iFast maintains digibank ambitions despite failed wholesale licence bid in Singapore

WEALTH management platform iFast Corp plans to continue pursuing a digital banking licence both in Singapore and abroad, despite its failed bid for a digital wholesale bank (DWB) licence from the Monetary Authority of Singapore (MAS).

On Friday evening, MAS announced that it will award full digital banking licences to Internet firm Sea and the Grab-Singtel consortium, as well as DWB licences to China's Ant Group and a consortium led by Greenland Financial.

iFast's consortium, with China's Yillion Group and Hande Group, did not succeed. However, MAS has said that it will review whether to grant more of DWB licences in the future, the mainboard-listed company said in a bourse filing on Saturday.

"(During) the DWB application process, iFast has shared with shareholders and investors on how a digital bank licence will further strengthen the group's fintech ecosystem. The group remains committed in continuing its pursuit of a digital bank licence, including in other jurisdictions," the company said.

It added: "The group believes that the efforts and progress made in the last few years to improve the range of investment products and services, and to strengthen its fintech wealth management solutions, have helped the business scale to new heights in recent times."

iFast intends to further improve its consumer, enterprise and fintech solutions to better serve global investors, wealth advisers and corporates.

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Shares of iFast closed at S$3.90 on Friday.