities. Between 2000 and 2014, iFAST was essentially running a unit trust platform, with B2B and B2C strategies. From 2015 onwards, iFAST increasingly became a comprehensive wealth management platform in the key markets that we are in. We see our drive towards being a comprehensive platform as being our first wave of substantial improvements in business differentiation. Those efforts have substantially helped our growth, as can be seen in the chart below showing the growth in net revenue that the Group achieved over the years. We are currently near the beginning of our second wave of substantial improvements in business differentiation. These improvements include having a digital bank within our Group' s Fintech ecosystem, having a clear strategy towards achieving a truly global business model, and adding additional services that are complementary to our digital banking and wealth management platform such as payment related services and a bond market place. We believe that as we make progress in this second wave of substantial improvements in business differentiations, our business model will become more scalable and we will be able to enjoy robust growth rates over the next five to ten years. We believe that several years down the line, shareholders will be able to see that our decision to buy a full-licensed UK bank in early 2022 has been a transformative move which substantially raises the Group&rsquo s long-term growth potential. In our view, banking is the least competitive part of the financial sector, as there tends to be very few new players in the banking industry in most countries. There are far more players in fund management, stockbroking and wealth management distribution and advisory, and many new players are emerging every year. We also believe that compared to most banks and big financial institutions, we have a clear advantage in our technological capability in terms of speed and costs of rolling out new technologies. In today&rsquo s digital world, this substantially improves our ability to become a leader in our business segments. On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust growth rates in revenues and profitability compared to 2023. The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. We expect iFAST Global Bank to post a reduced loss in 2024 compared to 2023. iFAST Global Bank is targeting to breakeven by 4Q2024, driven to a large extent by growth in net interest income as the deposit base continues to grow. Our ability to roll new technological innovations at relatively low costs allows us to have a shorter path to profitability compared to most new banks. iFAST Global Bank is expected to become an important growth driver for the Group in 2025 and beyond. |
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uiop1223
Supreme |
07-Sep-2024 17:17
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No la. Everyone entitled to own views
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alexvar
Senior |
07-Sep-2024 15:32
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Omg! what is going on?! Should Master Leong and Sakura ' research' be investigated by Cad, Mas, and Sgx?! SGP markets need to be transparent and protected! Be safe. DYODD.
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tangsookiam1947
Master |
07-Sep-2024 10:11
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How to open an international bank account in UK from India | iFAST Global Bank (youtube.com) Indian Influncer with more than 100k Subscribers!! |
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tangsookiam1947
Master |
07-Sep-2024 10:07
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Vlog咪 ｜ iFAST Global Bank特 約 ： 我 哋 問 ． iFAST答 ＊ 銀 行 內 幕 大 揭 秘 ＊ 開 戶 優 惠 加 碼 移 民 前 「 必 備 」 ＊ 新 加 坡 背 景 英 國 持 牌 銀 行 ＊ 無 地 域 界 限 存 款 保 障 £ 85000＊ 片 尾 重 磅 彩 蛋 (youtube.com) 110,000 subsribers? wow... |
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tangsookiam1947
Master |
07-Sep-2024 09:56
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Qn - For iFAST Global Bank, what do you think is the most significant growth driver for deposits, as you will need over $750 million new deposits to breakeven by the end of this year? iFAST Global Bank (iGB) consists of 3 business division, namely (i) Digital Personal Banking (&ldquo DPB&rdquo ), (ii) Digital Transaction Banking (&ldquo DTB&rdquo ) and (iii) EzRemit business. In my opinion, the division with the biggest potential will be from the Digital Personal Banking. This is the part of the business where we are looking to be able to attract customers from all over the world to open account with iGB and put deposits in. Currently we have customers from over 70 countries with accounts opened with iGB. The deposit base is more concentrated from a few countries, about one-third of deposits is from UK residents, and the remaining from other regions. What we are seeing is, the demand that we are expecting from customers who want to open bank accounts outside their home country has proven to be true, and we are seeing deposits coming in. Some digital banks tend to burn huge amounts of money to acquire business before seeing the inflows, while for iGB, we are able to see natural demand bringing in deposits, and this is the premisethat we actually have when we acquired the bank and set up the division. From our perspective, a Bank is an institution that allows us to let various customers from around the world to open account and to deposit cash, where we then collect the deposits and we make a spread of around 1%, 1.25%, to 1.5%, and we have taken a low-risk approach with a conservative balance sheet strategy. With the ability to collect deposits from around the world, and given the potential upside, DPB is the biggest driver that we are looking at going forward. While we expect the other parts of iGB to grow, including Digital Transaction Banking and EzRemit, the key reason as to why the bank was acquired was for personal banking, which is also synergistic with our wealth management platform business. We have already seen some customers who have open accounts with iGB who have also realised that they are able to transfer monies to a Singapore platform, where we have made it seamless for them to also do their investments with iFAST. |
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tangsookiam1947
Master |
07-Sep-2024 09:52
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wealth management is a sunset industry? hahaha.... 2Q2024 & 1H2024 iFAST Corp Results Presentation (sgx.com) &bull In 2Q2024, the Group&rsquo s net profit increased by 346.1% YoY to S$16.03 million, on the back of a 72.9% increase YoY in Group&rsquo s gross revenue to S$93.75 million, and a 93.0% increase YoY in net revenue to S$61.38 million. &bull The increase in profitability was driven by contributions from the ePension division, as well as improvements in the Group&rsquo s core wealth management platform business. &bull At the end of 2Q2024, Group AUA increased to a record high of S$22.37 billion, driven by net inflows of S$0.79 billion during the quarter. &bull iFAST Global Bank&rsquo s customer deposit amounts grew to S$646.62 million as at 30 June 2024, an increase of 80.3% year-to-date. This contributed to a 265.3% YoY growth in net interest income to S$1.85 million in 2Q2024. iFAST Global Bank adopts a conservative stance in terms of its balance sheet strategy, with the vast majority of the client deposits being held as cash with the Bank of England and with other banks, as well as short duration sovereign bonds and investment grade bonds. &bull iFAST Group is steadily increasing its capability and presence as a global digital banking and wealth management group, with iFAST Global Bank as part of its global Fintech ecosystem. The Group expects iFAST Global Bank to become an important growth driver in 2025 and beyond. &bull The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. &bull On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust growth rates in revenues and profitability compared to 2023. &bull For the second interim dividend for FY2024, the Directors proposed a dividend of 1.50 cents per ordinary share (second interim dividend for FY2023: 1.10 cents per ordinary share). |
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like2learn
Veteran |
07-Sep-2024 02:47
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master explain iFast situation ...
