KUALA LUMPUR, Singapore-based iFAST Corporation Ltd has secured provisional approval from Bank Negara Malaysia to operate as an electronic money issuer.
The approval, granted to its subsidiary iFAST Pay Malaysia Sdn Bhd, will allow the group to hold a money services business licence. iFAST said its initial focus will be on expanding its multi-currency e-wallet, prepaid cards, and cross-border payment offerings.
The company also plans to deepen the integration of its digital payment services with its wealth management platform. “Our goal has always been to build a virtuous cycle of investing, earning and now spending, all within one powerful application,” said Lim Chung Chun, chief executive officer and chairman of iFAST Corp.
Listed on the Singapore Exchange, iFAST is a digital banking and wealth management platform with more than RM10 billion in assets under administration in Malaysia, and over S$27 billion globally as at June 2025.
Dennis Tan, chief executive of iFAST Malaysia, said the new offerings will support instant payments for daily spending and international travel, targeting frequent travellers and expatriates. “We are looking to roll out these solutions over the next year,” he added.
