News and Announcements
IFast Corporation, FSMOne’s Launch of SGX Stockbroking Service, Enables Positive Disruption for Investor Community
- Published June 23, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
iFAST Financial Pte Ltd, the Singapore subsidiary of SGX-ST Mainboard-list iFAST Corporation Ltd. iFAST Corp, has added trading capabilities in the SGX-listed stocks and Exchange Traded Funds on FSMOne. FSMOne is a new multi-products accounts from iFAST Singapore’s B2C Fundsupermart platform, which caters to Do-It-Yourself investors. The launch follows iFAST Singapore’s admission as a Trading Member of Singapore Exchange Securities Trading Limited, and Clearing Member of The Central Depository Limited.
KEY TAKEAWAYS:
- iFAST Financial Pte Ltd (iFAST Singapore), the Singapore subsidiary of SGXST Mainboard-listed iFAST Corporation Ltd. (iFAST Corp), is launching its stock dealing service in SGX-listed stocks and ETFs on FSMOne, the new multiproducts account from its B2C Fundsupermart platform
- With the launch today, the investor community can now trade in SGX-listed stocks and ETFs at competitive fees of 0.12% and 0.08% respectively (subject to minimum of S$10 per trade) on FSMOne (www.fsmone.com)
- iFAST Singapore shared three main reasons why its unique business model enables positive disruption with the introduction of the stockbroking and other new services at competitive pricing
Mr Lim Chung Chun, CEO, iFAST Corp, said, “Globally, stockbroking commissions have been on a downtrend. With the launch of SGX-listed stocks and ETFs on FSMOne, we are leading the commission rates for stocks and ETFs down. We are able to disrupt the traditional distribution model because of our unique business model that derives substantial recurring revenue from our AUA in funds and bonds, and aligns our interest with that of clients. The investor community can look forward to FSMOne making the cost of investing more competitive.”
“With the SGX Securities Trading membership, we do not have to link up with a counterparty, and we are able to better control the quality of our services for investors. We have also been improving our fintech solutions on FSMOne. Investors can expect to have a more seamless and pleasant experience while using our platform, backed by our focus on giving research ideas and other financial education tools,” said Mr Lim Chung Chun.
Mr Lim Chung Chun said, “With the authorities’ efforts to position Singapore as a leading wealth management centre and fintech hub globally, we are excited to play our part to offer the best wealth management services to the investor community in Singapore and the region. We would like to take this opportunity to thank SGX and the Monetary Authority of Singapore for their expeditious efforts in helping us with the necessary approvals to kick-start our stockbroking service.”
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