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 paperless experience in the MPF System.

iFast said its participation in the eMPF Platform project is subjected to the finalisation of contractual details. It added it will share more details on the project with its shareholders in due course.

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