Singapore-based fintech platform iFAST Corporation Ltd. has announced the official launch of iFAST Global Hub.ai in Malaysia, a pivotal initiative in the group’s three-year growth Plan to become a prominent global player in digital banking, wealth management, and pension administration solutions.
IFAST said in a statement on Tuesday that as part of its strategic expansion, iFAST Global Hub.ai is set to invest more than MYR 150 million ($32.14 million) and will occupy more than 63,000 square feet of office space over the next five years.
It said this investment reaffirms iFAST’s ambitions in becoming a global fintech powerhouse that delivers innovative solutions that cater to a diverse and dynamic clientele.
According to the statement, iFAST Global Hub.ai, formerly known as iFAST service center, initially served as a regional service center in Malaysia, offering call services, information technology (IT) application development, and operational support to the group.
marking a strategic shift set to significantly enhance operational efficiency and scalability.
According to the statement, the new digital hub will be focused on utilizing advanced technology, particularly artificial intelligence (AI), to enhance the group’s fintech capabilities, bolster its operational efficiency, optimize workflows, and promote scalability.
IFAST said iFAST Global Hub.ai is primed to play a pivotal role in supporting the group’s improved effectiveness to deliver financial services to clients worldwide.
“The establishment of iFAST Global Hub.ai signifies a strategic milestone in our pursuit of a truly global business model,” said Lim Chung Chun, Chairman and Chief Executive Officer of iFAST Corp.
According to him, this enables them to effectively navigate the evolving business landscape, thereby ensuring sustained growth and the creation of value for all their stakeholders.
With the integration of cutting-edge technologies, including AI, he said iFAST Global Hub.ai is set to revolutionize the way iFAST operate and serve our clients.
He believes that this will not only elevate their service standards but also strengthen their position as a global fintech leader.
“We will harness the power of AI to reimagine what we do, how we do and why we do it,
“We will not merely be AI users, but aspire to be AI value creators who ultimately bring benefits to our clients and business partners,” he added.
IFAST Corp has also announced its AI initiatives including plans to automate its customer service with in-house AI solutions by end 2025, enabling the company to provide customer service support in over 50 languages, catering to clients worldwide around the clock.
According to Ma, such initiatives are testaments to their commitment in delivering innovative, efficient, and globally accessible customer service solutions.
He also said these initiatives reflect their dedication in integrating AI across various operational aspects to elevate customer experience and operational efficiency.
According to the statement, another key role of iFAST Global Hub.ai is to support the group’s ePension businesses, which offers a comprehensive range of pension administration services and digital solutions to its business partners.
It is noted that iFAST service center was recently awarded the Malaysia Digital (MD) status for its digital pension solutions services by the Malaysian Digital Economy Corporation (MDEC), the government agency leading the digital transformation of the Malaysian economy.
“Malaysia was chosen as a digital support hub for its ePension businesses due to its strategic geographical location, which offers a conducive environment for the expansion of our operations and aligns harmoniously with our organizational growth objectives,
“Furthermore, the country boasts a reservoir of high-quality talent, making it an ideal destination for recruiting digital talents,” Lim said.
IFAST also said iFAST Global Hub.ai recognizes the importance of the synergy between academia and industry, and has forged strategic partnerships with numerous universities, including Multimedia University (MMU).
“Our active involvement in initiatives such as the iCadet Program underscores our shared objective of nurturing graduates who benefit from early exposure to industry culture and environments, equipping them with the skills and insights needed to thrive in the workforce,” said Ma.
In line with iFAST Group’s growth plan, iFAST Global Hub.ai also announced its intention to recruit at least 400 digital talents to join the team over the next five years.
This strategic investment in human capital will further enhance the group’s fintech ecosystem, bringing valuable expertise and opportunities to IT talents across the region.