Our Key Business

Digital Banking

With the advent of Information Technology, the banking industry of the 21st century has shifted towards data and network. However, fulfilment of customers’ needs remain constant and it will be prioritised in time to come. Banking customers expect that they can access their money easily, quickly and safely, and at the same time they can establish some form of relationships with their banks. In other words, they need trust and service personalisation.

Undoubtedly, the global pandemic has accelerated digital banking and forced banks to evolve at an exponential speed to create more effective and efficient ways to meet these customers’ needs. For instance, customers will be able to manage their own personal finances at their fingertips.

 

With optimal utilisation of data and technology, digital banks can now offer more unprecendeted personalized products and services. Furthermore, with a relatively lower expenditure in banking operation, these savings promise better interest rates and lower fees.

Unlocking Opportunities of the

Future with Digital Banking

More Output, More Profits
Round the clock services by banks for their customers. There is no specific time to deposit or withdraw from bank accounts, resulting in profits maximization.
More Customer With Time
Save time from the queue. Since the upcoming generations will be more digitized, digital banking is expected to be people’s favourite in the future.
Mobile Banking
People use their mobile phones almost for everything. Mobile banking presents an excellent opportunity for banks to generate more revenues from daily transactions
More Loans, More Interests
Digital banking facilitates customers to access loans online, and this will increase the number of borrowers.
Fastened Services
Digital banking moves money around any business settings at speed, without having anyone to leave their premises (e.g. Real-Time Payments)
Better Market Predictions
Accurate data collection mechanism with AI integration of digital banking facilitates market predictions and offer better services to the customers.
Personalized Services
Through usage of data and technology, digital banks can offer more personalized products and financial services.
Better Interest Rates
As digital banks have lower expenditure, these savings could be translated into better interest rates and lower fees
A Closer Look

Digital Bank in Malaysia

The Bank Negara Malaysia (BNM) had announced that digital banking business applications were open until 30 June 2021. On June 30, our consortium lead, iFAST Corporation, had announced

that it has submitted an application for a digital bank licence from Bank Negara Malaysia (BNM).

 

We are committed in driving financial inclusion, including safeguarding quality access to, and responsible usage of financial services, particularly to the underserved and unserved segments.

 

If successful in its bid, iFAST Corp will own a 40% stake in the digital bank whilst the beneficial equity ownership of the consortium will be approximately 57% Malaysian.

 

In Malaysia, the central bank requires a digital bank to maintain minimum capital funds of RM100 million, unimpaired by losses, during its foundational phase — meaning, the first three to five years. After the foundational phase, the amount increases to RM300 million.

Our 5 Core Strengths

Why Choose Us?

1. CONSORTIUM MEMBERS WITH KEY COMPLEMENTARY AND SYNERGISTIC STRENGTHS

As a leading wealth management Fintech platform headquartered in Singapore with AUA of S$16.11 Billion (as at Q1 2021), iFAST Corp leads a consortium comprising three Malaysian partners – Koperasi Angkatan Tentera Malaysia, the cooperative organisation for Malaysian military personnel; THZ Alliance, an investment firm founded by Tengku Dato’ Dr Hishammuddin Zaizi; and Lee Thiam Wah, founder and major shareholder of mini-mart chain 99 Speed Mart.

The consortium also includes Yillion Fintech, an arm of Yillion Bank, one of the four digital banks in China founded by Zonfar Financial Holding and Hong Kong-listed Meituan Dianping.

2. Prudent and Proven Profitable Platform Player with in-house IT Technical Capabilities

With about 20 years of proven history of profitability supported by a sustainable business model, we rely on in-house technology and IT expertise, instead of outsourcing. Together with efficient implementation, key products and services could be deployed quickly at low cost.

3. Regional Presence with Strong Eco-system

With regional footprints and licences held in Singapore, Malaysia, Hong Kong, China and India, it places us at advantageous position to reach further and potentially create a bigger eco-system and to aim of become a truly global bank, offering opportunity to everyone around the world to open an account.

4. The Platform Model - a capital-efficient strategy and aggregator of solutions

Interesting and innovative or high-yielding products from other banks and FinTechs are offered on the platform, there will be no value-destroying efforts to offer cut-throat rates just to win customers.

5. A True FinTech Player with An Innovative Mindset

Unlike other banks and financial institutions that largely out-source IT solutions, our Fintech platform has developed internally an impressive range of proprietary technologies over the last 20 years.

All the systems are integrated and functioning efficiently and safely, eliminating the many problems occurred during the integration of many solutions from multiple vendors.

To Serve the Unserved and Underserved

Our Target Segment

(with focus on B40 and Rural Malaysia)

1. Mass Market

The consortium's digital bank, dubbed iFAST Bank, can create positive change for the unserved and underserved market segments such as the Bottom 40% (B40) population in Malaysia. With the synergistic capabilities within our consortium, the solutions offered for the B40 are ones that will provide immediate benefits and results – such as free life insurance, interest-free loans for daily necessities, and micro investments and insurance. iFAST Bank is ready to serve the B40 segment for these purposes and remain profitable while doing so.
(with focus on MSME)

2. Businesses

iFAST Bank can provide more access to credits for businesses to drive their growth, overcoming financing barriers mainly related to documentation, cash flows, strict credit criteria and limited use of other financial services.

3. Global Depositors / Global Mass Affluent Individuals

iFAST Bank can offer better rates for foreign currency deposits as well as a wide range of wealth management solutions. With regional presence backed by strong eco-system, global depositors and affluent individuals can open account with ease around the world.
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