iFast Malaysian unit gets central bank approval to operate as e-money issuer
This paves the way for iFast to introduce payment-related services that complement its existing suite of wealth management and digital banking solutions
[SINGAPORE] iFast Pay Malaysia, a Malaysia-incorporated subsidiary of iFast , has received in-principle approval from Bank Negara Malaysia to operate as an electronic money (e-money) issuer and hold a Money Services Business Class A licence.
The approval from the Malaysian central bank is a “regulatory milestone” in the country, paving the way for iFast to introduce payment-related services that complement its existing suite of digital banking and wealth management solutions, the group said on Friday (Aug 15) evening.
This development comes as iFast aims to develop fintech services that complement its digital banking and wealth management platforms under a three-year plan.
The digital bank said the payments segment is a “strategic focus area” as it seeks to deliver more integrated services across its B2C, B2B and iFast global markets platforms.
“The addition of e-payment and cross-border remittance capabilities will further strengthen the group’s ambition to deliver a comprehensive and fully integrated digital wealth management ecosystem,” iFast said.
Dennis Tan, CEO of iFast Malaysia, said that over the next year or so, iFast plans to introduce a slew of new payment-related solutions; these include a multi-currency prepaid card that supports instant payments for everyday purchases and international travel.
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Tan noted that the iFast’s assets under administration in Malaysia recently surpassed RM10 billion (S$3.1 billion).
iFast Pay Malaysia will initially focus on expanding and enhancing its multi-currency e-wallet services, prepaid cards linked to the e-wallet, and cross-border payment capabilities in Malaysia.
Beyond this, the group plans to strengthen the integration between its wealth management platform and its digital payment services to allow customers to move seamlessly between investing and transacting.
Lim Chung Chun, chief executive and chairman of iFast, said that by harnessing technology to integrate payments into the company’s wealth management offerings, the group aims to deliver a convenient and cost-competitive solution to its customers.
iFast said that with the added capabilities, customers will be able to invest, earn, deposit and pay through a single platform, eliminating the need to manage multiple service providers.
The group added that this will provide a more unified customer experience and enhance its competitive positioning against traditional banks.
iFast is a Singapore-incorporated digital banking and wealth management platform. It first entered the payments arena with the launch of the FSMOne Singapore debit card in 2022; it later introduced the iFast Global Bank debit card in the UK in March 2025.
The group operates in Singapore, Malaysia, Hong Kong, China and the UK. Its main business divisions comprise wealth management, digital bank and ePension divisions. As at Jun 30, 2025, its assets under administration stood at S$27.2 billion.
The counter ended trading on Monday 0.1 per cent, or S$0.01, lower at S$9.77.
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