iFAST Corporation Ltd.

and its Subsidiaries

Company Registration No: 200007899C
(Incorporated in the Republic of Singapore)

Unaudited Full-Year 2023

Financial Statements Announcement

Page 1 of 31
Fourth Quarter and Full Year Ended 31 December 2023 Financial Statements and
Dividend Announcement

1(a)(i) An income statement and a statement of comprehensive income, for the group, together
with a comparative statement for the corresponding period of the immediately preceding
financial year.

Consolidated income statement for the fourth quarter and full year ended 31 December 2023

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %

Revenue 77,334 47,442 63.0 242,514 205,310 18.1

Interest revenue 4,854 1,090 345.3 14,028 3,559 294.2
Total revenue 82,188 48,532 69.3 256,542 208,869 22.8
Commission and fee expenses including
securities brokerage expenses and handling and settlement expenses (21,847) (18,509) 18.0 (88,057) (89,886) (2.0)
Interest expenses excluding interest expense on lease liabilities (3,214) (265) NM (6,828) (742) 820.2
57,127 29,758 92.0 161,657 118,241 36.7
Other income 412 484 (14.9) 1,714 1,721 (0.4)

Depreciation of plant and equipment (984) (1,001) (1.7) (3,352) (3,825) (12.4)
Depreciation of right-of-use assets (3,051) (1,882) 62.1 (9,077) (7,370) 23.2
Amortisation of intangible assets (2,953) (2,547) 15.9 (11,036) (9,618) 14.7
Staff costs excluding equity-settled share-based payment transactions (19,074) (11,556) 65.1 (57,628) (46,208) 24.7
Equity-settled share-based payment to staff and advisers (3,690) (2,865) 28.8 (12,063) (10,587) 13.9
Other operating expenses (10,953) (7,941) 37.9 (33,071) (26,236) 26.1
(40,705) (27,792) 46.5 (126,227) (103,844) 21.6
Impairment loss on associate - - NM - (5,200) NM

Results from operating activities 16,834 2,450 587.1 37,144 10,918 240.2

Interest expense on lease liabilities (219) (105) 108.6 (793) (451) 75.8

Share of results of associates, net of tax 18 (31) NM 224 296 (24.3)

Profit before tax 16,633 2,314 618.8 36,575 10,763 239.8

Tax expense (3,812) (1,344) 183.6 (9,567) (5,414) 76.7
Profit for the period / year 12,821 970 NM 27,008 5,349 404.9

Profit attributable to:

Owners of the Company 13,181 1,296 917.1 28,268 6,424 340.0
Non-controlling interests (360) (326) 10.4 (1,260) (1,075) 17.2
Profit for the period / year 12,821 970 NM 27,008 5,349 404.9

NM denotes not meaningful.

FVOCI denotes fair value through other comprehensive income.
FVTPL denotes fair value through profit or loss.

Page 2 of 31
1(a)(i) An income statement and a statement of comprehensive income, for the group, together
with a comparative statement for the corresponding period of the immediately preceding
financial year. (Cont’d)

Consolidated statement of comprehensive income for the fourth quarter and full year ended 31
December 2023

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %

Profit for the period / year 12,821 970 NM 27,008 5,349 404.9

Other comprehensive income

Items that are or may be reclassified
subsequently to profit or loss:
Net change in fair value of financial assets-debt investments
at FVOCI 51 671 (92.4) (623) (735) (15.2)
Net change in fair value of financial assets-debt investments
at FVOCI reclassified to profit or loss 1,036 269 285.1 1,050 71 NM
Foreign currency translation differences for foreign
operations (1,371) (1,854) (26.1) 1,107 (10,178) NM
Share of other comprehensive income of associates (5) (10) (50.0) (25) (71) (64.8)
(289) (924) (68.7) 1,509 (10,913) NM
Items that will not be reclassified
subsequently to profit or loss:
Net change in fair value of financial assets-equity investments
at FVOCI - (541) NM 79 (2,440) NM
- (541) NM 79 (2,440) NM

Other comprehensive income for the period / year, net of tax (289) (1,465) (80.3) 1,588 (13,353) NM
Total comprehensive income for the period / year 12,532 (495) NM 28,596 (8,004) NM

Attributable to:
Owners of the Company 12,828 (130) NM 29,497 (5,725) NM
Non-controlling interests (296) (365) (18.9) (901) (2,279) (60.5)
Total comprehensive income for the period / year 12,532 (495) NM 28,596 (8,004) NM

Page 3 of 31
1(a)(ii) Breakdown and explanatory notes to income statement.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %

Profit for the period / year is arrived at after charging / (crediting) the

Interest revenue
- Interest income from banking operation
on cash and cash equivalents (2,070) 211 NM (4,737) (512) 825.2
on investment in financial assets (1,437) (309) 365.0 (4,208) (418) 906.7
- Interest income from non-banking operations
on cash and cash equivalents (366) (251) 45.8 (1,398) (745) 87.7
on clients trade settlement bank accounts (839) (396) 111.9 (2,858) (833) 243.1
on investment in financial assets (97) (300) (67.7) (727) (907) (19.8)
on product financing (31) 9 NM (47) - NM
on receivables (14) (54) (74.1) (53) (144) (63.2)

(4,854) (1,090) 345.3 (14,028) (3,559) 294.2

Interest expenses excluding interest expense on lease liabilities

- Interest expense from banking operation
on deposits and balances of customers 3,020 206 NM 6,197 683 807.3
- Interest expense from non-banking operation
on bank loans 194 58 234.5 631 58 987.9
on payables - 1 NM - 1 NM

3,214 265 NM 6,828 742 820.2

Other income
- Net investment income (378) (359) 5.3 (862) (368) 134.2
- Government grant (1) (110) (99.1) (131) (1,300) (89.9)
- Gain on derecognition of an associate - - NM (634) - NM
- Miscellaneous income (33) (15) 120.0 (87) (53) 64
(412) (484) (14.9) (1,714) (1,721) (0.4)

Tax expense
- Current tax expense 3,653 1,130 223.3 9,502 5,562 70.8
- Deferred tax expense / (credit) 159 214 (25.7) 65 (148) NM
3,812 1,344 183.6 9,567 5,414 76.7

Lease expense 163 381 (57.2) 639 762 (16.1)

Impairment loss on investment in financial assets at FVOCI,
included in other operating expenses 1,016 300 238.7 1,016 300 238.7
Impairment loss on investment in financial assets at amortised
cost (net), included in other operating expenses (124) 173 NM 163 173 (5.8)
Impairment loss on other financial assets 31 5 520.0 46 5 820.0
Bad debt written off - - NM - 8 NM
Foreign exchange loss, net 664 568 16.9 670 760 (11.8)
Plant and equipment written off - - NM 1 1 -
Intangible assets written off 75 - NM 75 - NM
Equity-settled share-based payment transactions,
included in staff costs 3,192 2,482 28.6 10,546 9,278 13.7
Equity-settled share-based payment transactions,
included in other operating expenses 498 383 30.0 1,517 1,309 15.9
Loss / (gain) on redemption of investment in financial assets at FVOCI,
included in investment income 20 (31) NM 34 (229) NM
Dividend income on investment in financial assets at FVOCI,
included in investment income - (48) NM - (303) NM
Net (gain) / loss on investment in financial assets at FVTPL,
included in investment income (393) (243) 61.7 (869) 228 NM
Net gain on investment in financial assets at amortised cost,
included in investment income - (28) NM - (28) NM
Dividend income from associate or other investment (5) (9) (44.4) (27) (36) (25.0)

Page 4 of 31
1(b)(i) A statement of financial position (for the issuer and group), together with a
comparative statement as at the end of the immediately preceding financial year.

Group Company
As at As at
31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22
$'000 $'000 $'000 $'000
Assets
Plant and equipment 8,534 5,962 424 917
Right-of-use assets 23,881 10,391 8,461 1,121
Intangible assets and goodwill 80,136 73,993 31,977 28,837
Subsidiaries - - 170,431 163,528
Associates 413 3,479 - 767
Other investments 32,965 23,034 4,480 2,535
Deferred tax assets 2,759 2,380 - -
Contract costs 15,729 10,117 - -
Prepayments and others 1,263 1,055 11 11
Total non-current assets 165,680 130,411 215,784 197,716

Current tax receivable 362 323 - -

Other investments 82,802 41,711 9,947 9,626
Contract costs - 48 - -
Prepayments and others 6,739 5,031 235 391
Trade and other receivables 136,037 78,601 62,501 33,557
Uncompleted contracts - buyers 81,475 51,281 - -
Money market funds 51,956 14,165 9,381 9,540
Cash at bank and in hand 307,850 136,965 3,473 4,028
Total current assets 667,221 328,125 85,537 57,142

Total assets 832,901 458,536 301,321 254,858

Equity
Share capital 171,165 171,059 171,165 171,059
Reserves 79,031 51,429 50,379 28,636
Equity attributable to owners
250,196 222,488 221,544 199,695
of the Company
Non-controlling interests 7,180 8,229 - -
Total equity 257,376 230,717 221,544 199,695

Liabilities
Deferred tax liabilities 3,342 2,867 2,525 2,064
Lease liabilities 15,625 5,280 4,904 147
Total non-current liabilities 18,967 8,147 7,429 2,211

Current tax payables 6,629 2,859 - -

Lease liabilities 9,316 5,919 3,616 883
Bank loans 34,468 12,210 34,468 12,210
Deposits and balances of customers 358,622 96,545 - -
Trade and other payables 66,119 51,863 34,264 39,859
Uncompleted contracts - sellers 81,404 50,276 - -
Total current liabilities 556,558 219,672 72,348 52,952

Total liabilities 575,525 227,819 79,777 55,163

Total equity and liabilities 832,901 458,536 301,321 254,858

Page 5 of 31
1(b)(ii) Aggregate amount of group’s borrowings and debt securities.

