iFast secures MAS trust business licence, enhances wealth management capabilities

Straits Times

02-05-2025

IFast Global Trust aims to lower conventional barriers and extend trust solutions to more investors. PHOTO: IFAST
SINGAPORE - IFast Corp announced on May 2 that its global trust, a Singapore-incorporated entity within the group, has been granted a trust business licence by the Monetary Authority of Singapore.
This development expands iFast's wealth management capabilities by enhancing its platform to support clients across the entire wealth lifecycle, from accumulation and growth to preservation and legacy planning.
Trust structures historically play a crucial role in preserving generational family wealth, offering financial security for dependents such as minors and the elderly, facilitating business continuity and succession planning, and protecting assets against potential risks or mismanagement.
However, trust solutions are typically limited to high-net-worth (HNW) individuals, largely due to high costs, complex structures and stringent entry requirements.
With the establishment of iFast Global Trust, the group aims to lower conventional barriers and extend trust solutions to more investors. The new offerings will cater not only to the HNW segment through bespoke structures, but also to the broader market by removing typical constraints such as high minimum asset thresholds and cumbersome onboarding processes.
These trust solutions are powered by iFast's proprietary IT infrastructure, and will be accessible via iFast Singapore's business-to-business platform for financial advisers and other financial institutions, business-to-consumers FSMOne platform, and the adviser-assisted iFast Global Markets platform.
Tan Check How, general manager of iFast Global Trust, said: 'iFast Global Trust recognises that today's clients value affordability, transparency and convenience alongside service excellence. The digital platform underpinning the trust solutions allows for efficient management, integration with legacy planning goals and direct access to a broad suite of financial products through iFast's investment platform.'
On April 28, the group's share price tumbled 11.7 per cent after the investment platform operator cut its Hong Kong operations' profit before tax target for 2025 to HK$380 million (S$64.3 million) from its previous guidance of HK$500 million.
The pre-tax profit of its Hong Kong business fell 6.8 per cent toS$12.3 million due to higher investments in the ePension division ahead of onboarding.
Based on its earnings report released on April 25, the Singapore-based company posted a 31.2 per cent year-on-year rise in net profit to $19 million for the first quarter ended March 31. This was driven by a 24.4 per cent increase in revenue to $106.9 million.
The company also declared an interim dividend of 1.6 shares a share, up from 1.3 cents in the year-ago quarter.
Shares of iFast Corp were up 2.1 per cent to $6.35 as at 2.19pm on May 2. THE BUSINESS TIMES
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