$IFAST CORPORATION LTD.(AIY.SI)$iFAST chairman acquires more shares

On Apr 27, iFAST Corporation chairman and CEO Lim Chung Chun acquired 60,000 shares of the company for a consideration of S$281,200.

At an average price of S$4.69 per share, the acquisition took his total interest from 20.30 per cent to 20.32 per cent.

His preceding acquisition of 50,000 shares at S$5.96 per share was on Feb 15.

On Apr 23, the wealth management fintech platform reported its Q1 2022 results. The company reported that its net revenue declined 1.2 per cent year on year to S$28.15 million, as an 18.7 per cent year-on-year decline in non-recurring net revenue offset an 8.8 per cent year-on-year increase in recurring net revenue.

The group’s assets under administration declined 2.0 per cent quarter on quarter to S$18.63 billion as at Mar 31, 2022, as declines in stocks and bond prices globally offset positive net inflows of S$669 million during the quarter.

Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001 and has led the company's regional expansion efforts, extending iFAST Corp's presence beyond Singapore to Hong Kong, Malaysia, China and India.

With its Q1 2022 results, iFAST Corporation noted that the acquisition of the UK-based BFC Bank was completed on Mar 28, and the bank has been renamed iFAST Global Bank.

As guided previously, iFAST Global Bank is expected to contribute S$4.0 million in losses to the group in 2022.

However the group added that it is targeting to achieve profitability for iFAST Global Bank starting 2024.

Overall, the group expects to see a moderate growth in net revenue in 2022 as a whole,

$IFAST CORPORATION LTD.(AIY.SI)$share price as at 29/04/2022 $5.01[Smile] 

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