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Pension segment and new licence to grow wealth management business: iFast CEO

NII is a key growth driver for its digital bank, iFast Global Bank

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Benjamin Cher

Benjamin Cher

Published Thu, Feb 13, 2025 · 04:55 PM
    • Rather than acquiring another bank, iFast intends to apply for a banking licence in the European Union, said iFast CEO Lim Chung Chun.
    • Rather than acquiring another bank, iFast intends to apply for a banking licence in the European Union, said iFast CEO Lim Chung Chun. PHOTO: YEN MENG JIIN, BT

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    THE core wealth management business of iFast recovered in 2024, with net inflows of S$3.3 billion compared to S$2 billion the year prior.

    Gross unit trust subscription increased to S$7.4 billion compared with S$4.5 billion in 2023, and fixed income turnover reached new highs in Q4 2024 of more than S$1 billion over the last seven years.

    Now, iFast aims to hit assets under administration of S$100 billion by 2028 to 2030, up from S$25 billion at the end of 2024, said Lim Chung Chun.

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