Fintech wealth management platform iFAST Corporation announced on Jan 6 that its assets under administration (AUA) has reached another record high level of $14.45 billion as at Dec 31, 2020.
The figure represents a 44.5% growth from $10 billion as at Dec 31, 2019, and a 14.8% increase q-o-q from $12.59 billion as at Sept 30, 2020.
The group’s AUA was up across all its core markets, with its headquarters in Singapore taking the lead.
The group’s Singapore operations grew 52.8% y-o-y for its AUA, reaching a milestone of $10 billion as at Dec 31, 2020.
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According to iFAST, unit trusts continue to be the cornerstone of its wealth management business.
AUA for its unit trusts grew 31.8% y-o-y and accounts for 75.4% of the group’s overall AUA as at Dec 31, 2020.
“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,” says Lim Chung Chun, Chairman and CEO of iFAST Corp.
“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 advisers and companies using our platforms as well as to ensure that our group’s medium to long term growth prospect will remain strong,” he adds.
Shares in iFAST closed 2 cents higher or 0.6% up at $3.31 on Jan 6.
