Local fintech company and digital bank hopeful iFAST Corp is fast becoming a “beneficiary of digitalisation”, says DBS Group Research in a July 24 report. For 2Q2020, iFAST Corporation’s earnings surged 84.7% y-o-y to a record high of $4.53 million, with assets under administration (AUA) growing 11.5% year-to-date. 

With results “above expectations”, DBS Group Research has revised its earnings forecasts for FY2020F and FY2021F up 41% and 44% respectively, with analyst Ling Lee Keng maintaining “buy” on the company with an increased trade price of $2.35, up from $1.27. 

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