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Sun, 06 Dec 2020 – 6:19 PM
WEALTH management platform iFast Corp plans to continue pursuing a digital banking license both in Singapore and abroad, despite its unsuccessful bid for a digital wholesale bank (DWB) license from the Monetary Authority of Singapore (MAS).
On Friday night, MAS announced that it will grant full digital banking licenses to Internet firm Sea and the Grab-Singtel consortium, as well as DWB licenses to China’s Ant Group and a consortium led by Greenland Financial.
The iFast consortium, with China’s Yillion Group and Hande Group, was unsuccessful. However, MAS has said it will review whether it will grant more DWB licenses in the future, the motherboard-listed company said in an exchange presentation on Saturday.
“(During) the DWB application process, iFast has shared with shareholders and investors how a digital bank license will further strengthen the group’s fintech ecosystem. The group remains committed to continuing its search for a digital bank license, including in other jurisdictions “. the company said.
He added: “The group believes that the efforts and progress made in recent years to enhance the range of investment products and services, and to strengthen its fintech wealth management solutions, have helped the business scale to new heights in the end times “.
iFast intends to further enhance its consumer, business, and fintech solutions to better serve global investors, wealth advisers, and corporations.
IFast shares closed at S $ 3.90 on Friday.
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