iFast Corporation’s Malaysian subsidiary has received approval-in-principle from Bank Negara Malaysia to operate as an Electronic Money (E-Money) Issuer.
The group says that this regulatory milestone allows it to introduce complementary payment-related services to its existing suite of wealth management and digital banking solutions.
iFast says that the payments segment is a strategic focus area as it seeks to deliver more integrated solutions for its B2C, B2B and iFAST Global Markets platforms. Customers will be able to invest, earn, deposit and pay through a single platform, eliminating the need to manage multiple service providers.
In Malaysia, iFast Pay Malaysia will start with 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.
iFast most recently surpassed RM10 billion in assets under management in Malaysia.
