iFast Eyeing to Expand to Payments and Lending With Digital Banking Licenseby Fintech News Singapore July 30, 2019
iFast, an internet based investment product distribution platform is reportedly in talks with potential partners pursue a digital banking license in Singapore.
Announced late last month, Singapore is looking at issuing up to 5 digital banking licenses; two of which will be full digital banking licenses and three digital wholesale licenses that will cater to SMEs and other non-retail segments.
iFast is far for the only one with a keen interest in the digital banking license, since the framework was announced, many players like Grab, InstaReM, Validus, RazerPay and Singtel all shared similar ambitions.
A report by Singapore Business Review seems indicate that iFast will be embarking on a fundraising exercise to meet initial capital requirement of $100 million, in doing so iFast may set up a separate entity in order to not dilute its current stake.
Among other countries, the company is also active in markets like Hong Kong and Malaysia, with the former having issued 8 digital banking licenses and latter eyeing to complete its digital banking framework by end of this year.
So far there has been no announcement to indicate that iFast is also pursuing similar licenses in those markets.