iFAST

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(01-09-2023, 01:22 PM)dreamybear Wrote: iFast still the one to beat ?

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https://www.theedgesingapore.com/news/fi...s-end-2023
"...As part of the winding down process, MoneyOwl will transfer its investment and insurance businesses to iFast Financial...."

Endowus grows revenue 2.5x in 2022, but losses rise to $20m (update)
https://www.techinasia.com/endowus-doubl...s-rose-26m

hi dreamybear,

The way I look at it - IFAST just inherited a business that is losing money. Of course, it is now up to Chairman Lim and his team to cross sell to MoneyOwl's clients who are currently not IFAST clients. There is probably also some cost synergies since 85% of MoneyOwl staff will not transfer to IFAST. IFAST is a "platform" business and so having a bigger ecosystem helps.

The competitor Endowus is losing money (and has capital to continue losing). As we have learnt in the ride hailing wars of the last decade, it is never good to the bottomline.
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It sounds like the less successful players are exiting the business. Perhaps more consolidation is coming.
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