iFAST aims for Malaysian digital bank licence, S$100 bil AUA goal 'not a big number', says Lim

iFAST aims for Malaysian digital bank licence, S$100 bil AUA goal 'not a big number', says Lim
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SINGAPORE: Despite losing out on a digital banking licence in Singapore, financial services company iFAST will be throwing its name into the ring for a similar framework in Malaysia.

iFAST has been studying the matter and will be submitting an application for a digital banking licence there, says CEO Lim Chung Chun in a virtual briefing on Feb 8.

“We expect that we will be bidding for it as well… I think further details can only be provided in the quarters ahead,” says Lim. 

Plans for Malaysia’s digital banking framework were first announced in March 2019. Malaysia’s central bank, Bank Negara Malaysia, announced on Dec 31, 2020 that up to five licences will be issued to successful applicants in 1Q2022.

The web briefing comes on the back of another record-breaking quarter for iFAST, with earnings up 127.5% y-o-y to...(click on link for full story on theedgesingapore.com)