2022 was a tough year for most investors as stock markets around the world plunged.
The bellwether S&P 500 Index skidded nearly 20% while the technology-heavy NASDAQ Composite Index lost a third of its value.
Hong Kong’s Hang Seng Index fell by 16.5% last year as volatility rocked the major markets in light of high inflation and rapidly-rising interest rates.
Along with it, iFAST Corporation Limited (SGX: AIY) saw its business badly affected by market turbulence.
The fintech reported a sharp plunge in net profit as expenses rose significantly.
Despite the dour results, iFAST believes there is a better environment this year where it will be able grow both its revenue and net profit “substantially” moving forward.
Here are five things you need to know about the group’s plans and ambitions.
1. A painful set of earnings
For 2022, iFAST announced a 3.8% year on year rise in net revenue to S$118.2 million, buoyed by lower commissions and fees as market volumes plunged.
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