iFast renames BFC Bank as iFast Global Bank post-acquisition

WEALTH management platform iFast Corporation has renamed the UK-incorporated BFC Bank as iFast Global Bank.

This follows the completion of the company's acquisition of a 85 per cent stake in BFC Bank for £40 million (S$73.4 million), iFast announced in a bourse filing on Friday (Apr 1).

Pointing out that the name change has been approved by the relevant authorities, iFast said the move is in line with the group's 4-year plan and the theme of its latest annual report, which spells out its vision of transcending boundaries and progressing towards a "truly global" fintech wealth management platform with a scalable business model.

"The Group believes that the future of wealth management is one where many investors from various emerging markets will be looking for the best wealth management platforms across the world that can provide them seamless access and connectivity to global products and global exchanges," it added.

iFast also announced that iFast Global Bank will grant clients in its current ecosystem across various Asian markets access to services such as online account opening, multi-currency deposits, remittances and cross-border transactions, and banking as a service.

This will enable the group to "take a significant step towards building a truly global business model", it reiterated.

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BFC Bank was a fully licensed UK bank operating under the Financial Services Compensation Scheme.

Shares of iFast closed up S$0.05 or 0.8 per cent at S$6.11 before the announcement on Friday.