iFast says not aware of digital banking licence outcome as SGX queries trading activity

IFAST Corporation is not aware of the outcome of the results of the digital banking licence at this point in time, it said in an exchange filing on Friday afternoon, in response to a query by SGX.

Singapore Exchange Regulation (SGX RegCo) issued the query earlier in the afternoon in relation to iFast's trading activity, after it noted "unusual price movements" in the company's shares.

Shares of the wealth management and brokerage platform soared after the midday break, rising from S$3.67 to as high as S$3.85 at around 1.39pm. At its high, the shares were up 5.5 per cent from the previous close.

iFast shares were trading at S$3.81 as at 3.33pm, up S$0.16 or 4.4 per cent.

In the query issued at 1.57pm, SGX RegCo asked if iFast was aware of any information not previously announced concerning the company that might explain the trading. If the company was aware, the information should be announced immediately, it added.

iFast said in its response to SGX at 3.09pm that there is expectation in the market that the result for the application of the digital bank licence in Singapore will be announced by the end of this year.

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"As communicated to shareholders previously, the company is one of the digital wholesale bank applicants," it said. "The company is not aware of the outcome of the result of the digital banking licence at this point of time."

SGX RegCo also asked if iFast was aware of any other possible explanation for the trading, such as public circulation of information by rumours or reports. In addition, it asked the company to confirm its compliance with listing rules.

iFast said it was not aware of any other possible explanation, and confirmed its compliance with listing rules.