This is a follow-up on my write-up of iFAST Corporation (SGX: AIY) 3Q 2025 results, having attended the results briefing yesterday.

The original presentation by iFAST is already comprehensive enough for weighing your investment decision.

Nevertheless, the briefing provided additional colour and offered an interesting deeper dive into the details and the thinking behind iFAST’s strategies.

Most compellingly, the unwavering clarity of direction exhibited by Group CEO and Executive Chairman, Mr. Lim Chung Chun, boosted my confidence in the company’s trajectory.

Here are some short notes of what caught my attention.

Do note that these aren’t verbatim and I might miss some details.

HK ePension Business

HK ePension Project (eMPF)

  • Onboarding should complete by early 2026.
  • The margin won’t go back to 50%, due to the increased committed resources to ensure successful execution. Current projections (updated in April) of revenue and profit (PBT) already take this into consideration.
  • The contract will end around 2030, with an option for an additional 3-year renewal. Further renewals will require negotiation.

HK ORSO and Macau Pension Projects

  • Current expectation of ORSO contribution will be in the second half of 2026.
  • iFAST has started offering Macau pension services and is gaining healthy traction. But in terms of absolute numbers, it’s still very small. This is expected to continue to grow in the years to come.

iFAST Global Bank (iGB)

Remittance Business

  • Lower iGB profits were due to the volatility of the remittance business. Higher margins were seen earlier due to additional incentives from authorities, which have since been removed.
  • Volume is expected to remain healthy but, being a competitive business, don’t expect revenue per transaction to be too high.
  • The remittance business is not expected to drive substantial revenue growth.

Digital Personal Bank and Digital Business Bank

  • iGB is not as affected by declining interest rates, as it has been passing on the increased earned interests back to the customers.
  • Commercial banking would be targeting small and medium enterprises (SMEs). Similar to the difficulty in opening a bank account outside your home country, it is even more difficult for companies to do so, hence they are seeing a substantial potential.

iFAST vs Other Stockbroking Firms

  • In general, most stockbroking firms focus a bit more on trading-oriented activities. So they start with stockbroking, then will expand to other products that are more volatile, such as options, and then crypto.
  • iFAST, on the other hand, is on the wealth management path. It’s about helping clients to build their wealth over the longer term. Hence, it focuses on offering products like ETFs and bonds.

China and Shopee Malaysia

  • For China, the efforts in recent times are to grow both the onshore and offshore businesses. While the absolute number is still small, the revenue is growing and the group is also controlling the cost. Hence, the overall loss is reducing and iFAST is internally aiming to breakeven by 2027.
  • Shopee is a newer type of business partner, where investment isn’t their core business. However, with a strong ecosystem, they wanted to broaden the range of services to their customers. That’s where iFAST can provide them the back-end capability, which should benefit both sides.

Related Posts

iFAST 3Q 2025 Profit Rocketed 55%! Is It Worth S$10?
iFAST 2Q 2025: 38% Profit Surge, More Growth on Horizon
iFAST’s Share Price Plunged by 12%: Is the Fintech Company a Compelling Buy?

Disclaimer

This content is for informational only. I am not a financial advisor, tax professional, or legal expert, and the information shared here does not constitute personalised financial advice, nor is it a solicitation to buy or sell any securities or financial instruments.

All opinions and commentary reflect my personal views and are based on general market commentary.

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Always conduct your own research and due diligence and consult with a qualified, licensed financial professional, tax professional, or legal advisor before making any investment or financial decision.

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