SINGAPORE (July 14): SGX B2B stockbroking services are now available on iFAST Singapore, the subsidiary of iFAST Corporation which holds a Capital Markets Services licence and the Financial Advisers license issued by the Monetary Authority of Singapore (MAS).
iFAST says its B2B platform is designed to cater to the specialised needs of over 50 financial advisory (FA) companies, financial institutions, banks, and multinational companies, which provide wealth management solutions for DIY clients.
Wealth advisors from FA companies that use the iFAST Singapore platform can now add value to their clients by including stocks into their clients’ Wrap Account, which includes investment products such as funds, bonds and exchange-traded funds (ETFs).
The stock dealing commission rates via the Wrap Account can be as low as 0.075%, it adds, which is substantially lower than the stock commission rates charged by brokerage firms and private banks in the market.
Lim Chung Chun, Chairman and CEO, iFAST Corp, has also welcomed the proposed initiatives in the Consultation Paper, Provision of digital advisory services, released June 7 this year by the MAS, which suggest making it easier for wealth advisers to advise on a broader range of investment products, including stocks and bonds.
“If the proposals go through, the local FA companies will find increasing support to grow and expand their advisory business. With the FAs playing a more vibrant role in the wealth management industry, Singapore’s position as a leading wealth management centre will continue to be greatly strengthened,” Lim comments.
“Increasingly, we have been collaborating with FA companies on our platform to explore ways to improve their fintech solutions online and in the mobile application space. These fintech innovations are meant to improve the efficiency of the wealth advisers, as well as provide added convenience to their clients,” he adds.
Shares in iFAST closed 3 Singaporean cents lower at S$1.06.