Amount repayable in one year or less, or on demand

Group
As at As at
31-Dec-23 31-Dec-22
$'000 $'000
Secured Unsecured Secured Unsecured
Bank loans - 34,468 - 12,210
- 34,468 - 12,210

The Group uses its revolving multi-currency bank loan facilities to facilitate its working capital
management from time to time. The revolving multi-currency bank loans bore interest at
rates ranging from 0.32% to 5.71% (2022: 3.90% to 4.69%) per annum in the year and are
repayable within the next 12 months from the reporting date.

Amount repayable after one year

No amount of the Group’s borrowings and debt securities is repayable after one year from
the reporting date.

Page 6 of 31
1(c) A statement of cash flows (for the group), together with a comparative statement for the
corresponding period of the immediately preceding financial year.

Group Group
4Q23 4Q22 FY23 FY22
$'000 $'000 $'000 $'000
Cash flows from operating activities
Profit for the period / year 12,821 970 27,008 5,349
Adjustments for:
Depreciation of plant and equipment 984 1,001 3,352 3,825
Depreciation of right-of-use assets 3,051 1,882 9,077 7,370
Amortisation of intangible assets 2,953 2,547 11,036 9,618
Impairment loss on other financial assets 129 - 129 -
Bad debts written off - - - 8
Equity-settled share-based payment to staff and advisers 3,690 2,865 12,063 10,587
Dividend income on investment in financial assets at FVOCI - (48) - (303)
Loss / (gain) on redemption of investment in financial assets at FVOCI 20 (31) 34 (229)
Net (gain) / loss on investment in financial assets at FVTPL (393) (243) (869) 228
Share of results of associates, net of tax (18) 31 (224) (296)
Dividend income on investment in associates (5) (9) (27) (36)
Foreign exchange loss, net 664 568 670 760
Plant and equipment written off - - 1 1
Intangible asset written off 75 - 75 13
Impairment loss on associate - - - 5,200
Impairment loss on investment in financial assets at FVOCI, net 1,016 300 1,016 300
Impairment loss on investment in financial assets at amortised cost (124) 173 163 173
Impairment loss on other financial assets 31 5 46 5
Premium or discount amortisation on debt securities (649) (280) (2,112) (575)
Interest expense on lease liabilities 219 105 793 451
-
Gain on disposal of plant and equipment - (8) -
Gain on derecognition of associate - - (634) -
Tax expense 3,812 1,344 9,567 5,414
28,276 11,152 71,156 47,835
Changes in:
Contract costs 525 (1,584) (4,777) (5,582)
Prepayments (758) 278 (858) 444
Trade and other receivables (38,647) 4,942 (57,847) (6,351)
Uncompleted contracts - buyers 16,784 70,691 (30,580) (8,531)
Uncompleted contracts - sellers (16,815) (72,432) 31,541 9,404
Deposits and balances of customers in banking operation 124,155 31,993 256,691 26,564
Trade and other payables 12,964 (1,667) 14,620 (8,938)
Cash generated from operations 126,484 43,373 279,946 54,845
Tax paid (1,043) (771) (5,703) (6,993)
Interest paid on lease liabilities (219) (123) (793) (453)
Net cash from operating activities 125,222 42,479 273,450 47,399

Cash flows from investing activities

Purchase of plant and equipment (1,688) (918) (6,565) (2,702)
Purchase of intangible assets (4,202) (1,741) (15,298) (12,304)
Payment of direct costs for leases (4) - (198) -
(1) (1)
Proceeds from disposal of plant and equipment - 42
Additional investment in associates - - - (91)
Dividend from associate or other investment - - 36 36
Net cash inflow from acquisition of subsidiaries - - - 49,534
Purchase of investment in financial assets (80,232) (95,841) (406,548) (257,816)
Proceeds from redemption of investment in financial assets 82,990 68,212 360,049 206,726
Dividends received from investment in financial assets at FVOCI - 1 - 4
Proceed from disposal of interest in associate - - 1,950 -
Net cash used in investing activities (3,136) (30,287) (66,532) (16,613)

Cash flows from financing activities

Proceeds from issue of ordinary shares related to share placement,
net of share issuance expenses - - - 103,334
Proceeds from exercise of share options 47 55 106 148
Purchase of treasury shares - - (845) (2,391)
Drawdown of bank loans 23,530 12,210 39,416 12,210
Repayment of bank loans (4,901) - (17,143) -
Principal element of lease payments (2,784) (2,225) (9,205) (8,324)
Dividends paid to owners of the Company (3,842) (3,808) (14,180) (14,062)
Net cash from / (used in) financing activities 12,050 6,232 (1,851) 90,915

Net increase in cash and cash equivalents 134,136 18,424 205,067 121,701
Cash and cash equivalents at beginning of the period / year 224,565 135,517 151,130 44,097
Effect of exchange rate fluctuations on cash held 1,105 (2,811) 3,609 (14,668)
Cash and cash equivalents at end of the period / year 359,806 151,130 359,806 151,130
(1)
Amount less than $1,000

Page 7 of 31
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from
capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the
immediately preceding financial year.

Group
Attributable to owners of the Company
Foreign
Reserve for
Share Fair value currency Share option Performance Equity Accumulated Non-controlling
own Total Total equity
capital reserve translation reserve share reserve reserve profits interests
shares
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

At 1 January 2023 171,059 (3,146) (10,603) 3,165 22,101 (1,535) (1,025) 42,472 222,488 8,229 230,717

Total comprehensive income for the year

Profit / (Loss) for the year - - - - - - - 28,268 28,268 (1,260) 27,008

Other comprehensive income

Net change in fair value of financial assets at FVOCI - (544) - - - - - - (544) - (544)
Net change in fair value of financial assets at FVOCI reclassified to profit or loss - 1,050 - - - - - - 1,050 - 1,050
Net change in fair value on disposal of financial assets at FVOCI transferred
between reserves - (81) - - - - - 81 - - -
Foreign currency translation differences for foreign operations - - 748 - - - - - 748 359 1,107
Share of other comprehensive income of associates - - (25) - - - - - (25) - (25)
Total other comprehensive income - 425 723 - - - - 81 1,229 359 1,588
Total comprehensive income for the year - 425 723 - - - - 28,349 29,497 (901) 28,596

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners
Share options exercised 106 - - - - - - - 106 - 106
Purchase of treasury shares - - - - - - (845) - (845) - (845)
Treasury shares re-issued - - - - - - 1,809 320 2,129 - 2,129
One-tier tax-exempt 2022 final dividend paid of 1.40 cents per share - - - - - - - (4,134) (4,134) - (4,134)
One-tier tax-exempt interim dividend paid of 1.00 cents per share - - - - - - - (2,953) (2,953) - (2,953)
One-tier tax-exempt interim dividend paid of 1.10 cents per share - - - - - - - (3,251) (3,251) - (3,251)
One-tier tax-exempt interim dividend paid of 1.30 cents per share - - - - - - - (3,842) (3,842) - (3,842)
Equity-settled share-based payment transactions - - - 224 10,833 - - - 11,057 - 11,057
Total contributions by and distribution to owners 106 - - 224 10,833 - 964 (13,860) (1,733) - (1,733)

Changes in ownership interests in subsidiaries

Measurement period adjustments to acquisition of subsidiary with
non-controlling interests - - - - - (56) - - (56) (148) (204)
Total changes in ownership interests in subsidiaries - - - - - (56) - - (56) (148) (204)

Total transactions with owners 106 - - 224 10,833 (56) 964 (13,860) (1,789) (148) (1,937)

At 31 December 2023 171,165 (2,721) (9,880) 3,389 32,934 (1,591) (61) 56,961 250,196 7,180 257,376

Page 8 of 31
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from
capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the
immediately preceding financial year. (Cont’d)

