iFast aims to crack 20% ROE through digital banking in 5 years

Singapore

MAINBOARD-LISTED iFast Corporation is targeting an ambitious 20 per cent return on equity (ROE) from its digital banking outfit in the next five years, with the firm "confident" of receiving a wholesale licence come mid-2020, said its top executive.

iFast chief executive Lim Chung Chun's comments come as the fintech group posted on Thursday a 14.4 per cent rise in net profit to S$3 million for the three months ended Dec 31, 2019, on stronger sales. Earnings per share came in at 1.12 Singapore cents for the quarter, versus 0.98 Singapore cent previously.