Singapore-based wealth platform iFAST Corporation recently revealed that the Group’s Malaysian division, iFAST Capital, has introduced trading services in US as well as support for Hong Kong-listed securities for Malaysians.
The new offerings will reportedly include stocks and exchange-traded funds (ETFs) on FSMOne, its B2C online multi-asset digital investment platform, which focuses on serving self-directed investors.
The addition of US and Hong Kong stockbroking services in Malaysia has come after the launch of stocks and ETFs listed on the local stock exchange in March of this year This development is consistent with the Group’s mission of offering a complete wealth management solution to Malaysian consumers. These offerings are similar to what’s available in other key markets like Hong Kong and Singapore.
iFAST Capital has acquired an operational license from the Malaysian Securities Commission (SC) and Bursa Malaysia.
Similar to the pricing structure provided for Bursa-listed stocks, the Malaysian investor community can now perform transactions involving US and Hong Kong-listed stocks and ETFs at a commission of 0.08%. But this offer is subject to a minimum $ 8.80 (RM 37) or HKD 50 (RM 27) per trade requirement (respectively).
The FSMOne platform approves digital or online account registrations within hours. Funding of accounts may be performed in Ringgit Malaysia (MYR) through FPX and then converted at affordably-priced forex rates to USD or HKD.
Wong Weiyi, GM at FSMOne Malaysia noted that customer service is their top priority. The platform aims to make account opening as simple and intuitive as possible for all Malaysia residents.
“FSMOne’s service is affordable, transparent and adopts straightforward fee structure, which means no minimum deposit or fees. iFAST’s Malaysian arm had recently announced its plans to secure a digital banking license despite its unsuccessful bid for one in Singapore.”
The firm also revealed that it will be submitting a bid with three main partners, army cooperative Koperasi Angkatan Tentera Malaysia, investment company THZ Alliance, and Lee Thiam Wah, founder and major shareholder of 99 Speedmart.