Singapore-based digital banking platform IFAST Corporation Ltd. announced last Friday that its Malaysia-incorporated subsidiary, iFAST Pay Malaysia Sdn Bhd, has received approval-in-principle from Bank Negara Malaysia to operate as an Electronic Money (E-Money) Issuer and to hold a Money Services Business (MSB) Class A license.

IFAST said in a statement, the group’s vision is to build a seamlessly connected digital banking and wealth management ecosystem that empowers customers to invest and save effortlessly, grow their wealth with confidence, and spend it anywhere in the world, all within one integrated platform.

As outlined in iFAST Corp’s Three-Year Plan (2025-2027), the group aims to develop innovative fintech services that complement its digital banking and wealth management platforms.

This regulatory milestone in Malaysia paves the way to introduce complementary payment-related services to the Group’s existing suite of wealth management and digital banking solutions.

The payments segment is a strategic focus area for the Group as it seeks to deliver more convenient and integrated solutions for its business to consumer (B2C), business to business (B2B) and iFAST Global Markets platforms.

The addition of e-payment and cross-border remittance capabilities will further strengthen the group’s ambition to deliver a comprehensive and fully integrated digital wealth management ecosystem.

Customers will be able to invest, earn, deposit and pay through a single platform, eliminating the need to manage multiple service providers.

This strategic initiative will strengthen the foundations for a unified customer experience and enhance its competitive positioning against traditional banks.

In Malaysia, iFAST Pay Malaysia will initially focus on expanding and enhancing its multi-currency e-wallet services, prepaid cards linked to the e-wallet, and cross-border payment capabilities.

The group also intends to strengthen the integration between its wealth management platform and its digital payment services, allowing customers to move seamlessly between
investing and transacting.

“Our goal has always been to strengthen the virtuous cycle of investing, earning and now spending, within one powerful application,

“By integrating payments into our wealth management offering and leveraging our in-house information technology (IT) capabilities to achieve seamless connectivity across the wealth, digital banking and payments platforms, we aim to deliver a more convenient and cost-competitive solution for our customers,” said Lim Chung Chun, Chief Executive Officer and Chairman of iFAST Corp.

The group’s entry into the payments arena began in 2022 with the launch of the FSMOne Singapore debit card, and progressed with the introduction of the iFAST Global Bank debit card in the United Kingdom in March 2025.

Over the years, the iFAST ecosystem has expanded to encompass a broad range of investment products via its wealth management platforms, and digital banking solutions
via its United Kingdom-based iFAST Global Bank, with a strong emphasis on enabling cost-efficient and seamless connectivity across its offerings.

“We recently surpassed MYR 10 billion ($2.37 billion) in assets under administration in Malaysia, a milestone made possible by the trust and support of our customers,

“We see a great opportunity to further enhance their experience through integrated payment solutions,” said Dennis Tan, Chief Executive Officer of iFAST Malaysia.

Tan said the firm aims to deliver this via its Earn-Save-Spend loop, supported by referral programs, lifestyle-and-finance bundles, and a prepaid card linked to the multi-currency wallet account.

“The solutions we are introducing, including multi-currency prepaid card, will support instant payments for everyday purchases and international travel, which will be particularly valuable for frequent travelers and expatriates,

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

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