iFast to acquire 85% stake in UK-incorporated BFC Bank for £40m

WEALTH management platform iFast Corporation AIY is looking to acquire an 85 per cent stake in BFC Bank for a total investment amount of £40 million (S$73.4 million).

In a call with reporters and analysts on Friday (Jan 7), iFast's chief executive Lim Chung Chun said that this acquisition - which will add a digital bank to the company's fintech ecosystem - will help the group meet its target of assets under administration (AUA) of S$100 billion earlier than the targeted 2028.

"A digital bank will enhance our overall ecosystem, and will allow us to grow faster as a wealth measurement platform because part of the services will become a lot easier for us, going forward," said Lim, adding that iFast is also expecting to grow its customer base more quickly.