IFast aims to fill wealth management gap

IN FOCUS

In today’s newsletter, we look at:

• IFast’s drive for global expansion
• An imminent digital banking wave

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Hello,

I’ve visited Hong Kong twice: once over a decade ago and again last year. These experiences were night and day, money-wise.

The first time around, my parents had to exchange physical cash in the Philippines, and we budgeted our trip accordingly. Granted, we still didn’t use GCash back then, and roaming data plans for accessing e-wallets were too expensive.

Last year, visiting the city didn’t require as much preparation as my wife and I knew we could always use our e-wallets to pay for daily activities. We exchanged only the minimum amount of Hong Kong dollars we thought we’d need in case cash was required.

Now, digital banks like iFast are taking things up a notch, offering savings accounts in different currencies. I could conceivably have a bank account in Hong Kong dollars and avoid paying exchange fees by spending the local currency while in the city.

IFast also offers cross-border investment options. Roughly two years after acquiring a UK-based bank in 2022 to lay the foundation for its global business, it now expects to have turned a profit by the fourth quarter of 2024.

The firm is now looking to widen its global footprint, eyeing the possibility of obtaining a banking license in its hometown of Singapore. In this week’s premium story, my Business Times colleague Nai Lun covers the opportunities this may bring as well as iFast’s views on further geographical expansion.

Meanwhile, in this edition’s Hot Take, I look into how digital banks may fare in 2025.

— Miguel

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THE BIG STORY

Home sweet home? IFast eyes Singapore for digibank push

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THE HOT TAKE

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Save 85% on your presale tickets today

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