iFAST

[weijian]

https://www.theedgesingapore.com/news/ba...4-says-ceo

To Gupta, its wealth management books improved as its customers were beginning to put their money into investment products. The growth was also partly from the low base in the 1QFY2023 from the Credit Suisse impact.

Net new money, which stood at around $6 billion for the quarter, also remained on track to see the same amount of close to $24 billion in FY2022 and FY2023.

“A lot of the money, when they first come in, is through fixed deposits. When the market improves and people’s animal spirits come up, they’re putting their money to work,” Gupta explains.

========


In comparison, iFast net inflow ('net new money") was about ~10% that of DBS at $688mil!
DBS's MC was ~$100bil
iFast MC was ~$2.3bil

while the same point applies to iFast taking in deposits, what other acquisitions do you think iFast might need to make, in order to become a full service bank like DBS?

What's the "MC" referring to in your post?

Where is the DBS net inflow that you are comparing iFast's against? Are you referring to the rise in deposits at DBS of about 7 billion?
"iFast net inflow ('net new money") was about ~10% that of DBS at $688mil!"

MC - market cap.
A lot of people didn't know that iFast only has ~300mil shares...it just takes a bit of buying or accumulation by big whales for share price to move a few $ easily...

The news on DBS used the term "NET NEW MONEY" , while iFast used the term "Net inflow" in their report. I believe they meant the same thing, essential the net inflow into the ecosystem or platform.

the UK IGB (iFast Global Bank) is a FULL bank...

Hi Curiousparty,

While both are talking about same net inflow of money but there is a difference in the nature of each entity (DBS and IFAST) handling it.

DBS's inflows are majority customer deposits in which DBS has the right to determine how to use them, ie. lending to who and who. Hence their control of the money usage is similar to asset managers and so we could term these inflows as AUM (Asset Under Management).

IFAST's inflows (excluding iGB) are classified as AUA (Asset Under Administration). They earn fees as the middleman (ie. distributing the funds) and also charge for services they provide (trustee, IT/platform, brokerage etc). So the really comparable asset flow should be only the money that generates NIM like DBS does, ie. customer deposits.

Therefore from 1Q24 results, IFAST's customer deposits increased from 358mil to 515mil for the quarter, a 157mil increase. According to your type of comparison, it is 2.6% of DBS's inflows.

[Curiousparty]

https://www.theedgesingapore.com/news/ba...4-says-ceo

To Gupta, its wealth management books improved as its customers were beginning to put their money into investment products. The growth was also partly from the low base in the 1QFY2023 from the Credit Suisse impact.

Net new money, which stood at around $6 billion for the quarter, also remained on track to see the same amount of close to $24 billion in FY2022 and FY2023.

“A lot of the money, when they first come in, is through fixed deposits. When the market improves and people’s animal spirits come up, they’re putting their money to work,” Gupta explains.

========


In comparison, iFast net inflow ('net new money") was about ~10% that of DBS at $688mil!
DBS's MC was ~$100bil
iFast MC was ~$2.3bil

while the same point applies to iFast taking in deposits, what other acquisitions do you think iFast might need to make, in order to become a full service bank like DBS?

What's the "MC" referring to in your post?

Where is the DBS net inflow that you are comparing iFast's against? Are you referring to the rise in deposits at DBS of about 7 billion?
"iFast net inflow ('net new money") was about ~10% that of DBS at $688mil!"

MC - market cap.
A lot of people didn't know that iFast only has ~300mil shares...it just takes a bit of buying or accumulation by big whales for share price to move a few $ easily...

The news on DBS used the term "NET NEW MONEY" , while iFast used the term "Net inflow" in their report. I believe they meant the same thing, essential the net inflow into the ecosystem or platform.

the UK IGB (iFast Global Bank) is a FULL bank...

Hi Curiousparty,

While both are talking about same net inflow of money but there is a difference in the nature of each entity (DBS and IFAST) handling it.

DBS's inflows are majority customer deposits in which DBS has the right to determine how to use them, ie. lending to who and who. Hence their control of the money usage is similar to asset managers and so we could term these inflows as AUM (Asset Under Management).

IFAST's inflows (excluding iGB) are classified as AUA (Asset Under Administration). They earn fees as the middleman (ie. distributing the funds) and also charge for services they provide (trustee, IT/platform, brokerage etc). So the really comparable asset flow should be only the money that generates NIM like DBS does, ie. customer deposits.

Therefore from 1Q24 results, IFAST's customer deposits increased from 358mil to 515mil for the quarter, a 157mil increase. According to your type of comparison, it is 2.6% of DBS's inflows.

if i could recall, iFast classified customer deposits as AUA....

[Curiousparty]

https://links.sgx.com/1.0.0/corporate-an...7bd20af984

expansion mode now?

[EnSabahNur]

iFast announced their 2Q2024 results

• In 2Q2024, the Group’s net profit increased by 346.1% YoY to S$16.03 million, on the back of a 72.9% increase YoY in Group’s gross revenue to S$93.75 million, and a 93.0% increase YoY in net revenue to S$61.38 million. 

• The increase in profitability was driven by contributions from the ePension division, as well as improvements in the Group’s core wealth management platform business. 

• At the end of 2Q2024, Group AUA increased to a record high of S$22.37 billion, driven by net inflows of S$0.79 billion during the quarter. 

• iFAST Global Bank’s customer deposit amounts grew to S$646.62 million as at 30 June 2024, an increase of 80.3% year-to-date. This contributed to a 265.3% YoY growth in net interest income to S$1.85 million in 2Q2024. iFAST Global Bank adopts a conservative stance in terms of its balance sheet strategy, with the vast majority of the client deposits being held as cash with the Bank of England and with other banks, as well as short duration sovereign bonds and investment grade bonds. 

• iFAST Group is steadily increasing its capability and presence as a global digital banking and wealth management group, with iFAST Global Bank as part of its global Fintech ecosystem. The Group expects iFAST Global Bank to become an important growth driver in 2025 and beyond. 

• The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. 

• On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust growth rates in revenues and profitability compared to 2023. 

• For the second interim dividend for FY2024, the Directors proposed a dividend of 1.50 cents per ordinary share (second interim dividend for FY2023: 1.10 cents per ordinary share). K

[weijian]

• The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. 

Wow, great set of results coming from HK which is driven by the implementation of the E-Pension scheme.

"ePension Service fees" has been classified as "recurring revenue" by Mgt. Now that we are in 2H24, I wonder if Mgt would be able to give guidance on the ePension division in HK for FY26?