Due to Covid-19, MAS will delay the award which was scheduled in June 2020 to 2nd half 2020.
iFast will release its 1Q20 result on 23 Apr 2020 before market opening.
iFast has a visionary leader with proven execution track records.
Strategy wise, it's roadmap for China market is still evolving and we might not be able to see nice profit in near future.
However, iFast is definitely moving in the right direction, judging from the continuously improving business parameters for China.
There is a potential catalyst in the company aka Digital Bank Licence in Singapore.
Singapore, being a Global Wealth Management Hub, has a thriving numbers of FinTech startups.
However, these startups remains and will continue to remain as startup for a long time.
It lacks a leader who can provide a solid wealth management platform to serve the global mass affluent customers and deposits at low costs.
The question of whether iFast could be the right company to lead this space?
Given a chance, I would think so.
We know that iFast had failed it's bid in Hong Kong virtual bankong license.
Technically, it's not iFast but iFast Hong Kong.
It had pushed it's luck too far and failed to win a chance to build a digital platform for the global mass market.
iFast Hong Kong deserved it as it was bidding alone, merely using brute force.
For those who is keen to learn a bit more on Digital Bank, you might want to read on iFast announcement of it's bid.
(click for details)
I see a chance, not a great chance, but a decent chance to build a global scale digital platform for Singapore.
After iFast HK failure, instead of bidding alone, Singapore team bid consists of 2 partners:
1. Yillion Group (亿联集团)
Yillion Group operates one of the four digital banks in China and has Hong Kong-listed
Meituan Dianping (美团点评) as one of its key shareholders.
Meituan Dianping is the third largest Chinese Internet company today based on market capitalisation.
2. Hande Group (瀚德集团)
Hande Group is a leading Fintech company in China, founded by Dr Cao Tong, the former President of
Webank (微众银行), China’s first digital bank.
iFast value proposition is simple:
• Singapore has established itself as one of the leading private banking and wealth management centres globally and in Asia.
It has done well in attracting many high net worth and ultra high net worth individuals from different parts of the world.
• However, iFAST finds that the global mass affluent are not well-served and sees a tremendous opportunity in this space.
• Through integrating its existing wealth management Fintech platform into the digital bank’s offering and leveraging on Singapore’s status as a
wealth management hub, iFAST believes this will allow it to effectively acquire global mass affluent customers and deposits at low costs.
• Deposits acquired will be available for lending, such as to SMEs in Singapore.
iFAST believes that this will bring about a massive spill over effect to the local economy.
• iFAST Corp will own a 65% stake in the proposed digital bank.
• iFAST sees the digital banking business as two main components – deposits and loans.
• The ability to acquire deposits at low cost is key to building a competitive and successful lending business.
• Instead of competing mainly for local SGD deposits, iFAST seeks to better tap into Singapore’s global wealth management hub status to
attract foreign currency deposits.
I feel love!
The question remains whether iFast could be the right company to lead Singapore FinTech success?
Given a chance, I would think so.
What do you think?
iFast will release its 1Q20 result on 23 Apr 2020 before market opening.
iFast has a visionary leader with proven execution track records.
Strategy wise, it's roadmap for China market is still evolving and we might not be able to see nice profit in near future.
However, iFast is definitely moving in the right direction, judging from the continuously improving business parameters for China.
There is a potential catalyst in the company aka Digital Bank Licence in Singapore.
Singapore, being a Global Wealth Management Hub, has a thriving numbers of FinTech startups.
However, these startups remains and will continue to remain as startup for a long time.
It lacks a leader who can provide a solid wealth management platform to serve the global mass affluent customers and deposits at low costs.
The question of whether iFast could be the right company to lead this space?
Given a chance, I would think so.
We know that iFast had failed it's bid in Hong Kong virtual bankong license.
Technically, it's not iFast but iFast Hong Kong.
It had pushed it's luck too far and failed to win a chance to build a digital platform for the global mass market.
iFast Hong Kong deserved it as it was bidding alone, merely using brute force.
For those who is keen to learn a bit more on Digital Bank, you might want to read on iFast announcement of it's bid.
(click for details)
I see a chance, not a great chance, but a decent chance to build a global scale digital platform for Singapore.
After iFast HK failure, instead of bidding alone, Singapore team bid consists of 2 partners:
1. Yillion Group (亿联集团)
Yillion Group operates one of the four digital banks in China and has Hong Kong-listed
Meituan Dianping (美团点评) as one of its key shareholders.
Meituan Dianping is the third largest Chinese Internet company today based on market capitalisation.
2. Hande Group (瀚德集团)
Hande Group is a leading Fintech company in China, founded by Dr Cao Tong, the former President of
Webank (微众银行), China’s first digital bank.
iFast value proposition is simple:
• Singapore has established itself as one of the leading private banking and wealth management centres globally and in Asia.
It has done well in attracting many high net worth and ultra high net worth individuals from different parts of the world.
• However, iFAST finds that the global mass affluent are not well-served and sees a tremendous opportunity in this space.
• Through integrating its existing wealth management Fintech platform into the digital bank’s offering and leveraging on Singapore’s status as a
wealth management hub, iFAST believes this will allow it to effectively acquire global mass affluent customers and deposits at low costs.
• Deposits acquired will be available for lending, such as to SMEs in Singapore.
iFAST believes that this will bring about a massive spill over effect to the local economy.
• iFAST Corp will own a 65% stake in the proposed digital bank.
• iFAST sees the digital banking business as two main components – deposits and loans.
• The ability to acquire deposits at low cost is key to building a competitive and successful lending business.
• Instead of competing mainly for local SGD deposits, iFAST seeks to better tap into Singapore’s global wealth management hub status to
attract foreign currency deposits.
I feel love!
The question remains whether iFast could be the right company to lead Singapore FinTech success?
Given a chance, I would think so.
What do you think?