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iFast mulls more banking licences in the EU, Singapore amid global push

The company’s banking business is a key part of its three-year plan, which includes reaching a target of assets under administration of S$100 billion by 2028 to 2030

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Tan Nai Lun

Tan Nai Lun

Published Mon, Jan 13, 2025 · 05:00 AM
    • iFast chief executive Lim Chung Chun sees "very substantial untapped potential" in banking, particularly in wealth management for retail and mass affluent clients.
    • iFast chief executive Lim Chung Chun sees "very substantial untapped potential" in banking, particularly in wealth management for retail and mass affluent clients. PHOTO: YEN MENG JIIN, BT

    WHEN iFast bought a bank in the UK in 2022, it had ambitions to build a “truly global business model” that serves customers from around the world from a few key locations.

    Two years later, the digital bank has narrowed its losses and is expected to turn profitable in the fourth quarter of its 2024 financial year.

    And iFast chief executive Lim Chung Chun expects more opportunities for the company to apply for licences at “a couple more locations” to boost its global model.

    ToplineiFastDigital bankingWealth management

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