iFAST Malaysia’s FSMOne Offers Investment Opportunities in US and HK-Listed Securitiesby Fintech News Malaysia July 30, 2021 0 comments
Singapore’s wealth platform iFAST Corporation announced that the group’s Malaysian operation, iFAST Capital, has launched trading capabilities in US and Hong Kong-listed securities.
The offerings include stocks and Exchange Traded Funds (ETFs) on FSMOne, its Business-to-Consumer (B2C) online multi-asset digital investment platform, which caters to self-directed investors.
The addition of US and Hong Kong stockbroking services in Malaysia follows the introduction of stocks and ETFs listed on the local stock exchange in March 2021.
This is in line with the group’s objective of providing a comprehensive wealth management platform in Malaysia, similar to its other core markets such as Singapore and Hong Kong.
iFAST Capital is licensed by the Malaysian Securities Commission and Bursa Malaysia.
Similar to the competitive pricing structure offered for Bursa-listed stocks, the investor community in Malaysia is now able to transact in US and Hong Kong-listed stocks and ETFs at a commission fee of 0.08%, subject to a minimum of US$ 8.80 (RM 37) or HKD 50 (RM 27) per trade respectively.
The FSMOne platform reportedly approves online account registrations in mere hours. Funding of accounts can be done in Ringgit Malaysia (MYR) via FPX to be converted at competitive forex (FX) rates to USD or HKD.
Wong Weiyi, General Manager of FSMOne Malaysia said that customer service is on the top of their list of priorities. The platform strives to make account opening swift and handy to all Malaysians.
“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 company announced that it will be submitting a bid with three partners, army cooperative Koperasi Angkatan Tentera Malaysia, investment firm THZ Alliance, and Lee Thiam Wah, founder and major shareholder of 99 Speedmart.