iFast Global Bank should not be compared to local banks, says group’s CEO
IGB’s losses have been narrowing quarter on quarter, and is expected to turn profitable in Q4 2024
THE iFast Global Bank (IGB) should not be compared to local lenders, said Lim Chung Chun, the chief executive officer of wealth management platform iFast Corporation, at a briefing on Monday (Oct 28).
IGB’s regulatory ratios are well in excess of both official requirements and those of the three local banks – DBS, OCBC and UOB. Lim intends to keep iFast’s banking business “simple” compared with the local lenders.
“‘Simple’ means collecting deposits, deploying the deposits in a safe and conservative manner, and earning net interest margin,” he said.
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