iFAST Corporation Ltd. reported record revenue and net profit for FY2024, driven by strong AUA growth and the turnaround of iFAST Global Bank. Management guided for continued robust growth in FY2025.

FY2024 Performance Overview

iFAST Corporation Ltd. (SGX: AIY) reported a 16.1% year-on-year increase in total revenue to SGD 560 million for the financial year ended 31 December 2024, up from SGD 482 million in FY2023. Net profit surged 135.7% YoY to a record SGD 66.63 million, according to the company’s press release and investor factsheet published in February 2025.

Total net revenue—which excludes non-recurring items—rose 53.6% YoY to SGD 248.38 million, reflecting accelerated conversion of gross revenue into higher-margin recurring income streams. The profit growth was driven by continuing expansion in the core wealth management platform business and a turnaround of iFAST Global Bank (iGB), which reported a net profit of SGD 0.30 million in 4Q2024 versus a loss of SGD 2.57 million in 4Q2023.

Assets under administration (AUA) reached a record SGD 25.01 billion as of 31 December 2024, up 26.2% YoY, fueled by net inflows of SGD 3.30 billion during the year.

Revenue and Profit Drivers

Recurring net revenue—comprising trailer fees, wrap fees, platform fees, management fees, and net interest income from clients’ AUA—formed the bulk of the group’s top line. In the full-year results presentation, iFAST disclosed that FY2024 net revenue breakdown included trailer fees (39.8%), wrap fees (6.8%), platform fees (10.7%), management fees (6.1%), and net interest income arising from clients’ AUA (13.5%).

iFAST Global Bank was a standout performer. Gross revenue at iGB surged 163.7% YoY to SGD 17.22 million in 4Q2024 alone, while net revenue for the full year rose 82.9% YoY to SGD 22.58 million. Customer deposits crossed SGD 1.01 billion by end-2024, up 182.6% YoY. The Digital Personal Banking (DPB) division was the key contributor, with client deposits in that segment rising 39.8% quarter-on-quarter, concentrated in fixed-term deposits. The bank’s revenue growth was further supported by the EzRemit division, which achieved record-high transaction volumes in 4Q2024, and the Digital Transaction Banking (DTB) division, which onboarded new brokerage and SME clients across the UK.

AUA (SGD billion) ($B)Source: Orionmano Industries

Segment Highlights

Wealth Management Platform

The core wealth management platform posted sustained growth. Excluding banking operations, total net revenue from the platform increased substantially, driven by higher AUA and continued net inflows. The B2C segment remained the largest revenue contributor in absolute terms, while B2B continued to gain traction. iFAST’s fund management business in Singapore, launched in 2021, also contributed to the growth in management fees.

ePension Services (Hong Kong)

iFAST classified its ePension division as a key growth driver for FY2024 and FY2025. The group began ramping up capabilities and resources for this business, noting that the onboarding of ePension services continued to progress. The Occupational Retirement Scheme Ordinance (ORSO) business in Hong Kong started to contribute during the year. In the 2Q2024 results announcement, management explicitly highlighted ePension as an important growth driver for 2024 and 2025.

iFAST Global Bank (UK)

iGB achieved its first profitable quarter in 4Q2024, recording a net profit of SGD 0.30 million compared to a loss of SGD 0.82 million in 3Q2024. The bank reported robust growth across all divisions. Its balance sheet strategy remained conservative, with the majority of client deposits held as cash with the Bank of England, at other banks, or invested in short-duration sovereign and investment-grade bonds with an average maturity of 0.85 years.

China Operations

iFAST China adopted a cautious expense management approach in FY2024, reducing total expenses for the first time since the group established its China presence a decade ago. AUA for the China operation grew 17.0% YoY to SGD 408.10 million as of 31 December 2024. Management indicated that the primary focus for 2025 would be expanding the offshore business, targeting Chinese clients with offshore capital via referral agreements with iFAST Hong Kong and iFAST Singapore, supported by the newly established iFAST China Desk.

Strategic Progress and Milestones

iFAST continued to build out its global fintech ecosystem. Key developments during FY2024 included the launch of FSMOne debit cards and the CNH auto-sweep account in Singapore. The group’s Hong Kong arm was approved as a China Connect Exchange and Clearing Participant by HKEX, enabling China A-share stockbroking services in Hong Kong and Singapore. In Malaysia, the group launched stockbroking on Bursa Malaysia and expanded access to HKEX, US, and SGX markets.

The group also flagged development of new fintech services complementary to digital banking and wealth management platforms, including payment-related services and a bond marketplace targeting individual investors (Bondsupermart).

Outlook

Management expressed confidence that FY2025 would deliver robust growth in revenues and profitability compared to FY2024, barring unforeseen circumstances. Key drivers include continued AUA expansion, scaling of ePension services, further contributions from iFAST Global Bank, and growth in the China offshore business. The group expects iGB to become an increasingly important growth driver in 2025 and beyond.