iFast secures MAS trust business licence, enhances wealth management capabilities
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
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
6 hours ago
- Straits Times
MAS clarifies position on regulation of digital token service providers
MAS said it has set the bar 'high' for licensing, and will 'generally' not issue a licence. PHOTO: ST FILE SINGAPORE - The Monetary Authority of Singapore (MAS) has clarified that digital token service providers offering services solely to customers outside Singapore - whether involving digital payment tokens or capital markets products - will need to be licensed from June 30. The central bank added in its clarification on June 6 that it has set the bar 'high' for licensing, and will 'generally' not issue a licence. 'The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, MAS is unable to effectively supervise such persons,' it said. Without a licence, existing digital token service providers serving only overseas customers will be required to cease these activities when the regime comes into effect on June 30, said MAS. In its May 30 response to feedback on a consultation paper regarding its proposed regulatory framework for digital token service providers, MAS noted that such providers may be more vulnerable to money laundering and terrorism financing risks due to the internet-based and cross-border nature of their services. This increases the likelihood that they could be misused for illicit purposes, to the detriment of Singapore's reputation. The proposed regulatory framework will come under the Financial Services and Markets Act 2022. MAS also clarified that service providers for digital payment tokens or tokens of capital market products that serve customers in Singapore are already regulated, and there will be no change to what these licensed providers can do. Providers serving customers in Singapore may also offer services to overseas clients, while those dealing with other types of tokens - such as utility or governance tokens - are not subject to licensing or regulation under the new regime and are therefore unaffected. MAS said that it has reached out to persons who, based on information available to them, may be affected by the new regime to clarify its policy position and to discuss their plans for an 'orderly wind-down' of the activity. It added that 'based on available information, we are aware of a very small number of such providers'. Parties who may be affected by the digital token service regime may contact MAS at AMLCFT@ Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
6 hours ago
- Business Times
Income Eco Run raises S$70,000 for WWF-Singapore
[SINGAPORE] The inclement weather in the wee hours of Sunday (Jun 8) morning did not deter close to 5,500 people from turning up for the annual Income Eco Run at Marina Barrage to run for a good cause. The carbon-neutral event featured five distances – 3 km, 5 km, 10 km, 15 km and the 21.1 km half-marathon – as well as a kids' run and a new pets category. A group of 20 athletes with special needs from Special Olympics Singapore also took part, running alongside volunteer pacers. Speaker of Parliament Seah Kian Peng flagged off the 5 km and 10 km runs at 8 am, about an hour later than scheduled due to the rain. He also took part in the 5 km event. This year's Eco Run was held in conjunction with Income Insurance's 55th anniversary celebrations. On Saturday night, nine runners took part in an invitation-only 55 km ultra-marathon. Income Insurance once again matched S$1 for every kilometre clocked, bringing the total contribution to S$70,000 – the largest amount raised so far. The money will go towards supporting the World Wide Fund for Nature Singapore's (WWF-Singapore) pilot programme to reduce single-use food and beverage packaging. This programme, supported by WWF-Singapore's partnership with Income Insurance, aligns with the Singapore Green Plan's target to reduce the amount of waste sent to the landfill each day by 30 per cent by 2030. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up After a rain-induced delay, the runners were raring to go at the starting line at Marina Barrage. PHOTO: INCOME INSURANCE Income Insurance's chief executive officer Andrew Yeo said: 'We are proud to champion zero waste not just in principle but in practice – from how we manage logistics, materials and waste, to how we rally and engage the public on sustainable choices.' At the hydration points along the route, for instance, a total of 73,000 compostable, plastic-free cups were used. Instead of being sent to the landfill, these cups will be composted along with banana peels that were collected as part of broader waste-segregation efforts. The organisers also avoided further waste by encouraging participants to run in their own or past Eco Run shirts. Those who completed their runs received e-certificates instead of physical medals, and the run bibs they wore were about 65 per cent smaller than standard bibs. At last year's Eco Run, 60 per cent more recyclables were recycled including metal cans, paper cartons and plastic bottles, and general waste generated per person dropped by 25 per cent.
Independent Singapore
7 hours ago
- Independent Singapore
‘Just seeing her gives me cold sweat' — Accountant wants to quit her job after just one year because her supervisor blames her for everything that goes wrong
SINGAPORE: A 25-year-old accountant is thinking about leaving her job after just one year due to ongoing issues with her supervisor. Posting on r/askSingapore, she shared that although the job itself isn't terrible and comes with generous benefits like 20 days of annual leave, the daily interactions with her only direct supervisor have taken a toll on her mental well-being. 'My only and direct supervisor has been really hard to work with,' she wrote. 'An example being how she loves to accuse that it MUST be me messing up the printer settings when I don't receive it in my mail.' In another incident, the accountant said she was blamed for misplacing a client's cheque book, only for it to be found later on her supervisor's cluttered desk. The accountant added that, despite desperately wanting to quit, she's afraid that leaving her job so soon might affect her reputation when applying for new roles. She wrote, 'I'm worried that it will look bad in my CV that I'm changing jobs even though I stayed for a year. A friend told me that for my age group, it is very common to be job-hopping, and I shouldn't worry too much. But I would still like to get insights from HR/job recruiters if it will affect the rate of my being hired?' She ended the post by seeking advice from HR professionals and recruiters, asking if staying only a year in her current role would reduce her chances of getting hired elsewhere. 'I appreciate any feedback. I would love to take the step forward because just seeing my supervisor causes me enormous stress that I'd get cold sweat by her calling my name.' 'Better things are out there; no harm in just giving it a try!' In the comments, many assured the accountant that leaving her job after a year is not unusual, especially given the circumstances. Several users, including those who work in human resources or recruitment, explained that staying in a role for at least a year is generally seen as acceptable. One recruiter commented, 'One year is fine; your reason for leaving to be shared with your next prospective employer could simply be looking for better opportunities.' Another shared, 'HR here. If it's the start of your career or if this is the only instance, it's perfectly fine. My suggestion, however, is to start looking. And if the company you are interviewing at asks why you're leaving, say there are no active push factors, but the pull factor that attracted me to your company is (insert some random stuff).' Others shared their own experiences of quitting jobs within a year and still managing to secure better opportunities afterwards. One said, 'My peers and I have changed jobs even with less than one year tenure. Also, there are places with more than 20 days of AL. Better things are out there; no harm in just giving it a try!' In other news, a nursing student took to Reddit to express her frustration over the negative perceptions people have of her chosen career. In her post titled 'Why are nurses so poorly regarded in society despite how hard they work?', the student shared that whenever she tells someone she is studying nursing in a polytechnic, she often receives a 'judgy look.' Some even go so far as to ask whether nursing was her 'first choice.' Read more: 'Why is nursing looked down on?' Student in Singapore pushes back against tired stereotypes Featured image by Depositphotos (for illustration purposes only)
