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iFast unit, Raffles Family Office form JV to serve China's ultra high net worth market
The Chinese subsididary of mainboard-listed fintech firm iFast Corporation has established a joint venture (JV) with RFO Holdings to better serve the fast-growing ultra high net worth market in China, the company said in a press statement on Friday.
RFO Holdings is the Singapore office of Hong Kong-based Raffles Family Office, which specialises in asset protection and wealth management solutions.
iFast China Holdings will own a 30 per cent stake in the JV, with RFO Holdings taking up the remaining 70 per cent.
The JV, named Raffles Family Office China (Raffles China), will focus on family offices and related entities for ultra high net worth clients - defined as those with at least US$30 million in net worth, said iFast Corp.
According to the Billionaires Insights 2018 report by UBS and PwC, China is the fastest-growing billionaire market in the world, minting two new billionaires every week.
"With the ultra rich increasingly seeking to gain better control over their wealth, the demand for family offices providing personalised one-stop wealth management solutions in China is on the rise," iFast Corp said.
Raffles China has chosen Shanghai as its headquarters, and is planning to expand into Beijing, Chongqing and Zhejiang, depending on its business growth.
Kwan Chi Man, CEO & founder of Raffles Family Office, noted: "Raffles Family Office has a professional and international team, and iFast Corp has a tremendous client base and influence in Asia. The two of us together will create a synergy which unlocks a lot of new business opportunities in China, creating a win-win situation for both of us."
Shares in iFast Corp were trading flat at S$1 as at 4.03pm on Friday.