$IFAST (AIY.SG)$ iFAST is bouncing back from delays surround...

iFAST is bouncing back from delays surrounding its ePension project in Hong Kong with positive net inflows, new digital banking services in its UK business, and promises of greater profitability in the coming quarters.

"Going forward, the group expects overall revenue and profitability to show marked improvements, and the group expects profitability in 2023 to be substantially better than in 2022," said the company at the release of its 9MFY2023 results on Oct 25. "With this, the revenues and profitability in 2024 are expected to show robust growth compared to 2023."

iFAST’s involvement as one of the builders of the Hong Kong mandatory ePension platform project has long been touted as a potentially significant source of revenue.

The ePension platform is the largest public retirement scheme in Hong Kong, with some HK$1.11 trillion ($194.9 billion) of assets under management.