iFast joins virtual bank licence race in Singapore

iFast joins virtual bank licence race in Singapore

Singapore-listed wealth management tech supplier iFast is the latest firm to throw its hat into the ring in a bid to scoop a virtual banking licence in the Island state.

The homegrown-firm - which has S$10 billion of assets under management - has submitted a consortium-led bid in concert with Chinese groups Yillion and Hande.

Yillion Group operates one of the four digital banks in China and has Hong Kong-listed Internet firm Meituan Dianping as one of its key shareholders. Hande Group is a leading fintech company in China, founded by Dr Cao Tong, the former president of Webank, China’s first digital bank.

Lim Chung Chun, chairman and CEO of iFast, comments: “By tapping on the unique strengths and experiences of each consortium member, we are confident that an iFast-led digital bank will be well-equipped with the technological expertise, digital banking and wealth management capabilities to better address some of the inefficiencies, and assist the underserved market segments in Singapore’s banking industry."

IFast is the third non-bank non-bank to apply for one of five digital banking licences from Singapore's central bank, following a joint application from ride-hailing firm Grab and teclco SingTel, and from gaming group Razer. Chinese behemoth Ant Financial has also filed an application for a wholesale licence to service its corporate clients.

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