Group
Attributable to owners of the Company
Foreign
Share Reserve for
Share Fair value currency Performance Equity Accumulated Non-controlling
option own Total Total equity
capital reserve translation share reserve reserve profits interests
reserve shares
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

At 1 January 2022 67,577 (4,019) (1,542) 3,012 12,316 (2,010) (160) 53,479 128,653 (1,018) 127,635

Total comprehensive income for the year

Profit / (Loss) for the year - - - - - - - 6,424 6,424 (1,075) 5,349

Other comprehensive income

Net change in fair value of financial assets at FVOCI - (3,159) - - - - - - (3,159) (16) (3,175)
Net change in fair value of financial assets at FVOCI reclassified to profit or loss - 71 - - - - - - 71 - 71
Net change in fair value on disposal of financial assets at FVOCI transferred
between reserves - 3,961 - - - - - (3,961) - - -
Foreign currency translation differences for foreign operations - - (8,990) - - - - - (8,990) (1,188) (10,178)
Share of other comprehensive income of associates - - (71) - - - - - (71) - (71)
Total other comprehensive income - 873 (9,061) - - - - (3,961) (12,149) (1,204) (13,353)
Total comprehensive income for the year - 873 (9,061) - - - - 2,463 (5,725) (2,279) (8,004)

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners
Share options exercised 148 - - - - - - - 148 - 148
Purchase of treasury shares - - - - - - (2,391) - (2,391) - (2,391)
Treasury shares re-issued - - - - - - 1,526 592 2,118 - 2,118
Issue of ordinary shares related to share placement 105,000 - - - - - - - 105,000 - 105,000
Share issuance expenses (1,666) - - - - - - - (1,666) - (1,666)
One-tier tax-exempt 2021 final dividend paid of 1.40 cents per share - - - - - - - (4,102) (4,102) - (4,102)
One-tier tax-exempt interim dividend paid of 1.00 cents per share - - - - - - - (2,930) (2,930) - (2,930)
One-tier tax-exempt interim dividend paid of 1.10 cents per share - - - - - - - (3,222) (3,222) - (3,222)
One-tier tax-exempt interim dividend paid of 1.30 cents per share - - - - - - - (3,808) (3,808) - (3,808)
Equity-settled share-based payment transactions - - - 153 9,785 - - - 9,938 - 9,938
Total contributions by and distribution to owners 103,482 - - 153 9,785 - (865) (13,470) 99,085 - 99,085

Changes in ownership interests in subsidiaries

Acquisition of subsidiary with non-controlling interests - - - - - - - - - 12,001 12,001
Effect on acquisition of additional interest in subsidiary - - - - - 475 - - 475 (475) -
Total changes in ownership interests in subsidiaries - - - - - 475 - - 475 11,526 12,001

Total transactions with owners 103,482 - - 153 9,785 475 (865) (13,470) 99,560 11,526 111,086

At 31 December 2022 171,059 (3,146) (10,603) 3,165 22,101 (1,535) (1,025) 42,472 222,488 8,229 230,717

Page 9 of 31
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from
capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the
immediately preceding financial year. (Cont’d)

Company
Attributable to owners of the Company

Fair value Share option Performance Reserve for Accumulated

Share capital Total equity
reserve reserve share reserve own shares profits

$'000 $'000 $'000 $'000 $'000 $'000 $'000

At 1 January 2023 171,059 742 1,974 22,101 (1,025) 4,844 199,695

Total comprehensive income for the year

Profit for the year - - - - - 23,076 23,076

Other comprehensive income

Net change in fair value of financial assets at FVOCI - (544) - - - - (544)
Net change in fair value of financial assets at FVOCI reclassified to profit or loss - 1,050 - - - - 1,050
Net change in fair value on disposal of financial assets at FVOCI transferred
between reserves - (82) - - - 82 -
Total other comprehensive income - 424 - - - 82 506
Total comprehensive income for the year - 424 - - - 23,158 23,582

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners
Share options exercised 106 - - - - - 106
Purchase of treasury shares - - - - (845) - (845)
Treasury shares re-issued - - - - 1,809 320 2,129
One-tier tax-exempt 2022 final dividend paid of 1.40 cents per share - - - - - (4,134) (4,134)
One-tier tax-exempt interim dividend paid of 1.00 cents per share - - - - - (2,953) (2,953)
One-tier tax-exempt interim dividend paid of 1.10 cents per share - - - - - (3,251) (3,251)
One-tier tax-exempt interim dividend paid of 1.30 cents per share - - - - - (3,842) (3,842)
Equity-settled share-based payment transactions - - 224 10,833 - - 11,057
Total contributions by and distribution to owners 106 - 224 10,833 964 (13,860) (1,733)

Total transactions with owners 106 - 224 10,833 964 (13,860) (1,733)

At 31 December 2023 171,165 1,166 2,198 32,934 (61) 14,142 221,544

Page 10 of 31
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from
capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the
immediately preceding financial year. (Cont’d)

Company
Attributable to owners of the Company

Fair value Share option Performance Reserve for Accumulated

Share capital Total equity
reserve reserve share reserve own shares profits

$'000 $'000 $'000 $'000 $'000 $'000 $'000

At 1 January 2022 67,577 (450) 1,839 12,316 (160) 13,711 94,833

Total comprehensive income for the year

Profit for the year - - - - - 8,564 8,564

Other comprehensive income

Net change in fair value of financial assets at FVOCI - (2,840) - - - - (2,840)
Net change in fair value of financial assets at FVOCI reclassified to profit or loss - 71 - - - - 71
Net change in fair value on disposal of financial assets at FVOCI transferred
between reserves - 3,961 - - - (3,961) -
Total other comprehensive income - 1,192 - - - (3,961) (2,769)
Total comprehensive income for the year - 1,192 - - - 4,603 5,795

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners
Share options exercised 148 - - - - - 148
Purchase of treasury shares - - - - (2,391) - (2,391)
Treasury shares re-issued - - - - 1,526 592 2,118
Issue of ordinary shares related to share placement 105,000 - - - - - 105,000
Share issuance expenses (1,666) - - - - - (1,666)
One-tier tax-exempt 2021 final dividend paid of 1.40 cents per share - - - - - (4,102) (4,102)
One-tier tax-exempt interim dividend paid of 1.00 cents per share - - - - - (2,930) (2,930)
One-tier tax-exempt interim dividend paid of 1.10 cents per share - - - - - (3,222) (3,222)
One-tier tax-exempt interim dividend paid of 1.30 cents per share - - - - - (3,808) (3,808)
Equity-settled share-based payment transactions - - 135 9,785 - - 9,920
Total contributions by and distribution to owners 103,482 - 135 9,785 (865) (13,470) 99,067

Total transactions with owners 103,482 - 135 9,785 (865) (13,470) 99,067

At 31 December 2022 171,059 742 1,974 22,101 (1,025) 4,844 199,695

Page 11 of 31
1(d)(ii) Details of any changes in the company's share capital arising from rights issue,
bonus issue, subdivision, consolidation, share buy-backs, exercise of share options
or warrants, conversion of other issues of equity securities, issue of shares for cash
or as consideration for acquisition or for any other purpose since the end of the
previous period reported on. State the number of shares that may be issued on
conversion of all the outstanding convertibles, if any, against the total number of
issued shares excluding treasury shares and subsidiary holdings of the issuer, as at
the end of the current financial period reported on and as at the end of the
corresponding period of the immediately preceding financial year. State also the
number of shares held as treasury shares and the number of subsidiary holdings, if
any, and the percentage of the aggregate number of treasury shares and subsidiary
holdings held against the total number of shares outstanding in a class that is listed
as at the end of the current financial period reported on and as at the end of the
corresponding period of the immediately preceding financial year.

The number of shares in issue in the Company as at 31 December 2023 excluding treasury
shares and subsidiary holdings was 295,702,851 ordinary shares (30 September 2023:
295,518,451 ordinary shares). The movements in the Company’s share capital during the fourth
quarter ended 31 December 2023 were as follows:

Number of
ordinary shares
As at 30 September 2023 295,518,451
Exercise of share options 78,400
Vesting of performance shares -
Purchase of treasury shares -
Re-issue of treasury shares 106,000
As at 31 December 2023 295,702,851

iFAST Employee Share Option Scheme and iFAST Share Option Scheme 2013 (“iFAST ESOS”)

The number of outstanding share options under the iFAST ESOS was as follows:

Number of
share options
As at 30 September 2023 3,442,078
Share options granted -
Exercised (78,400)
Forfeited -
As at 31 December 2023 3,363,678

As at 31 December 2023, the number of outstanding share options under the iFAST ESOS was
3,363,678 (31 December 2022: 3,318,178).

iFAST Corporation Performance Share Plan (“iFAST PSP”)

The number of outstanding performance shares granted but not vested under iFAST PSP was as
follows:

Page 12 of 31
 Number of
performance
shares
As at 30 September 2023 9,043,600
Performance shares granted but not vested -
Vested -
Forfeited (7,300)
As at 31 December 2023 9,036,300

As at 31 December 2023, the number of outstanding performance shares granted but not vested
under the iFAST PSP was 9,036,300 (31 December 2022: 9,133,700).

