iFAST Corporation AIY has announced the launch of iFAST Global Hub.ai in Malaysia on Nov 21, an initiative part of the group's three-year growth plan to become a prominent global player in digital banking, wealth management and pension administration solutions.
As part of its strategic expansion, iFAST Global Hub.ai is set to invest over RM150 million ($43.2 million) and will occupy more than 63,000 sqft of office space over the next five years.
iFAST Global Hub.ai, formerly known as iFAST Service Centre, initially served as a regional service centre in Malaysia, offering call services, IT application development and operational support to the group.
Following its transformation into a global digital hub for the entire iFAST Group, iFAST Global Hub.ai now plays a central role in most of the group’s business functions. It is set to significantly enhance operational efficiency and scalability and play a pivotal role in supporting the group’s improved effectiveness to deliver financial services to clients worldwide, says iFAST.
The new digital hub will focus on utilising advanced technology, particularly artificial intelligence (AI), to enhance the group’s fintech capabilities, bolster its operational efficiency, optimise workflows and promote scalability.
The establishment of iFAST Global Hub.ai will enable the group to effectively navigate an evolving business landscape, ensuring sustained growth and value creation for its stakeholders, says Lim Chung Chun, chairman and CEO of iFAST Corp. “With the integration of cutting-edge technologies, including AI, iFAST Global Hub.ai is set to revolutionise the way iFAST operate and serve our clients.”
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iFAST Corp also announced its AI initiatives at its Nov 21 launch event in Malaysia, including plans to automate customer service with in-house AI solutions by end-2025, enabling the company to provide customer service support in over 50 languages, catering to clients worldwide around the clock.
“We recognise the potential of generative AI as we strive towards its integration into our products, and services, as well as our core operations. We believe this will not only elevate our service standards but also strengthen our position as a global fintech leader,” says Ma Qian Cheng, managing director of iFAST Global Hub.ai.
“Such initiatives are testaments to our commitment in delivering innovative, efficient, and globally accessible customer service solutions. Alongside automated customer service, the Group will also deploy AI in other key areas, including fraud detection, verification of identity documents, and search engine capabilities optimisation,” Ma adds.
iFAST Global Hub.ai will also serve the key role of supporting the group's ePension businesses, which offers a comprehensive range of pension administration services and digital solutions to its business partners.
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iFAST Service Centre was recently awarded the Malaysia Digital (MD) status for its Digital Pension Solutions Services by the Malaysian Digital Economy Corporation (MDEC), the government agency leading the digital transformation of the Malaysian economy.
MDEC CEO Mahadhir Aziz says: “We welcome iFAST’s expansion in Malaysia for its digital pension businesses. As a company that holds MD status, we believe iFAST will make an exceptional contribution and impact to Malaysia's digital future.”
iFAST Global Hub.ai has also recognised the importance of synergy between academia and industry, forging strategic partnerships with several universities, including Multimedia University (MMU) in Selangor.
“Our active involvement in initiatives such as the iCadet Programme underscores our shared objective of nurturing graduates who benefit from early exposure to industry culture and environments, equipping them with the skills and insights needed to thrive in the workforce,” says Ma.
In line with the group's growth plan, iFAST Global Hub.ai intends to recruit at least 400 digital talents to join the team over the next five years. “This strategic investment in human capital will further enhance the Group's fintech ecosystem, bringing valuable expertise and opportunities to IT talents across the region,” says the group.
Shares in iFast Corp closed 8 cents or 1.01% up at $7.97 on Nov 21.
