iFAST Corporation denied digital wholesale bank (DWB) licence
SINGAPORE: iFAST Corporation Ltd. notified that the digital bank consortium led by the group was not among the successful applicants awarded for a digital wholesale bank (DWB) licence announced by the Monetary Authority of Singapore (MAS) in the evening of 4 December 2020.
As stated in MAS’ announcement, MAS will review whether to grant more of DWB licences in the future. iFAST will continue incorporating innovative use of technology and pursuing such licences to better serve the needs of customers in Singapore.
In addition, during the digital wholesale bank (DWB) application process, iFAST has shared with shareholders and investors on how a digital bank licence will further strengthen the Group’s Fintech Ecosystem.
The Group remains committed in continuing its pursuit of a digital bank licence, including in other jurisdictions.
The Group believes that the efforts and progress made in the last few years to improve the range of investment products and services, and to strengthen its Fintech wealth management solutions, have helped the business scale to new heights in recent times.
The Group will continue to work on improving its range of solutions and services to further add value to global investors, wealth advisers and corporates using its Business-to-Consumer (B2C), Business-to-Business (B2B), and Fintech Solutions.
iFAST Corporation (AIY) is a wealth management Fintech platform, with assets under administration (AUA) of S$12.59 billion as at 30 September 2020.
Incorporated in the year 2000 in Singapore and listed on the SGX-Mainboard in December 2014, iFAST Corp is also present in Hong Kong, Malaysia, China and India.
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