Treasury shares and subsidiary holdings

The number of shares held as treasury shares was as follows:

Number of
treasury shares
As at 30 September 2023 118,890
Purchased by way of on-market acquisition -
Purchased by way of off-market acquisition -
Re-issued (106,000)
As at 31 December 2023 12,890

As at 31 December 2023, 12,890 (31 December 2022: 279,700) treasury shares were held by the
Company that may be re-issued upon the exercise of share options under the iFAST ESOS and
upon the vesting of performance shares under the iFAST PSP or for other uses pursuant to the
Share Buy Back Mandate of the Company renewed at the Annual General Meeting held on 26
April 2023.

The Company has no subsidiary holdings as at 31 December 2023 and 31 December 2022.

As at 31 December 2023, the treasury shares held by the Company was less than 0.1% (31
December 2022: 0.1%) of the total number of issued shares excluding treasury shares and
subsidiary holdings.

1(d)(iii)To show the total number of issued shares excluding treasury shares as at the end of
the current financial period and as at the end of the immediately preceding year.

As at As at
31-Dec-23 31-Dec-22
Total number of issued shares excluding treasury shares
and subsidiary holdings 295,702,851 293,045,941

1(d)(iv) A statement showing all sales, transfers, cancellation and/or use of treasury shares
as at the end of the current financial period reported on.

Between 1 October 2023 and 31 December 2023, the Company transferred 106,000 treasury
shares for the settlement of sales incentive payable by the Group to certain individual investment
advisers under the Business-to-Business (‘B2B”) business division of the Group in the form of
shares of the Company with a vesting period of three years.

The total fair value of the treasury shares transferred was $0.60 million in the quarter.

Page 13 of 31
1(d)(v) A statement showing all sales, transfers, cancellation and/or use of subsidiary
holdings as at the end of the current financial period reported on.

There were no sales, transfer, cancellation and/or use of subsidiary holdings as at 31 December
2023.

2. Whether the figures have been audited, or reviewed and in accordance with which
auditing standard or practice.

The figures have not been audited or reviewed by the Group’s external auditors.

3. Where the figures have been audited or reviewed, the auditors’ report (including any
qualifications or emphasis of a matter).

Not applicable.

3A. Where the latest financial statements are subject to an adverse opinion, qualified
opinion or disclaimer of opinion:—
(a) Updates on the efforts taken to resolve each outstanding audit issue.
(b) Confirmation from the Board that the impact of all outstanding audit issues on
the financial statements have been adequately disclosed.
This is not required for any audit issue that is a material uncertainty relating to going
concern.

Not applicable.

4. Whether the same accounting policies and methods of computation as in the issuer’s
most recently audited annual financial statements have been applied.

The financial information have been prepared in accordance with the Singapore Financial
Reporting Standards (International) (“SFRS(I)”) including SFRS(I) 1-34 Interim Financial
Reporting, and the same accounting policies and methods of computation adopted in the
audited financial statements of the last financial year, except for those disclosed under
paragraph 5 below.

5. If there are any changes in the accounting policies and methods of computation,
including any required by an accounting standard, what has changed, as well as
the reasons for, and the effect of, the change.

The Group and the Company have adopted the new and revised SFRS(I)s, and Interpretations
of SFRS(I) ("SFRS(I) INTs") that are effective for the annual period beginning on 1 January
2023. The adoption of these SFRS(I)s and SFRS(I) INTs did not have any significant effect on
the financial statements of the Group and the Company.

6. Earnings per ordinary share of the group for the current financial period reported
on and the corresponding period of the immediately preceding financial year,
after deducting any provision for preference dividends.

Page 14 of 31
 4Q23 4Q22 FY23 FY22
(i) Based on weighted average number of ordinary shares on issue
- Weighted average number of ordinary shares 295,664,618 292,961,789 294,913,821 292,625,782
Basic earnings per share (cents) 4.46 0.44 9.59 2.20

(ii) On a fully diluted basis of ordinary shares

- Adjusted weighted average number of ordinary shares 305,326,320 301,529,779 304,650,511 301,855,868
Diluted earnings per share (cents) 4.32 0.43 9.28 2.13

7. Net asset value (for the issuer and group) per ordinary share based on the total
number of issued shares excluding treasury shares of the issuers at the end of
the (a) current financial period reported on and (b) immediately preceding
financial year.

Group Company
31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22

Net asset value per ordinary share (cents) 84.61 75.92 74.92 68.14

8. A review of the performance of the group, to the extent necessary for a reasonable
understanding of the group’s business. It must include a discussion of the
following: -
(a) any significant factors that affected the turnover, costs, and earnings of the
group for the current financial period reported on, including (where applicable)
seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or
liabilities of the group during the current financial period reported on.

Consolidated Income Statement

Total revenue

Global financial markets ended the fourth quarter of 2023 (“4Q23”) on strong footing as investors
started to focus on the possibility of rate cuts going forward. The MSCI AC Asia ex Japan index
ended the year of 2023 (“FY23”) with a positive 6.3% year-on-year (“YoY”) performance.

Despite volatile financial market conditions over the course of the year, the Group recorded
healthy net inflows of client assets of $1,957 million for FY23, benefitting from the Group’s
continuous efforts in improving the range and depth of products and services brought to clients
and business partners in recent years.

Aided by healthy net inflows and improving financial market performance, the Group’s assets
under administration (“AUA”) rose 13.8% YoY to $19.83 billion as at 31 December 2023.

In addition to continued progress for the Group’s core wealth management platform business, the
Group’s Hong Kong-based ePension division made a significant contribution to Group revenue in
4Q23. The Group’s total revenue increased 69.3% YoY to $82.19 million in 4Q23 and rose 22.8%
YoY to $256.54 million in FY23. The following tables show the breakdown of the Group’s total
revenue, total revenue excluding interest revenue and interest revenue by the United Kingdom
(“UK”)-based banking operation acquired at end of March 2022 and the existing non-banking
operations of the Group respectively.

Page 15 of 31
 Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations 75,659 48,143 57.2 235,959 198,537 18.8
Banking operation 6,529 389 NM 20,583 10,332 99.2
Total revenue 82,188 48,532 69.3 256,542 208,869 22.8
Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations 74,312 47,151 57.6 230,877 195,908 17.8
Banking operation 3,022 291 938.5 11,637 9,402 23.8
Total revenue excluding interest revenue 77,334 47,442 63.0 242,514 205,310 18.1

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations 1,347 992 35.8 5,083 2,629 93.3
Banking operation 3,507 98 NM 8,945 930 861.8
Interest revenue 4,854 1,090 345.3 14,028 3,559 294.2

As disclosed in the Group’s Full-Year 2022 Financial Statements Announcement dated 14

February 2023, the Group had reviewed book-keeping of the newly acquired banking operation in
line with the Group’s accounting policies and certain alignment adjustments related to the
presentation of banking operation’s results (mainly related to its discontinued operation of
wholesale currency services (“WCS”) business which was closed in 2023) for the second quarter
of 2022 (“2Q22”) and the third quarter of 2022 (“3Q22”) had been recognised in the books of
banking operation in the fourth quarter of 2022 (“4Q22”). The following table shows aligned
revenue of banking operation from 2Q22 to 4Q22 if the above-mentioned alignment adjustments
would have been recognised in 2Q22 and 3Q22 respectively.

Banking operation 1Q22 2Q22 3Q22 4Q22 FY22

$'000 $'000 $'000 $'000 $'000
Total revenue (reported in the results announcement for the respective quarter) - 5,874 4,069 389 10,332
Alignment adjustments with the Group's accounting policies - (1,611) (1,379) 2,990 -
Total revenue aligned with the Group's accounting policies - 4,263 2,690 3,379 10,332

Total revenue excluding interest revenue (reported in the results announcement for the
respective quarter) - 5,565 3,546 291 9,402
Alignment adjustments with the Group's accounting policies - (1,393) (1,071) 2,464 -
Total revenue excluding interest revenue aligned with the Group's accounting policies - 4,172 2,475 2,755 9,402

Interest revenue (reported in the results announcement for the respective quarter) - 309 523 98 930
Alignment adjustments with the Group's accounting policies - (218) (308) 526 -
Interest revenue aligned with the Group's accounting policies - 91 215 624 930

Costs of revenue

Commission and fee expenses including securities brokerage expenses and handling and
settlement expenses

The following table shows the breakdown of the Group’s costs of revenue excluding interest
expenses by the new banking operation and existing non-banking operations of the Group.

