The internet-based investment products distribution platform has two main business divisions: A B2C platform, the “Fundsupermart”, that targets do-it-yourself investors and its B2B platform that caters to financial advisory firms, banks and financial institutions. The B2B platform accounts for 70% of the whole business.
The AUA in China, however, still remains small and accounts for 1% of the firm’s total AUA of S$8.33bn ($6.11bn).
Assets under administration by market
| Market |
AUA |
YoY increase |
| Singapore |
S$5.51bn |
16.5% |
| Hong Kong |
S$2bn |
32.4% |
| Malaysia |
S$630m |
34.3% |
| China |
RMB 446m (S$93m) |
140.5% |
| India |
S$510m |
18.6% |
Source: i-Fast
“The China business remains in the early stages of building the i-Fast brand among potential clients and investment practitioners in China’s wealth management industry,” the firm said in the report.
The firm launched its China onshore business in March 2016 and is working to expand the network with existing B2B partners in the market. Around 20 B2B partners in China have signed up with the firm last year, according to the report.
As of the end of June, the China operation had 70 fund houses and 2,800 fund products on its platform, from 65 fund houses and 2,300 funds last year, the report said.
The firm noted that it is also able to assist onshore investors to invest outside of China through the group’s presence in Hong Kong and Singapore.
Hong Kong investors
In Hong Kong, the firm saw an increase in AUA despite subdued market sentiment, according to the firm.
“There were customers from both B2B and B2C divisions who took the opportunities during market corrections to subscribe into bonds in both high yield and investment grade sectors,” the report said.
The report added that there has been an increase in discretionary managers with a Type 9 (asset management) licence making use of the B2B platform to serve high net worth individuals and their companies’ wealth management needs.
Singapore accounts for the largest chunk of the firm’s AUA, according to the report.
AUA breakdown
Source: i-Fast
Overall, AUA grew 25.2% to S$8.33bn across the five markets the group is operating in, according to the report. The firm said it offers 5,500 funds from 230 fund houses and 1,000 direct bonds, stocks and ETFs in its platform.
There are 320 financial institutions and corporations and 7,100 wealth advisers using the B2B platforms, according to the report.
