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iFast: Capitalising on the fintech boom
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iFast CEO Lim Chung Chu takes inspiration from streaming giant Netflix, which he noted operates in a few countries but has customers from around the world.
ST PHOTO: NG SOR LUAN
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SINGAPORE – The word fintech – short for financial technology – was largely unknown when iFast started in the financial sector 24 years ago, but the word, like the company, is now thriving firmly in the mainstream.
A McKinsey report in October 2023 noted that revenues in the industry are expected to grow almost three times faster than those in the traditional banking sector between 2023 and 2028.