Page 16 of 31
 Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations 21,605 20,370 6.1 86,016 88,425 (2.7)
Banking operation 242 (1,861) NM 2,041 1,461 39.7
Costs of revenue excluding interest expenses 21,847 18,509 18.0 88,057 89,886 (2.0)

The non-banking operations of the Group consists of two main business divisions, namely the
Business-to-Customer (“B2C”) and Business-to-Business (“B2B”) divisions. For the B2B division
of the Group, a substantial portion of front-end commission income and advisory fees from B2B
customers is payable to financial advisers who serve these B2B customers. The Group also
incurs securities brokerage expenses which relate to brokerage fees paid to third party brokers
for the execution of client trades in securities listed on overseas exchanges of which the Group is
not a member.

The costs of revenue excluding interest expenses incurred by non-banking operations of the
Group rose 6.1% YoY to $21.6 million in 4Q23 but decreased 2.7% YoY to $86.0 million in FY23.
These are mainly related to changes in client transaction volumes in stocks for the B2B and B2C
businesses, as well as commission income from the unit trust (“UT”) business of the B2B division
in the respective periods. The total clients’ subscription amounts in UT in FY23 dropped 14.0%
YoY while the clients’ subscription amounts in UT in 4Q23 rose 13.1% YoY.

The costs of revenue excluding interest expenses incurred by the Group’s banking operation are
commission and fee expenses including handling and settlement expenses charged by
counterparts in the course of providing transactional banking services to customers.

As disclosed in the Group’s Full-Year 2022 Financial Statements Announcement dated 14

February 2023, the alignment adjustments related to cost of revenue excluding interest expenses
of banking operation for FY2022 are shown as follows.

Banking operation 1Q22 2Q22 3Q22 4Q22 FY22

$'000 $'000 $'000 $'000 $'000
Costs of revenue excluding interest expenses
(reported in the results announcement for the respective quarter) - 1,755 1,567 (1,861) 1,461
Alignment adjustments with the Group's accounting policies - (1,112) (1,134) 2,246 -
Costs of revenue excluding interest expenses aligned with the Group's accounting policies - 643 433 385 1,461

Interest expenses excluding interest expense on lease liabilities

The following table shows the breakdown of the Group’s interest expenses excluding interest
expense on lease liabilities by the new banking operation and existing non-banking operations of
the Group.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations 194 59 228.8 631 59 969.5
Banking operation 3,020 206 NM 6,197 683 807.3
Interest expenses 3,214 265 NM 6,828 742 820.2

The interest expenses excluding interest expense on lease liabilities incurred by non-banking
operations are interest expenses on amounts of revolving bank loan facilities drawn down to
facilitate the Group’s working capital management in the year.

The interest expenses excluding interest expense on lease liabilities incurred by the banking
operation are interest expenses on deposits and balances of customers placed with the Group’s
banking operation. The increase in banking operation’s interest expenses was mainly due to the
ramp up of customer deposits following the launch of Digital Personal Banking (“DPB”) services
and the expansion of Digital Transaction Banking (“DTB”) services over the course of FY23.

Page 17 of 31
As disclosed in the Group’s Full-Year 2022 Financial Statements Announcement dated 14
February 2023, the alignment adjustments related to interest expenses of banking operation for
FY2022 are shown as follows.

Banking operation 1Q22 2Q22 3Q22 4Q22 FY22

$'000 $'000 $'000 $'000 $'000
Interest expenses excluding interest expense on lease liabilities
(reported in the results announcement for the respective quarter) - 197 280 206 683
Alignment adjustments with the Group's accounting policies - (109) (137) 246 -
Interest expenses excluding interest expenses on lease liabilities aligned with the
Group's accounting policies - 88 143 452 683

Net revenue

Net revenue of the Group comprises net interest revenue and net non-interest revenue which
represents corresponding revenue earned by the Group after commission and fee expenses
including securities brokerage expenses and handling and settlement expenses.

The Group’s net revenue grew 92.0% YoY to $57.13 million in 4Q23 and 36.7% YoY to $161.66
million in FY23, with the respective breakdown of net interest revenue and net non-interest
revenue as follows.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Net interest revenue
Non-banking operations 1,154 933 23.7 4,452 2,570 73.2
Banking operation 486 (108) NM 2,748 247 NM
Net interest revenue 1,640 825 98.8 7,200 2,817 155.6
Net non-interest revenue
Non-banking operations
- Business-to-Customer business 7,819 7,869 (0.6) 32,866 32,768 0.3
- Business-to-Business business 44,887 18,912 137.3 111,994 74,715 49.9
52,706 26,781 96.8 144,860 107,483 34.8
Banking operation 2,781 2,152 29.2 9,597 7,941 20.9
Net non-interest revenue 55,487 28,933 91.8 154,457 115,424 33.8
Total net revenue 57,127 29,758 92.0 161,657 118,241 36.7

For the B2C division of the Group’s non-banking operations, net revenue decreased 0.6% YoY in
4Q23 but increased 0.3% YoY in FY23. Decreases in transactional processing fees related to
investments by customers in exchange-listed stock securities detracted from net revenue,
alongside lower service fees arising from the provision of currency conversion administration
services resulting from lower trading volume of securities listed on foreign exchanges. This was
mitigated by higher interest commission income arising from clients’ AUA as well as cash
management solution services provided to clients due to the higher interest rate environment
over the year.

For the B2B division of the Group’s non-banking operations, net revenue increased 137.3% YoY
in 4Q23 and 49.9% YoY in FY23. Transactional processing fees were generally lower YoY as a
result of decreased investment subscriptions from institutional customers in exchange-listed stock
securities over the year. However, there were YoY increases in interest commission income
arising from clients’ AUA and cash management solution services provided to clients due to the
higher interest rate environment, higher recurring fee income arising from portfolio management
services, as well as increased processing fee income from stronger bond transaction activities.
The Group’s ePension division also made a significant contribution to the B2B division’s net
revenue from September 2023.

Page 18 of 31
The following table shows the breakdown of the Group’s net revenue by recurring and non-
recurring basis.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations
- Recurring net revenue 49,201 21,690 126.8 129,187 83,611 54.5
- Non-recurring net revenue 4,658 6,024 (22.7) 20,124 26,442 (23.9)
53,859 27,714 94.3 149,311 110,053 35.7
Banking operation
- Recurring net revenue 486 (108) NM 2,748 247 NM
- Non-recurring net revenue 2,782 2,152 29.3 9,598 7,941 20.9
3,268 2,044 59.9 12,346 8,188 50.8
Total net revenue 57,127 29,758 92.0 161,657 118,241 36.7

The business model of the Group’s non-banking operations gives a stream of reliable recurring
revenue which is significantly based on AUA. In FY23, 86.5% of net revenue of non-banking
operations was derived from recurring net revenue.

Recurring net revenue of the Group’s non-banking operations is usually calculated based on a
percentage of average AUA of investment products distributed on the Group’s platforms, and
mainly comprises trailer fees, platform fees, wrap fees, portfolio service management fees and
net interest commission income arising from clients’ AUA. The YoY increases in recurring net
revenue in 4Q23 and FY23 were due mainly to increases in recurring fee income arising from
portfolio management services and higher interest commission income arising from clients’ AUA
and cash management solution services provided to clients due to the improved interest rate
environment over the year. In addition, the Group’s ePension division contributed significantly to
the Group’s revenue from September 2023.

Non-recurring revenue of the Group’s non-banking operations mainly comprises commission

income derived from investment subscription via front-end load commission or transaction
processing fee; service fee arising from the provision of currency conversion administration
services to customers and the provision of administration services to financial advisory firms;
brokerage service fee from arranging for insurance policies, advertising fee earned from
advertisements placed by third parties on iFAST websites and mobile applications; and IT
solution development fee from provision of IT Fintech solutions to business partners. In 4Q23 and
FY23, the decreases in non-recurring net revenue were due mainly to decreases in transaction
processing fees resulting from decreased investment subscription from B2C and B2B customers,
and service fees arising from the provision of currency conversion administration services and
lower clients’ trading volume of securities listed on foreign exchanges affected by the negative
market sentiment in the year, partially offset by increases in transaction processing fees from
higher transactional volumes of client trades in bonds.

The following table shows the breakdown of the Group’s net revenue by geographical segments.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations
Singapore 22,054 17,812 23.8 81,235 70,494 15.2
Hong Kong 28,030 6,110 358.8 52,584 24,152 117.7
Malaysia 3,465 3,455 0.3 13,977 13,637 2.5
China 310 337 (8.0) 1,515 1,770 (14.4)
53,859 27,714 94.3 149,311 110,053 35.7
Banking operation - United Kingdom 3,268 2,044 59.9 12,346 8,188 50.8
Total net revenue 57,127 29,758 92.0 161,657 118,241 36.7

In Singapore, net revenue increased 23.8% YoY in 4Q23 and 15.2% YoY in FY23. This was
mainly due to increases in recurring fee income arising from higher interest commission income
arising from clients’ AUA and cash management solution services provided to clients, benefitting
from a higher interest rate environment over the year. A new USD cash management solution,
Page 19 of 31
namely the USD Auto-Sweep, was launched across different business divisions over the course
of FY23, contributing to new net customer inflows and adding to recurring fee income. While
upfront and processing fee revenue was negatively impacted by weaker transactional volumes in
UT and exchange-listed stock securities, bond processing fee income increased as a result of
stronger bond transaction activities. Aided by strong net inflows and improving financial market
conditions, the AUA of the Singapore operation increased 14.3% YoY to a record high as at 31
December 2023.

