iFast subsidiary launches digital pension solution in Hong Kong
Yong Jun Yuan
IFAST Corporation’s Hong Kong-based subsidiary, iFast e-pension Services, on Wednesday (Jun 28) launched Occupational Retirement Schemes Ordinance (ORSO) e-pension services, a digital pension solution for Hong Kong ORSO Pension schemes.
In a bourse filing, the group said it expects the ORSO e-pension services to make a material positive contribution to revenues and profitability of iFast’s Hong Kong business from the first quarter of 2025.
The new solution will allow users to perform functions such as enrolment, termination, contribution and withdrawal, relating to their pension schemes through an online platform accessible via the web or through a mobile app.
In addition, it will offer iFast’s business partners customised integration solutions with different systems, allowing them to automate processes and streamline their operations.
The group said the launch is in line with its three-year plan, which includes substantially accelerating its Hong Kong business growth and delivering effectively on the e-pension services.
iFast chairman and chief executive Lim Chung Chun said that the launch is a milestone for the company as it enhances its platform capabilities and transitions into a strong global player in digital banking, wealth management and pension administration solutions.
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“With our fintech ecosystem and capabilities, the group has been able to further innovate and digitalise pension services and processes, delivering solutions that cater to changing industry trends that bring greater convenience and flexibility, enabling us to add value to all our stakeholders,” he said.
In an earnings call on Feb 15, Lim said the group’s Hong Kong e-pension business segment will boost the group’s revenue and profitability for the next three years.
iFast also maintained its guidance for the Hong Kong business which was issued in April 2022. The group aims to hit gross revenue of more than HK$400 million (S$69 million) in 2023 and profit before tax of more than HK$100 million.
Shares of iFast gained 0.9 per cent or S$0.04 to close at S$4.63 on Wednesday, before the announcement.
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