US Jobs Report Tonight! Nvidia AI Chips Cheap in China! iFast is Gone Case! https://www.youtube.com/watch?v=cEM2_FPLAEM |
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tangsookiam1947
Master |
06-Sep-2024 23:30
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Can MAS or CAD investigate and see if there is any breach of financial regulations?
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st3p178
Member |
05-Sep-2024 14:36
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Sakura research never read the bakance sheet and P& L in details. they must be some blind mice... actually no need to reply. The next few quarter reports will speak for itself. 🤣 🤣 🤣 |
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alexvar
Senior |
05-Sep-2024 12:49
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i know right! why would we even read Sakura ' research' , when they don' t have a corporate website! Sakura must be investigated by Cad, Mas, Sgx, and then sent to changi prison. we better trust iFast management and Mr Lim CC blindly.  |
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Fataaa
Senior |
05-Sep-2024 12:09
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this sakura don' t even have a proper corporate website is a short seller meh??? | ||||
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KennyTanKW
Member |
04-Sep-2024 21:54
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So you are from Sakura! Don't come and talk nonsense here. I am vested. | ||||
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uiop1223
Supreme |
04-Sep-2024 19:21
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I see? anyway, mkt ignored shakura 😂 | ||||
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turtletrader
Senior |
04-Sep-2024 16:44
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This is the 3rd time you replied to my post and so pro Sakura. Are you part of Sakura team:)
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turtletrader
Senior |
04-Sep-2024 16:40
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Youtuber has name when they shared. So there is no need of investigation to reveal who is the youtuber. I am not against peopel having contrary views against iFAST. If youtuber say defamatory remark against iFAST, DBS or any company, the company can use legal recourse against the youtuber. We forumers just buy popcorn and watch drama:) Sakura Research has no identifiable person behind the website and it says there is accounting trick to inflate the opetating cash numbers etc. Why don' t come out openly like Muddy Water Research and make the allegation? Then we can wait for iFAST to respond openly to a known person and watch the show:)
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uiop1223
Supreme |
04-Sep-2024 16:23
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Sakura states in its terms that its opinion sharing only. Any youtuber can also share views whether to short or long, alwasy indicate upfront its for sharing purpose and not meant as financial advice to readers. Does MAS , CAD , sgx needs to investigate all ? | ||||
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alexvar
Senior |
04-Sep-2024 15:29
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Indeed, Sakura team should be investigated by Mas, Sgx, Cad, and maybe even the PM Office for their research and allegations! I think that Mr Lim CC can easily address all the questions and allegations raised about iFast, including iFast operating cash flows, increasing balance sheet stress and increasing Balanse Sheet leverage, and the allegedly suspect accounting tricks. So far, I have read this: " In response to queries from Business Times, iFast declined to comment on most of the allegations made by Sakura Research." DYODD. |
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turtletrader
Senior |
04-Sep-2024 14:05
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Thank you for your summary. You are speaking to the convert and I do not have issue with iFAST' s explaination through Business Times yesterday. I think it is a test on Mr. Lim CC & his team, if the team passes the test, it will garner more shareholders & support, part of development of listed company. iFAST' s business model is quite unique & scalable. So I hope it continue to grow well and give us shareholders with increasing dividends in the future. The other key request to SGX is to investigate Sakura Research - while it is not ilegal to do short-selling in Sg, hiding under the cover of anonymous identity is not good for the market. Muddy Water Research did short sell, but we know Calson Block is behind the research entity. Who is behind Sakura Research? Even Business Times could not uncover...so hopefully regulator such as SGX/MAS could assist.
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uiop1223
Supreme |
04-Sep-2024 06:52
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Short selling is not banned in sgx. I absolutely love shorting sgx companies. I read the shakura report. Financial sttms and forward looking projections are subjective and up to readers whether they believe the contents. dont see why opinions cant be shared, unless in communist china. U prefer to live in China? | ||||
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