iFast Is Considering Obtaining More Banking Licences in the EU and Singapore, Amidst a Global Push for Expansion.

TigerNews SG

Jan 13, 2025

The banking business of the company serves as a pivotal component of its three-year plan, which entails achieving an objective of managing assets totaling S$100 billion within the timeframe from 2028 to 2030.

When iFast acquired a bank in the UK in 2022, it harbored ambitions of establishing a "truly global business model" that would cater to customers worldwide from a select few strategic locations.

Two years hence, the digital bank has succeeded in narrowing its losses and is anticipated to achieve profitability in the fourth quarter of its 2024 financial year.

Furthermore, iFast's Chief Executive, Lim Chung Chun, foresees more prospects for the company to apply for licences in "a couple more locations," with the aim of further enhancing its global model.

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