I was interviewed on MoneyFM 89.3 this morning about the recent big news involving iFAST acquiring a digital bank, BFC Bank. Here’re some key points for investors who are following this development.
First of all, I would give some credit to iFAST for taking a big step to becoming a global company. This is the first time iFAST has ventured out of Asia and are getting a foothold in the UK. It is rare for a Singapore company to go global.
Of course, a lot more has to be done to become a truly global company, but who says we can’t celebrate every milestone along the way?
An interesting question asked by the hosts of 89.3’s Breakfast Huddle, Elliott Danker and Bharati Jagdish was:
“Why did iFAST acquire a bank in the UK and not in Asia?”
The following are my opinions, I think they’re doing this for two reasons: