How iFast learnt to think beyond Singapore

Most companies begin by asking how to grow. For iFast Corporation chairman, group CEO and co-founder Lim Chung Chun, the more important question was how big the business could become. From the outset, Mr Lim believed Singapore’s borders should not limit the company’s ambitions. That thinking has shaped every major stage of iFast’s evolution over the past 25 years – from expanding beyond a unit trust platform into a wealth management business to acquiring a bank in the United Kingdom as part of its long-term strategy. Today, the company operates across Singapore, Hong Kong, Malaysia, China and the UK, with the ambition of becoming what Mr Lim describes as a “truly global” digital banking and wealth management platform. BUILDING BEYOND UNIT TRUSTS Founded in 2000 as an online unit trust distribution platform, iFast quickly realised that investors wanted more than access to a single investment product. “What we needed to become was a broader wealth management platform because investors don’t just buy unit trusts – they want to manage their money across different asset classes,” said Mr Lim. That insight laid the groundwork for the company’s next stage of growth. Rather than expanding opportunistically, iFast gradually broadened its offering to include stocks, exchange-traded funds (ETFs), bonds, managed portfolios, banking services and, more recently, trust services. The transformation took time. Mr Lim noted that iFast did not enter stockbroking or ETFs until 2015, some 15 years after it was founded. “We always knew where we wanted to get to, but we took a deliberate approach, adding new capabilities only when we were ready,” he said. The company’s steady expansion culminated in its listing on SGX in 2014, giving it access to capital to support its continued growth. RETHINKING WHAT GLOBAL MEANS As iFast expanded its product offering, it also grew beyond Singapore, entering Hong Kong before moving into Malaysia, China and the UK. Over time, however, the company found that opening more offices was not the most scalable way to build an international business. “Historically, businesses felt that if they wanted customers in another country, they had to go there and build operations from scratch,” said Mr Lim. “We believe the right way is a truly global business model, operating from one or a few key centres while attracting customers from around the world.” He likens iFast’s long-term ambition to private banking, where institutions serve customers across borders while operating from local bases. The difference, he said, is that private banking has traditionally catered to a relatively small group of high-net-worth clients. “Our goal is to apply a similar cross-border model to the much larger mass affluent segment through a digital banking and wealth management platform.” While financial services remain subject to local licensing and regulatory requirements, Mr Lim said technology is making this model increasingly viable. The internet first made it easier for businesses to reach customers across borders, while artificial intelligence (AI) is extending those capabilities further. For example, iFast already uses AI in its customer service operations to provide round-the-clock support and handle enquiries in multiple languages, helping the company support a growing international customer base more efficiently. THE DECISION THAT LOOKED RISKY Building a global business also meant rethinking the financial infrastructure needed to support customers wherever they were. One of the clearest examples was iFast’s decision to acquire a fully licensed bank in the UK. At the time, the move puzzled many investors. Much of the company’s business remained centred in Asia, while the UK bank itself was loss-making. To Mr Lim, however, banking was never simply another business. He explained: “Banks operate at the foundation layer of the financial sector. If we want to be a global wealth management platform, it’s important to have a bank within the group that would allow customers not only to invest, but also to hold cash and move money through the same platform.” For him, the acquisition reflected a willingness to prioritise long-term strategy over short-term market perception. It was an essential step towards building the business iFast ultimately wanted to become. VALUE UNLOCK IN ACTION Through the SGX-MAS Value Unlock initiative and other programmes, iFast has strengthened its investor outreach and engagement with local and overseas asset management companies. These include: - Investor relations training programmes - Corporate site visits - Equity Market Development Programme - SGX Value Unlock Case Study Outcome: Investor meeting requests nearly doubled year on year. PLAYING THE LONG GAME According to Mr Lim, creating value is only half the challenge. Companies must help investors look beyond recent financial performance by communicating where the business is heading. Drawing on his experience as a former equity analyst, Mr Lim believes investors are willing to take a longer-term view when companies articulate a clear strategy and execute it consistently. “Investors want to look forward. They want to understand the plan for the next three to five years,” he said. In his view, the difference lies less in how often companies report their results than in how investors assess future potential. Markets such as the US have seen more examples of companies delivering sustained growth, making investors generally more receptive to long-term opportunities. In Singapore, where investors have traditionally placed greater emphasis on recent financial performance, he believes companies with long-term growth potential need to communicate their strategy consistently so investors can better understand its direction. That is why iFast places such emphasis on publishing rolling multi-year strategic plans. Among its most significant goals is to reach S$100 billion in assets under administration by 2030, up from around S$36 billion as at Jun 30, 2026. To Mr Lim, that target is another milestone rather than the destination. Even after 25 years of growth and transformation, he believes iFast is only at the beginning of its journey – a mindset he hopes more Singapore companies will embrace. While the country’s success has given local businesses a strong foundation, he argues that it can also make it easier to stay focused on opportunities closer to home. “People are comfortable and they think in terms of a market of six million people. That can be a self-limiting kind of thinking. The potential to make a bigger impact on the global business world is there. It’s for each company to devise a plan and reach out for something much bigger.”