iFast gets in-principle nod for securities dealing in Malaysia

THE Malaysian arm of Singapore-based wealth management and brokerage platform iFast Corp has received in-principle approval from the Securities Commission Malaysia to carry out the regulated activity of dealing in securities.

In a filing to the Singapore Exchange on Monday, the Singapore digital bank hopeful said it expects iFast Malaysia to launch its stock dealing services as a participating organisation of Bursa Malaysia Securities by early next year, in hopes of providing a comprehensive wealth management platform in Malaysia.

iFast Malaysia holds a capital markets services licence, a financial advisers licence in Malaysia, and is a registered institutional unit trust scheme adviser as well as an institutional private retirement scheme adviser.

It offers unit trusts, bonds, managed portfolios and insurance products to wealth advisers and DIY clients.

Mainboard-listed iFast Corp shares fell S$0.06 or 2.6 per cent to close at S$2.22 on Monday, before the announcement.