Mr Raymond Siva, Senior Vice President and Head of Digital Investment of MDEC and Mr Ma Qian Cheng, Managing Director of iFAST Global Hub.ai
KUALA LUMPUR, Nov 22 (Bernama) -- iFAST Service Centre Sdn. Bhd., a wholly-owned Malaysian subsidiary of iFAST Corporation Ltd, proudly announces the rebranding of iFAST Service Centre to iFAST Global Hub.ai, marking a significant milestone in its journey towards a truly global business model. With its transformation into a global digital hub, iFAST Global Hub.ai will now assume a central role in multiple aspects of the business, significantly enhancing operational efficiency and scalability.
This transformation emphasizes the integration of advanced technologies, particularly Artificial Intelligence (AI), to enhance operational efficiency, optimise workflows, and promote scalability. This digital hub is primed to play a central role in the Group's 3-Year Growth Plan, aiming to become a prominent global player in digital banking, wealth management, and pension administration solutions.
Mr Lim Chung Chun, Chairman and CEO of iFAST Corp, stated, "The establishment of iFAST Global Hub.ai signifies a strategic milestone in our pursuit of a truly global business model. This enables us to effectively navigate the evolving business landscape, thereby ensuring sustained growth and the creation of value for all our stakeholders. With the integration of cutting-edge technologies, including AI, iFAST Global Hub.ai is set to revolutionise the way iFAST operate and serve our clients."
"We recognise the potential of generative AI as we strive towards its integration into our products, and services, as well as our core operations. We believe this will not only elevate our service standards but also strengthen our position as a global fintech leader. We will harness the power of AI to reimagine what we do, how we do and why we do it. We will not merely be AI users, but aspire to be AI value creators who ultimately bring benefits to our clients and business partners,” said Mr Ma Qian Cheng, Managing Director of iFAST Global Hub.ai.
iFAST Corp has also announced its AI initiatives during a launch event held on 21 November 2023 in Malaysia, including plans to automate its customer service with in-house AI solutions by end 2025, enabling the company to provide customer service support in over 50 languages, catering to clients worldwide around the clock.
"Such initiatives are testaments to our commitment in delivering innovative, efficient, and globally accessible customer service solutions. Alongside automated customer service, the Group will also deploy AI in other key areas, including fraud detection, verification of identity documents, and search engine capabilities optimisation. These initiatives reflect our dedication in integrating AI across various operational aspects to elevate customer experience and operational efficiency," continued Qian Cheng.
Furthermore, iFAST Global Hub.ai will support the Group's ePension businesses, offering a comprehensive range of pension administration services and digital solutions, to its business partners. Recently, iFAST Service Centre was awarded Malaysia Digital (MD) Status for its Digital Pension Solutions Services by the Malaysian Digital Economy Corporation (MDEC).
“We would like to express our gratitude to MDEC for awarding us the MD status. Malaysia was chosen as a digital support hub for its ePension businesses due to its strategic geographical location, which offers a conducive environment for the expansion of our operations and aligns harmoniously with our organizational growth objectives. Furthermore, the country boasts a reservoir of high-quality talent, making it an ideal destination for recruiting digital talents,” added Chung Chun.
"We welcome iFAST’s expansion in Malaysia for its digital pension businesses. As a company that holds MD status, we believe iFAST will make exceptional contribution and impact to Malaysia's digital future. Through the MD national strategic initiative, MDEC will continue to support the growth of the digital economy by implementing various PEMANGKIN (MD Catalytic Programmes) aimed at promoting innovation and digital inclusion,” said Ts. Mahadhir Aziz, CEO of MDEC.
iFAST Global Hub.ai recognises the importance of strategic partnerships with numerous academic institutions, including Multimedia University (MMU). Dr. Junaidi, Dean of Faculty of Computing and Informatics (FCI) at MMU, said, "Partnering with iFAST to enhance our workforce's preparedness has been instrumental in our pursuit of academic excellence. This collaboration allows MMU to remain at the forefront of industry developments, ensuring our students receive guidance on the latest market trends upon graduation."
In line with iFAST Group's 3-Year Growth Plan, iFAST Global Hub.ai plans to onboard at least 400 digital talents over the next five years. This strategic investment in human capital will further enhance the Group's fintech ecosystem, bringing valuable expertise and opportunities to IT talents across the region. Furthermore, iFAST Global Hub.ai is also set to invest over RM 150 million and will occupy more than 63,000 sq. ft. of office space in the next five years as part of its strategic expansion, reaffirming its commitment in becoming a global fintech powerhouse that delivers innovative solutions that cater to a diverse and dynamic clientele.
About Us
iFAST Global Hub.ai (formerly known as iFAST Service Centre) was incorporated in the year 2006 and is a wholly-owned regional service centre which provides call services, IT applications development, operations and settlements support to the group's businesses.
About iFAST Corp
iFAST Corp (stock code: AIY) is a digital banking and wealth management platform, with assets under administration (AUA) of S$19.12 billion as at 30 September 2023.
Incorporated in the year 2000 in Singapore and listed on the SGX-Mainboard in December 2014, the Group is also present in Hong Kong, Malaysia, China, and UK. Through the years, the Group has built a well-established Fintech ecosystem connecting its product providers and clients.
iFAST Corp holds the requisite licences in the various jurisdictions it operates in to provide a wide range of products and services. As at end September 2023, the Group offers access to over 20,500 investment products including over 13,000 funds from over 320 fund houses, over 2,400 bonds, stocks and ETFs listed on the Singapore, Hong Kong, US, Malaysia, China A and UK stock exchanges, as well as services including online discretionary portfolio management services, research and investment seminars, Fintech solutions, and investment administration and transaction services.
The main business divisions of the Group include the Business-to-Consumer (“B2C”) division, the Business-to-Business (“B2B”) division, and the Fintech Solutions/Business-to-Business-to-Consumer (“B2B2C”) model. The B2C platform, FSMOne.com (formerly known as Fundsupermart.com), is a multi-products transactional platform that caters to investors who prefer to do their own investments online. The B2B platforms cater to the specialised needs of more than 640 financial advisory companies, financial institutions, banks and internet companies with over 12,500 wealth advisers. iFAST Fintech Solutions, the Fintech Solutions/B2B2C model, was launched in recent years to provide innovative and customisable Fintech solutions for the B2B clients and business partners to empower them with their own B2C Fintech capabilities. The iFAST Global Bank is a licenced UK bank that aspires to provide global banking connectivity to customers, corporates and financial institutions.
The Group’s mission statement is, “To help investors around the world invest globally and profitably”. In the Investors’ Choice Awards 2022 organised by the Securities Investors Association Singapore (SIAS), iFAST Corp was awarded Runner-Up in the “Shareholder Communication Excellence Award 2022 – Big Cap” category.
SOURCE : iFAST Corporation Limited
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