Singaporean online brokerage iFast Corp. is looking at China to boost its assets to reach $100 billion in the next seven years, Bloomberg reported.
- iFast shares have surged by over 550% in the past year to surpass all members of the FTSE ST All-Share Index.
- Chief Executive Officer Lim Chung Chun said China is on track to be iFast’s fastest-growing market.
- Lim cited China’s “immense” potential and downplayed losses which he described as “manageable” considering the market size.
- The CEO did not provide a timeline for breaking even in China, but noted that the firm has good growth momentum in the market.
- iFast will have to grow its assets at a compounded annual rate of 27% to meet its $100-billion goal in 2028. Annualized growth was 34% in the last two years.
- iFast is also working to expand its asset base in other markets through its pension fund platform in Hong Kong and stockbroking activities in Malaysia.
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