Pension segment and new licence to grow wealth management business: iFast CEO
THE core wealth management business of iFast recovered in 2024, with net inflows of S$3.3 billion compared to S$2 billion the year prior.
Gross unit trust subscription increased to S$7.4 billion compared with S$4.5 billion in 2023, and fixed income turnover reached new highs in Q4 2024 of more than S$1 billion over the last seven years.
Now iFast aims to hit assets under administration (AUA) of S$100 billion by 2028 to 2030, up from S$25 billion at the end of 2024, said Lim Chung Chun.
“If we continue that 26 per cent annual growth we will hit S$100 billion by 2030, if we grow at 32 per cent we will do so by 2028-2029,” said Lim.
The company’s ePension services has contributed significantly to iFast’s increase in revenue and profitability for 2024. This contribution is expected to increase in 2025 as the business onboards more customers and the Occupation Retirement Scheme Ordinance (ORSO) business begins to contribute sometime in Q2 2025.
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