How did iFast Corp turn out to be a serious participant within the retail funding scene?
In 2000, unit belief purchases had been primarily restricted to massive gamers comparable to banks and insurance coverage corporations, and principally through offline channels. The iFast founders noticed an opportunity to deliver the unit belief transactional course of on-line by its business-to-consumer (B2C) platform, Fundsupermart.com (FSM).
In 2002, following the enacted Monetary Advisers Act in Singapore, iFast launched its business-to-business (B2B) division catering to rising unbiased monetary advisory companies.
Right this moment, iFast operates a number one fintech wealth administration platform in Asia, with property beneath administration (AUA) of about S$14.45 billion as at Dec 31, 2020.
How has iFast advanced through the years?
iFast was predominantly a unit belief funding platform. In recent times, the group, which listed on the Singapore Trade’s (SGX) mainboard in 2014, has broadened its funding services and products, offering a complete suite of wealth administration options.
With operations throughout Asian markets like Singapore, Hong Kong, Malaysia, China and India, the group affords entry to greater than 11,000 funding merchandise together with unit trusts, bonds and Singapore Authorities Securities, stocks and exchange-traded funds (ETFs), and insurance coverage merchandise. Different providers embrace on-line discretionary portfolio administration providers, fintech options and extra — powered by its in-house IT system.
The iFast Fintech Resolution division was launched in 2017 to help B2B shoppers and enterprise companions in constructing B2C fintech capabilities and bringing their providers and enterprise on-line.
What makes iFast stand out from the competitors?
iFast’s beliefs embrace pricing transparency, unbiased analysis and technological innovation.
iFast launched constructive disruption to the business in favour of the customers, constructing a repute among the many investor neighborhood. Some firsts embrace:
2016: Eliminated gross sales cost for unit trusts.
2016: Disrupted Singapore’s stockbroking business’s excessive fee construction by providing stocks and ETFs trades at 0.12 per cent when it launched stockbroking providers. This was slashed to 0.08 per cent (minimal commerce of S$10 and many others) in 2018.
Presently, traders with AUA of S$100,000 and above get pleasure from a flat S$10 fee charge on SGX-listed stocks and ETFs.
iFast’s 2021 plans embrace launching stock-dealing providers in Malaysia and personal fund administration providers to certified onshore particular person and institutional traders in China.