iFAST is effectively an internet-based investment products distribution platform –delivering trading and administration solutions. Over 150 FA companies, financial institutions and banks (with over 5,000 financial adviser representatives) use iFAST’s Business-to-Business (B2B) platform in Singapore, Hong Kong, Malaysia and India.
In 2009, iFAST Global Prestige Platform was launched to cater to the needs of high net worth investors and wealth advisers servicing them in Singapore, and subsequently in Hong Kong in 2010.
iFAST Global’s Prestige Platform is the company’s flagship international product – although very much angled towards advisers and HNWIs in Asia. It enables online dealing, settlement, fund setup and provider management, reconciliation, custody, pricing, trailer fee management and transaction.
The iFAST group of companies is licenced in Singapore through its Capital Market Services Licence and Financial Adviser Licence (also CPFIS registration), Hong Kong with a SFC Type 1 and Type 4, and Malaysia with a Capital Market Services License and FIMM registration. iFAST Financial India Pvt Ltd (India) is an AMFI- registered Mutual Fund Distributor.
The age and size of iFAST Group and the regulation under which it operates gives the company some credibility in its core markets.
iFAST offers access to around 500 funds from just over 90 fund managers, and a wide range of ETFs which allow for very low cost retail client investments. The basic platform is attractive to those with smaller amounts (as little as $1,000).
No lock-in or early surrender penalties are applied, but in order to move wrappers from elsewhere, e.g. pensions, a wrap account is required. This incurs an undisclosed percentage fee and is tailored to advisers.
Neither the Prestige nor the basic platform are available outside of Singapore, Hong Kong, Malaysia, or India.