Day: February 1, 2021

Hot stock: iFast hits record-high after announcing participation in Hong Kong eMPF project, Companies & Markets

Mon, Feb 01, 2021 – 3:21 PM

SHARES of iFast Corporation on Monday hit a record-high since the mainboard-listed wealth management platform’s initial public offering in December 2014.

The counter reached an intra-day high of S$6.245 as at 9.09am on the day, up 13.3 per cent or S$0.735. As at 3.05pm, iFast shares were trading 12 per cent or S$0.66 higher at S$6.17, with 2.4 million shares changing hands.

The share surge follows the company’s announcement on Saturday that PCCW Solutions – the IT flagship of PCCW Group – won the tender for Hong Kong’s eMPF platform.

iFast is PCCW Solution’s prime subcontractor for a category that includes Mandatory Provident Fund (MPF) scheme operation services, transformation services and user delivery services, it said in a bourse filing.

The eMPF platform aims to standardise, streamline and automate the MPF scheme administration processes to create room for fee reduction and a predominantly