KUALA LUMPUR (Aug 15): Singapore-based iFAST Corporation Ltd said on Friday it has received provisional approval from Bank Negara Malaysia to operate as an electronic money issuer.

The approval-in-principle will allow its subsidiary, iFAST Pay Malaysia Sdn Bhd, to hold a money services business licence, iFAST Corp said in a statement. The initial focus will be on expanding and enhancing its multi-currency e-wallet, prepaid cards, and cross-border payment services, it said.

iFAST Corp also intends to strengthen the integration between its wealth management platform and its digital payment services, the company said.

“Our goal has always been to strengthen the virtuous cycle of investing, earning and now spending, within one powerful application,” said Lim Chung Chun, chief executive and chairman of iFAST Corp.

iFAST Corp, listed on the Singapore Exchange, is a digital banking and wealth management platform with over RM10 billion in assets under administration in Malaysia. Globally, the company manages more than S$27 billion assets as at June 2025.

The offering iFAST Corp is introducing in Malaysia will support instant payments for everyday purchases and international travel, targeted at frequent travellers and expatriates, said Dennis Tan, the chief executive of iFAST Corp’s Malaysian operations.

“We are targeting to introduce these new payment-related solutions over the next year or so,” he added.