Revenue dipped 0.9 per cent to S$30.6 million from S$30.9 million in the year-ago period.
MAINBOARD-LISTED fintech firm iFast Corporation reported net profit of S$2.45 million for the second quarter ended June 30, 2019, down 16.5 per cent from S$2.94 million in the year-ago period, in a results release on July 27.
iFast attributed this to lower front-end commission income, as customers' investment subscription in unit trusts fell amid weak investor sentiment. iFast noted that"despite volatile financial market conditions and generally jittery investor sentiments in Asia" in the first half of 2019, the group's assets under administration grew 12.2 per cent year-to-date, from S$8.05 billion at the start of 2019 to a record high of S$9.04 billion at the end of the first half.
iFast also reiterated its interest in pursuing a digital bank licence in Singapore, after the Monetary Authority of Singapore recently announced plans to issue up to five digital bank licences to non-bank players.
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