In Hong Kong, net revenue increased 358.8% YoY in 4Q23 and 117.7% YoY in FY23. In addition
to a significant contribution from the Group’s ePension division, higher interest commission
income arising from clients’ AUA and cash management solution services provided to clients due
to the higher interest rate environment as well as stronger bond business revenue were positive
contributors. However, the AUA of the Hong Kong operations as at 31 December 2023 kept
almost flat compared to 31 December 2022 due mainly to general weakness in Greater China
financial markets.

The Malaysia operation’s net revenue increased 0.3% YoY in 4Q23 and 2.5% YoY in FY23.
Despite volatile global financial markets over the year, the Malaysia operations saw strong net
inflows, driving a 19.8% YoY growth in AUA to a record high as at 31 December 2023. Higher
interest commission income arising from cash was a positive contributor to net revenue in FY23,
while bond processing fee income increased on the back of strong bond transactional volumes.
These were partially offset by declines in upfront and processing fee revenue which were a
function of weaker transactional volumes in exchange-listed stock securities.

In China, weak investor sentiment continued to weigh on financial market performance, with AUA
of the China operation falling 8.9% YoY as at 31 December 2023. For FY23, net revenue was
impacted by weaker upfront and processing fee revenue, while the lower AUA of the China
operation also had a negative impact on recurring fee income. Mitigating this impact was an
increase in insurance-related revenue which benefitted from an easing of travel restrictions in
early 2023, while higher commission income arising from cash also added positively.

The UK operation refers to the UK-based bank acquired by the Group at end of March 2022. The
UK bank is a member of SWIFT and a direct member of Faster Payment and Clearing House
Automated Payment System. The primary banking activities of UK operation are currently
transactional banking service provision to customers, including UK Faster payments, international
remittance, multi-currency bank deposit accounts and foreign exchange conversion services. In
April 2023, the UK operation launched a digital banking platform, namely the Digital Personal
Banking (“DPB”) division, which offers savings and deposit services to retail customers. With the
ramp up in customer acquisition and deposit-taking activity, the UK bank’s customer deposit
amounts grew 53.4% QoQ and 257.9% YoY to GBP213.5 million ($358.6 million equivalent) as at
31 December 2023, contributing to higher net interest revenue.

As disclosed in the Group’s Full-Year 2022 Financial Statements Announcement dated 14

February 2023, the alignment adjustments related to net revenue of banking operation for
FY2022 are shown as follows.

Banking operation 1Q22 2Q22 3Q22 4Q22 FY22

$'000 $'000 $'000 $'000 $'000
Total net revenue (reported in the results announcement for the respective quarter) - 3,922 2,222 2,044 8,188
Alignment adjustments with the Group's accounting policies - (390) (108) 498 -
Total net revenue aligned with the Group's accounting policies - 3,532 2,114 2,542 8,188

Other income

The Group recorded other income of $0.41 million in 4Q23 which was lower by 14.9% on a YoY
basis, with the effects of a lower government grant received in 4Q23 compared to the year-ago
period offsetting stronger investment income on debt securities investments.

Compared to the year-ago period, other income in FY23 was largely unchanged at $1.71 million
compared to $1.72 million in FY22, with positive contributions from higher investment income on
Page 20 of 31
debt securities, and a gain of $0.63 million on de-recognition of an associate, namely Providend
Holding Pte Ltd (“Providend”), arising from the disposal of the Company’s interest in Providend in
June 2023. These were offset by the lower government grant received in FY23 compared to the
year-ago period.

Operating expenses

Overall, the Group’s total operating expenses increased by 46.5% from $27.79 million in 4Q22 to
$40.71 million in 4Q23 and 21.6% from $103.84 million in FY22 to $126.23 million in FY23.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Non-banking operations
Depreciation of plant and equipment 970 1,011 (4.1) 3,301 3,771 (12.5)
Depreciation of right-of-use assets 2,934 1,772 65.6 8,610 7,152 20.4
Amortisation of intangible assets 2,944 2,547 15.6 11,016 9,618 14.5
Staff costs excluding equity-settled share-based
payment transactions 16,042 9,936 61.5 47,048 40,008 17.6
Equity-settled share-based payment to staff and advisers 3,596 2,865 25.5 11,877 10,587 12.2
Other operating expenses 8,100 5,418 49.5 22,443 18,661 20.3
34,586 23,549 46.9 104,295 89,797 16.1
Banking operation 6,119 4,243 44.2 21,932 14,047 56.1
Total operating expenses 40,705 27,792 46.5 126,227 103,844 21.6

Operating expenses – non-banking operations

Excluding the banking operation, the Group’s total operating expenses increased by 46.9% from
$23.55 million in 4Q22 to $34.59 million in 4Q23, and 16.1% from $89.80 million in FY22 to
$104.30 million in FY23. These were in line with the Group’s increased efforts in enhancing its
wealth management platform capabilities including improving the range and depths of investment
products and services being provided to customers in all its existing markets over the year so as
to strengthen the Fintech Ecosystem of the Group and further scale up the businesses of the
Group continuously.

Depreciation of plant and equipment decreased by 4.1% from $1.01 million in 4Q22 to $0.97
million in 4Q23 and decreased by 12.5% from $3.77 million in FY22 to $3.30 million in FY23, due
mainly to lower carrying amounts of the corresponding assets at beginning of the period.

Depreciation of right-of-use assets increased 65.6% from $1.77 million in 4Q22 to $2.93 million in
4Q23 and 20.4% from $7.15 million in FY22 to $8.61 million in FY23, primarily related to the
leasing of additional offices in Hong Kong to support the operations of the Group’s ePension
division.

Amortisation of intangible assets increased by 15.6% from $2.55 million in 4Q22 to $2.94 million
in 4Q23 and 14.5% from $9.62 million in FY22 to $11.02 million in FY23, due mainly to additions
of intangible assets (including internally-developed IT software assets) over the year, to support
business expansion in the markets that the Group operates in and to continuously strengthen the
Fintech capabilities of investment platforms as well as the Fintech Ecosystem of the Group.

Staff costs (excluding equity-settled share-based payment transactions) increased by 61.5% from
$9.94 million in 4Q22 to $16.04 million in 4Q23 and 17.6% from $40.01 million in FY22 to $47.05
million in FY23 due to annual salary increment adjustments, higher staff bonus accrued for the
year and an increased number of staff to support the Group’s ePension division business over
the period.

Equity-settled share-based payment to staff and advisers increased by 25.5% from $2.87 million
in 4Q22 to $3.60 million in 4Q23 and 12.2% from $10.59 million in FY22 to $11.88 million in
FY23, resulting from another batches of performance shares granted to staff and advisers in the

Page 21 of 31
second half of 2023. The annual share awards to staff and advisers are to motivate staff and
advisers to achieve long-term growth together with the Group.

Other operating expenses increased by 49.5% from $5.42 million in 4Q22 to $8.10 million in
4Q23, and 20.3% from $18.66 million in FY22 to $22.44 million in FY23. The increases were due
mainly to increased spending on business advertising, IT and related technology security
services, operation of the ePension division in the year and provision of certain impairment loss
allowance on investments in debt securities in 4Q23.

Operating expenses – banking operation

The UK-based banking operation acquired by the Group at the end of March 2022 is a member of
SWIFT and a direct member of Faster Payment and Clearing House Automated Payment
System. The primary banking activities of UK operation are currently transactional banking
service provision to customers, including UK Faster payments, international remittance, multi-
currency bank deposit accounts and foreign exchange conversion services. The UK banking
operation has been working with the Group to develop new digital transaction banking (“DTB”)
and digital personal banking (“DPB”) businesses and incorporate banking functions into the
existing Ecosystem of the Group. The UK banking operation launched its DTB platform in late
2022 and launched its DPB platform in April 2023. The total operating expenses of the UK
banking operation increased 44.2% YoY to $6.12 million in 4Q23, reflecting the launch and ramp
up of new business segments over the course of the period. The total operating expenses
increased 56.1% YoY to $21.93 million in FY23, partially due to 12-month operation of the UK
bank in FY23 compared to 9-month operation post the acquisition in FY22.

Impairment loss on associate

iFAST Financial India Pvt Ltd (“iFAST India”), an associate of the Group through iFAST India
Holdings Pte Ltd (“IIH”, the ultimate holding company of iFAST India) where iFAST Corporation
Ltd has a 41.48% shareholding, is an India-incorporated company which engaged in the
distribution of investment products including mutual funds in India.

