Thanks to a surge in assets under administration, iFAST Corp’s earnings for the 4QFY2020 ended Dec 31 was up 127.5% y-o-y to a quarterly record of $6.83 million. Revenue in the same period was up 41.6% y-o-y to $48.9 million.

For the whole of FY2020, the company reported earnings of $21.12 million, up 122.3% y-o-y, on the back of a 35.5% y-o-y growth in revenue to $169.3 million.

The company ended FY2020 with a record AUA of $14.45 billion, up 44.5% y-o-y. Net inflows of client assets registered a record of $3.16 billion in 2020. 

iFAST believes that its robust growth is the result of its past investments in building up a strong integrated digital wealth management platform. “Barring unforeseen circumstances, the Group expects further growth in its business performance and targets to improve its operating margin in 2021,” says the company in a press release.

iFAST’s cash and cash equivalents and investments in financial assets increased to $53.28 million as at Dec 31 2020, up from $40.15 million at the end of 2019. 

Get the latest Singapore corporate news stories for FREE

The company plans to pay a final dividend of one cent per share for FY2020, up from 0.9 cents paid for FY2019. This will be subject to approval by shareholders at the company’s Annual General Meeting on April 23, 2021.

The proposed final dividend brings the total dividend to 3.30 cents per share for FY2020, which is 4.8% higher than FY2019’s total of 3.15 cents per share.

See: iFAST posts record net profit with 150% y-o-y growth in 3Q20

Incorporated in the year 2000 in Singapore and listed on the SGX-Mainboard in December 2014, iFAST Corp is a wealth management FinTech platform present in Hong Kong, Malaysia, China and India. 

Last week, the Mandatory Provident Fund Schemes Authority of Hong Kong announced on that it had awarded PCCW Solutions with the contract for the design, build and operation of the eMPF Platform. 

iFAST had participated in the tender for the eMPF Platform project with PCCW Solutions as their Prime Subcontractor for a category that includes MPF scheme operation services, transformation services and user delivery services. 

On Jan 6, iFAST announced that its AUA had reached another record high level of $14.45 billion as at Dec 31, 2020. 

See also: iFAST Corp's AUA grows 44.5% y-o-y to record $14.45 bil

The figure represents a 44.5% growth from $10 billion as at Dec 31, 2019, and a 14.8% increase q-o-q from $12.59 billion as at Sept 30, 2020.

Shares in iFAST closed flat at $6.50 on Feb 5.