The Business Times
business-time-50
SUBSCRIBERS

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

Summarise
google-preferred-sourceAdd BT as a preferred source
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

    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.

    iFastDigital banking

    TRENDING NOW

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    PayPal has struggled despite its storied history as a financial-technology company.

    PayPal plans job cuts as its new CEO pursues turnaround strategy

    Senior Minister of State for Digital Development and Information Tan Kiat How said the government is working with partners who have access to Anthropic's Mythos to understand its capabilities.

    MAS, bank CEOs convene over AI cyberthreats; boards told to own risks, not leave to IT teams

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More