iFAST Pay Malaysia has received approval-in-principle from Bank Negara Malaysia to operate as an Electronic Money Issuer and to hold a Money Services Business Class A license.
In Malaysia, the company will initially focus on expanding and enhancing its multi-currency e-wallet services, prepaid cards linked to the e-wallet, and cross-border payment capabilities.
The group also intends to strengthen the integration between its wealth management platform and digital payment services, allowing customers to move seamlessly between investing and transacting.
As outlined in its three-year plan from 2025 to 2027, iFAST aims to develop innovative fintech services that complement its digital banking and wealth management platforms.
The approvals in Malaysia follow earlier steps into payments, beginning with the launch of the FSMOne Singapore debit card in 2022 and the iFAST Global Bank debit card in the UK in March 2025.
As at 30 June 2025, iFAST had assets under administration of S$27.20 billion across its global digital banking and wealth management platforms.
“We recently surpassed RM10 billion in assets under administration in Malaysia, a milestone made possible by the trust and support of our customers. We see a great opportunity to further enhance their experience through integrated payment solutions. We aim to deliver this via our Earn-Save-Spend loop, supported by referral programmes, lifestyle-and-finance bundles, and a prepaid card linked to the multi-currency wallet account.
The solutions we are introducing, including multi-currency prepaid card, will support instant payments for everyday purchases and international travel, which will be particularly valuable for frequent travellers and expatriates. We are targeting to introduce these new payment-related solutions over the next year or so,”
said Dennis Tan, CEO of iFAST Malaysia.
“Our goal has always been to strengthen the virtuous cycle of investing, earning and now spending, within one powerful application.
By integrating payments into our wealth management offering and leveraging our in-house IT capabilities to achieve seamless connectivity across the wealth, digital banking and payments platforms, we aim to deliver a more convenient and cost-competitive solution for our customers,”
said Lim Chung Chun, CEO and Chairman of iFAST Corp.
Featured image: Edited by Fintech News Malaysia, based on image by ceoJAHID via Freepik