Due to certain challenging and restrictive regulatory landscape in India, the Management of
iFAST India and IIH had consequently made the decision in 2Q22 to exit from the onshore
platform service business. Consequentially, the Group had done its assessment and provided
impairment allowance of $5.2 million for impairment of carrying amount of the Group’s investment
in IIH and the Group’s receivable amounts due from IIH and iFAST India as at 30 June 2022.

Interest expense on lease liabilities

Interest expense on lease liabilities increased 108.6% YoY to $0.22 million in 4Q23 compared to
the year-ago period, and increased by 75.8% YoY to $0.79 million in FY23, due mainly to the
extension of the Malaysia operation’s office leasing period and additional offices leased in Hong
Kong to support the ePension division operation.

Share of results of associates, net of tax

The Group’s share of results after tax of associates comprised share of results of associates,
namely Providend Holding Pte Ltd (“Providend”), Raffles Family Office China Ltd and Harveston
Capital Sdn Bhd in the FY23.

The Group’s share of profit after tax of associates decreased from $0.30 million in FY22 to $0.22
million in FY23. This was due to the Group’s share of a higher positive performance of Providend
in 2Q22 owing to recognition of an ad-hoc gain in the quarter.

On 27 June 2023, the Company entered into a sale and purchase agreement with Providend for
the disposal of the Company’s entire interest of 30.34% in Providend at a total consideration of
$3,900,000 in cash (“Disposal of Shares”) with an amount of $1,950,000 paid on 30 June 2023

Page 22 of 31
and the remaining amounts of $1,950,000 to be paid during the next three years before 30 June
2026. The net asset value represented by the Disposal of Shares in Providend was
approximately $3,265,000. The Company has de-recognised Providend as an associate and
recorded a gain of $0.63 million, included in other income, upon de-recognition of Providend as
an associate in June 2023.

Profit for the period / year, attributable to owners of the Company

The following table shows the breakdown of the Group’s profit for the period or year by
geographical segments.

Group Group
4Q23 4Q22 Change FY23 FY22 Change
$'000 $'000 % $'000 $'000 %
Singapore 7,227 3,268 121.1 25,195 16,570 52.1
Hong Kong 13,001 2,071 527.8 23,820 8,077 194.9
Malaysia 1,174 1,079 8.8 4,393 4,250 3.4
China (1,862) (1,834) 1.5 (7,192) (7,117) 1.1
(1)
Other 18 (31) NM 224 296 (24.3)
Non-banking operations 19,558 4,553 329.6 46,440 22,076 110.4
United Kingdom - banking operation (2,565) (1,913) 34.1 (8,605) (5,038) 70.8
(2)
Profit before tax 16,993 2,640 543.7 37,835 17,038 122.1
Impairment loss on associate - - NM - (5,200) NM
Tax expense (3,812) (1,344) 183.6 (9,567) (5,414) 76.7
(2)
Net profit after tax 13,181 1,296 917.1 28,268 6,424 340.0
Notes:
(1) Referring to share of results of associates.
(2) Attributable to owners of the Company.
NM denotes not meaningful

The Group’s profit before tax from non-banking operations increased significantly by 329.6% YoY
from $4.55 million in 4Q22 to $19.56 million in 4Q23. The Group’s profit before tax, attributable to
owners of the Company, from non-banking operations rose 110.4% YoY to $46.44 million in
FY23. These profit increases come on the back of a 92.0% YoY increase in net revenue for 4Q23
and a 36.7% YoY increase in FY23 net revenue, driven by strong contributions from the Group’s
newer ePension division business as well as the continued progress of the Group’s core wealth
management platform business over the years.

For the Group’s banking operations, higher operating expenses linked to the rollout of the new
Digital Personal Banking (“DPB”) services alongside continued progress of the bank’s Digital
Transaction Banking (“DTB”) services weighed on profitability, even as the new banking services
contributed positively to net revenue growth in FY23.

Tax expense increased 183.6% YoY to $3.81 million in 4Q23 and 76.7% YoY to $9.57 million in
FY23 due to higher taxable profit generated by the Group’s operations in Singapore, Hong Kong
and Malaysia, while no tax credit was recognised on operating losses of the Group’s China and
UK operations in the year.

Overall, the Group’s net profit increased 340.4% YoY from $6.42 million in FY22 to $28.27 million
in FY23.

Statement of Financial Position

The shareholders’ equity of the Group increased to $250.20 million as at 31 December 2023 from
$222.49 million 31 December 2022 respectively. The increase in shareholders’ equity was
primarily due to the contribution of net profit over the course of FY23, partially offset by dividend
payments to shareholders. Translation effects of foreign operations were mixed for FY23, with
positive translation effects from the appreciation of the Pound Sterling while the depreciation of
the Malaysian Ringgit and Chinese Renminbi detracted.
Page 23 of 31
 The Group’s cash and cash equivalents and investments in financial assets (categorised as
‘other investments’ under current assets), net of bank loans and deposits and balances of
customers decreased to $49.52 million as at 31 December 2023 from $84.09 million as at 31
December 2022. This was due mainly to dividend payments to shareholders, addition of plant
and equipment, intangible assets, office lease payments and purchase of non-current
investments in financial assets in the year, partially offset by net cash generated from operating
activities in FY23.

Current assets increased to $667.22 million as at 31 December 2023 from $328.13 million as at
31 December 2022. This was mainly due to increases in cash and cash equivalents, investments
in financial assets, trade and other receivables as well as receivables from uncompleted
contracts on securities dealing at the end of the year.

Non-current assets increased to $165.68 million as at 31 December 2023 from $130.41 million as
at 31 December 2022. This was mainly attributed to increases in right-of-use assets, additional
non-current investments in financial assets, as well as certain project setup costs incurred for the
Hong Kong ePension project over the year.

Total liabilities increased to $575.53 million as at 31 December 2023 from $227.82 million as at
31 December 2022. This was mainly due to an increase in deposits and balances of customers,
in addition to increases in bank loans, lease liabilities as well as payables from uncompleted
contracts on securities dealing at the end of the year.

Consolidated Statement of Cash Flows

Net cash from operating activities increased to $125.22 million in 4Q23 from $42.48 million in
4Q22, and $273.45 million in FY23 compared to $47.40 million in FY22. The increases were
mainly due to significant increases in customer deposits related to the UK bank operation
compared to the respective year-ago periods.

Net cash used in investing activities fell from $30.29 million in 4Q22 to $3.14 million in 4Q23, due
mainly to higher amount of net investments in financial assets in 4Q22 and partially offset by
increases in additions of plant and equipment and intangible assets in 4Q23. Net cash used in
investing activities increased from $16.61 million in FY22 to $66.53 million in FY23. The increase
for FY23 versus FY22 was primarily due to FY22 base effect where a net cash inflow of $49.53
million was obtained from the acquisition of UK bank operation in March 2022, in addition to
increases in additions of plant and equipment and intangible assets in FY23.

Net cash from financing activities increased from $6.23 million in 4Q22 to $12.05 million in 4Q23,
mainly due to additional drawdowns of bank loans in the quarter. For FY23, net cash used in
financing activities was $1.85 million with dividend payments, lease payments offsetting cash
inflows from a net drawdown of bank loans over the year. For FY22, net cash from financing
activities of $90.91 million was primarily due to proceeds of $103.33 million from a share
placement exercise conducted in January 2022 and a net drawdown of bank loans in FY22,
partially offset by dividend payments and lease payments in the year.

9. Where a forecast, or a prospect statement, has been previously disclosed to

shareholders, any variance between it and the actual results.

No forecast or prospect statement was previously provided.

Page 24 of 31
10. A commentary at the date of the announcement of the significant trends and
competitive conditions of the industry in which the group operates and any known
factors or events that may affect the group in the next reporting period and the
next 12 months.

In 2023, the Group’s net profit increased by 340.0% YoY to $28.3 million, on the back of a 22.8%
YoY increase in the Group’s total revenue to $256.5 million.

The increase in profitability was driven by initial contributions from the ePension division of the
Group, as well as improvements in the Group’s core wealth management platform business.

At the end of 2023, the Group’s AUA increased to a record high of $19.8 billion, driven by net
inflows of $2.0 billion during the year.

iFAST Global Bank’s customer deposit amounts grew 53.4% QoQ and 257.9% YoY to GBP213.5
million ($358.6 million equivalent) as at 31 December 2023, contributing to higher net interest
income.

Going forward as part of its 3-year plan, the Group targets to make solid progress as a global
digital banking and wealth management fintech platform with a truly global business model;
accelerate Hong Kong growth and effectively deliver on ePension services; and effectively
develop innovative fintech services that are complementary to digital banking and wealth
management platforms.

