iFAST Corp did not win one of the digital banking licenses in Singapore but it has gained a big leg up in the Hong Kong market. 

On Jan 29, the Mandatory Provident Fund Schemes Authority of Hong Kong announced that it has awarded PCCW Solutions with the contract for the design, build and operation of the eMPF Platform. 

SEE: Expect record 4Q20 earnings by iFAST Corp on record AUA: CGS-CIMB

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. 

iFAST’s participation in the eMPF Platform project is subjected to finalisation of contractual details and more details will be announced.

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Hong Kong’s eMPF Platform aims to standardise, streamline and automate the MPF scheme administration processes to create room for fee reduction and a predominantly paperless experience in the MPF System. 

iFAST shares closed Friday, Jan 29 at $5.51, up 9.33%.