iFast Financial launches stock-dealing services on FSMOne platform

Mr Lim Chung Chun, chairman and chief executive of iFast.
Mr Lim Chung Chun, chairman and chief executive of iFast.PHOTO: ST FILE

SINGAPORE - iFast Financial, the Singapore subsidiary of mainboard-listed iFast Corporation, has added trading capabilities in SGX-listed stocks and exchange-traded funds (ETFs) on FSMOne, a new multi-products account from its business-to-consumer platform which caters to do-it-yourself investors.

The launch follows iFast Singapore's admission as a trading member of the Singapore Exchange (SGX), and a clearing member of The Central Depository.

Investors can trade in stocks and ETFs at 0.12 per cent and 0.08 per cent respectively (minimum of S$10 per trade), the company said in a release on SGX.

The introduction of SGX-listed stocks and ETFs broadens the range of products and services being offered on FSMOne, including over 1,100 funds, over 500 bonds, portfolios, Hong Kong exchange-listed stocks and ETFs, and insurance products.

"Globally, stockbroking commissions have been on a downtrend. With the launch of SGX-listed stocks and ETFs on FSMOne, we are leading the commission rates for stocks and ETFs down," said Mr Lim Chung Chun, chief executive officer of iFAST Corp. "We are able to disrupt the traditional distribution model because of our unique business model ... and it aligns our interest with that of clients. The investor community can look forward to FSMOne making the cost of investing more competitive."