Latest news with #iFast
Bloomberg
2 days ago
- Business
- Bloomberg
Hong Kong's New Platform for $166 Billion Pension Faces Glitches
Some Hong Kong pensioners migrating to a new electronic system for retirement savings have experienced glitches, raising concerns over the platform's reliability as it enters a key phase of adding more users. The eMPF platform, built by a unit of Hong Kong tycoon Richard Li's PCCW Ltd. and Singapore-based subcontractor iFast Corp., showed tech issues including log-in difficulty, according to people familiar with the project, who requested not to be named.
Straits Times
02-05-2025
- Business
- Straits Times
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.
Business Times
02-05-2025
- Business
- Business Times
iFast receives MAS trust business licence, enhances wealth management capabilities
[SINGAPORE] iFast Corp announced on Friday (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, further 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.' Shares of iFast closed on Wednesday 1.3 per cent or S$0.08 lower at S$6.22.
Business Times
28-04-2025
- Business
- Business Times
iFast plunges 12% after cutting its Hong Kong profit guidance
[SINGAPORE] iFast shares plunged as much as 12 per cent on Monday (Apr 28) morning, after the investment platform operator revised its Hong Kong operations' profit target and reported first-quarter earnings. As at noon, the counter dropped 12.1 per cent or S$0.87 to S$6.32. The Singapore-based company cut its Hong Kong profit before tax target for 2025 to HK$380 million (S$64.3 million) from its previous guidance of HK$500 million, based on its earnings report on Friday (Apr 25). iFast reported a net profit rise of 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, which was driven by a 24.4 per cent year-on-year increase in revenue to S$106.9 million. This was largely due to a turnaround in its UK bank and continued growth in the group's core wealth management platform business. DBS said on Apr 25, after iFast reported earnings, that its Q1 revenue and net profit were slightly below expectations. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Growth in Hong Kong was weighed down by higher investments in the ePension division, with PBT declining 6.8 per cent year on year despite a 12.8 per cent increase in revenue. The dip in profitability is due to increased investments in the ePension division ahead of onboarding activity,' said DBS. ePension refers to its pension administration services. 'However, both the revenues and profitability of the ePension division are expected to be higher in the second half of 2025 as the overall onboarding of the eMPF platform progresses to a substantially higher level,' the bank added. DBS has a buy call on iFast with a price target of S$10.88.
Business Times
25-04-2025
- Business
- Business Times
iFast Q1 net profit rises 31.2% to S$19 million on continued growth in UK bank, wealth management platform business
[SINGAPORE] Digital bank and wealth management platform iFast said its net profit rose 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, driven by a turnaround in its UK bank. Continuing growth in the group's core wealth management platform business also contributed. Revenue gained 24.4 per cent to S$106.9 million, and the group's assets under administration grew 22 per cent to a record high of S$25.7 billion as at the end of Q1, from net inflows of S$938 million, iFast said on Friday (Apr 25). The company also declared an interim dividend of S$0.016 a share, compared with S$0.013 in Q1 2024. The iFast Global Bank (iGB), a licensed UK bank that aims to provide global banking connectivity, has continued to grow after reporting its first quarterly profit in the last three months of 2024. Net profit for Q1 hit S$1 million, compared with a loss of S$2.3 million in the same quarter of 2024, the company added. iGB's revenue surged 104.9 per cent year on year to S$19.5 million, thanks to growth in customer deposits and its cross-currency transfer service EzRemit. iFast's Hong Kong business logged a 12.8 per cent growth in revenue to S$35.3 million, due to the continued expansion of its wealth management segment. Pre-tax profit however fell 6.8 per cent to S$12.3 million due to higher investments in the ePension division ahead of onboarding. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The group expects the revenues and profitability of the ePension division to be higher in the second half of 2025 as the overall onboarding of the eMPF platform progress to a substantially higher level,' iFast said. MPF refers to Hong Kong's retirement savings scheme, the Mandatory Provident Fund. The company's target is for double-digit growth in revenue and profit in its Hong Kong business next year. 'Looking forward into the year of 2025 and barring unforeseen circumstances, the group expects to achieve healthy progress for its various business segments,' iFast added. Shares of iFast gained S$0.07, or nearly 1 per cent, to close at S$7.19 on Friday, before the company announced its results.
