“Singapore private banks have been highly successful, but they primarily serve high-net-worth clients through non-digital business models. iFAST’s management team believes that, together with its presence in London and Hong Kong, the Group is wellpositioned to serve mass-affluent and retail customers globally, supported by scalable digital strategies.” iFAST delivered another great quarter for the fourth quarter of 2025. Net revenue grew 45% to S$151.7 million while net profit grew 70% to $32.8 million driven by strong Hong Kong ePension contributions. Net inflow was my main concern during the quarter. Although Assets under Administration (AUA) grew 28% year on year to $31.9 billion, a new record, net inflow was flat year on year at $1 billion and down 33% quarter on quarter. Bank deposits was also up only 1% quarter on quarter with more banking customers transferring deposits to iFAST’s wealth management platform. iFAST expects deposit growth to improve in 2026 and I’ll be watching this metric closely.

iFAST net inflows	S$B
1Q23	0.33
2Q23	0.543
3Q23	0.75
4Q23	0.31
1Q24	0.7
2Q24	0.8
3Q24	0.8
4Q24	1.0
1Q25	0.9
2Q25	1.3
3Q25	1.5
4Q25	1.0

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