iFAST Corp reports 44.5% YoY AuA Growth to another Record High of SNG14.45 billion
iFAST Corporation Ltd (iFast Corp), a Singapore homegrown FinTech wealth management platform, has shared that the Group’s Assets Under Administration (AuA) as of 31 December 2020 has reached another record high level of SNG14.45 billion.
This represents a year-on-year (YoY) increase of 44.5% from SNG10.00 billion as at 31 December 2019 and a quarter-on-quarter (QoQ) increase of 14.8% from SNG12.59 billion as at 30 September 2020, the firm reported in a press release.
Lim Chung Chun, Chairman and CEO, iFAST Corporation, said: “Our continuous focus on building a strong integrated digital wealth management platform to better serve global investors has enabled us to face the challenges brought about by Covid-19 from a position of strength and with greater agility.”
AuA were up across all core markets that the Group operates in with its headquarters Singapore taking the lead. The AUA of the Singapore operation grew 52.8% YoY reaching a milestone of SNG10.00 billion as of 31 December 2020.
In terms of products breakdown, unit trust continues to be the cornerstone of the Group’s wealth management business. As of 31 December 2020, the unit trust AuA grew 31.8% YoY and accounts for 75.4% of the overall Group AuA, says the firm.
“We are pleased to see the strong growth in our AuA and will continue to work on improving our range of solutions and services to further add value to global investors, wealth advisors and companies using our platforms as well as to ensure that our Group’s medium to long term growth prospect will remain strong,” Lim commented.