On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust
growth rates in revenues and profitability compared to 2023.

The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while
the overall wealth management platform is expected to continue to show healthy progress.

We expect iFAST Global Bank to post a reduced loss in 2024 compared to 2023. iFAST Global
Bank is targeting to breakeven by 4Q2024, driven to a large extent by growth in net interest
income as the deposit base continues to grow.

iFAST Global Bank is expected to become an important growth driver for the Group in 2025 and
beyond.

11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on?

Name of dividend Final

Dividend type Cash
Dividend rate 1.40 cents per ordinary share
Tax rate One-tier tax exempt

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding
financial year?

Name of dividend Final

Dividend type Cash
Dividend rate 1.40 cents per ordinary share
Tax rate One-tier tax exempt

Page 25 of 31
 (c) Date payable

The proposed final dividend will be paid on 21 May 2024 subject to shareholders’ approval at the
forthcoming Annual General Meeting to be held on 26 April 2024.

(d) Record date

The Register of Members and Share Transfer Books of the Company will be closed on 10 May
2024 for the preparation of dividend warrants to the proposed final dividend. Duly completed
registrable transfers in respect of the shares in the Company received up to the close of
business at 5.00 p.m. on 9 May 2024 (“Record Date”) by the Company’s Singapore Share
Registrar, Tricor Barbinder Share Registration Services (A division of Tricor Singapore Pte. Ltd.),
9 Raffles Place, #26-01 Republic Plaza, Singapore 048619 will be registered to determine
Members’ entitlements to the proposed final dividend. Members whose Securities Accounts with
The Central Depository (Pte) Ltd are credited with shares in the Company as at 5.00 p.m. on the
Record Date will be entitled to the proposed final dividend.

12. If no dividend has been declared/recommended, a statement to that effect.

Not applicable.

13. If the group has obtained a general mandate from shareholders for Interested
Person Transactions (“IPT”), the aggregate value of such transactions as
required under Rule 920(1)(a)(ii). If no IPT Mandate has been obtained, a
statement to that effect.

The Company does not have a general mandate from shareholders for interested person
transactions.

14. Confirmation that the issuer has procured undertakings from all its directors and
executive officers (in the format set out in Appendix 7.7) under Rule 720(1).

The Company has procured undertakings from all its directors and executive officers (in the
format set out in Appendix 7.7) under Rule 720(1).

15. Segmented revenue and results for business segments or geographical segments
(of the group), with comparative information for the corresponding period of the
immediately preceding financial year.

Page 26 of 31
 United
Geographical segments Singapore Hong Kong Malaysia China Kingdom Others Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000

FY23
Revenue and expenses
Revenue from external customers 136,359 69,171 23,194 2,152 11,638 - 242,514
Interest revenue from external customers 4,257 425 313 88 8,945 - 14,028
Inter-segment revenue 9,338 107 3,975 122 - - 13,542
Total revenue 149,954 69,703 27,482 2,362 20,583 - 270,084

Depreciation of plant and equipment (1,877) (777) (389) (258) (51) - (3,352)
Depreciation of right-of-use assets (3,603) (3,684) (388) (935) (467) - (9,077)
Amortisation of intangible assets (10,038) (103) (841) (33) (21) - (11,036)
Reportable segment profit / (loss)
before tax 25,195 23,820 4,393 (7,466) (9,591) - 36,351
Share of results of associates - - - - - 224 224

Assets and liabilities

Reportable segment assets 213,170 100,554 30,025 3,681 485,058 - 832,488
Equity-accounted associates - - - - - 413 413
Capital expenditure 13,507 4,204 3,111 172 638 - 21,632
Reportable segment liabilities 148,148 30,078 14,525 2,707 380,067 - 575,525

FY22
Revenue and expenses
Revenue from external customers 128,141 42,437 22,784 2,546 9,402 - 205,310
Interest revenue from external customers 2,108 203 243 75 930 - 3,559
Inter-segment revenue 4,705 204 3,713 112 - - 8,734
Total revenue 134,954 42,844 26,740 2,733 10,332 - 217,603

Depreciation of plant and equipment (2,771) (299) (440) (262) (53) - (3,825)
Depreciation of right-of-use assets (3,354) (2,301) (470) (1,027) (218) - (7,370)
-
Amortisation of intangible assets (8,840) (71) (669) (38) - (9,618)
Impairment loss on associate - - - - - (5,200) (5,200)
Reportable segment profit / (loss)
before tax 16,570 8,077 4,250 (7,384) (5,846) - 15,667
Share of results of associates - - - - - 296 296

Assets and liabilities

Reportable segment assets 174,292 39,170 27,512 5,388 208,695 - 455,057
Equity-accounted associates - - - - - 3,479 3,479
Capital expenditure 15,315 425 1,980 47 98 - 17,865
Reportable segment liabilities 81,671 15,559 12,577 3,719 114,293 - 227,819

Page 27 of 31
16. Other notes to consolidated financial statements

16.1 Other investments - investments in financial instruments

Group
31-Dec-23 31-Dec-22
$'000 $'000
Non-current
Financial assets at FVOCI
- Unquoted equity shares 4,523 2,581
4,523 2,581
Quoted financial assets at amortised cost
- Debt investments 28,442 20,453
28,442 20,453

32,965 23,034
Current
Quoted financial assets at FVOCI
- Debt investments 5,007 6,824
- Equity investments 34 46
5,041 6,870
Quoted financial assets at FVTPL
- Debt investments 8,504 7,626
8,504 7,626
Quoted financial assets at amortised cost
- Debt investments 69,257 27,215
69,257 27,215

82,802 41,711

16.2 Contract costs

Group
31-Dec-23 31-Dec-22
$'000 $'000
Non-current
Contract costs 15,729 10,117

Current
Contract costs - 48
15,729 10,165

The Group finalised a prime subcontractor contract for a Hong Kong pension project in July
2021. The Group incurred certain pre-contract costs and also paid certain setup costs for
performance obligations (“POs”), to be satisfied, stated in the contract. Such costs are
incremental costs and are capitalised as contract costs as the Group expects to recover these
costs. These costs are amortised in accordance with the pattern of revenue being recognised for
the related POs stated in the contract. There was no impairment loss recognised on contract
costs.

16.3 Fair value measurement

The Group has an established control framework with respect to the measurement of fair values.
When measuring the fair value of an asset or a liability, the Group uses market observable data
as far as possible. Fair values are categorised into different levels in a fair value hierarchy based
on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Page 28 of 31
Level 2: inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).

Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).

The following summarises the significant methods and assumptions used in estimating the fair
values of financial instruments of the Group:

Investments in financial instruments

The fair value of investments in financial instruments is determined by reference to its bid price,
recent transaction price or cost at the reporting date.

Intra-group financial guarantees

The value of financial guarantees provided by the Company to its subsidiaries is determined by
reference to the difference in the interest rates, by comparing the actual rates charged by the
bank with these guarantees made available, with the estimated rates that the banks would have
charged had these guarantees not been available.

Accounting classifications and fair values

The carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy are as follows. It does not include fair value information for
financial assets and liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.

31-Dec-23 31-Dec-22
Carrying Fair value - Fair value - Carrying Fair value - Fair value -
amount Level 1 Level 3 amount Level 1 Level 3
$'000 $'000 $'000 $'000 $'000 $'000
Group
Financial assets measured at fair value
Unquoted equity shares 4,523 - 4,523 2,581 - 2,581
Quoted financial assets at FVOCI 5,041 5,041 - 6,870 6,870 -
Quoted financial assets at FVTPL 8,504 8,504 - 7,626 7,626 -
Money market funds 51,956 51,956 - 14,165 14,165 -

Financial assets not measured at fair value

Uncompleted contracts - buyers 81,475 51,281
Trade and other receivables 136,037 78,601
Quoted financial assets at amortised cost 97,699 98,138 - 47,668 47,485 -
Cash at bank and in hand 307,850 136,965

Financial liabilities not measured at fair value

Uncompleted contracts - sellers (81,404) (50,276)
Trade and other payables (66,119) (51,863)
Deposits and balances of customers (358,622) (96,545)
Bank loans (34,468) (12,210)

Page 29 of 31
16.4 Held under trust

Certain non-banking subsidiaries in the Group receive and hold monies deposited by clients and
other institutions in the course of the conduct of the regulated activities. These clients’ monies
are maintained in one or more trust bank deposit accounts or treasury accounts holding
government debt securities allowed by regulators in the markets these subsidiaries operate in,
which are separately maintained from the bank or treasury accounts of these subsidiaries in the
Group.

Group
31-Dec-23 31-Dec-22
$'000 $'000

Client monies maintained in bank deposit accounts 905,844 933,368

Client monies maintained in government debt securities treasury accounts 1,828 -
Client ledger balances (907,672) (933,368)
- -

17. In the review of performance, the factors leading to any material changes in
contributions to turnover and earnings by the business or geographical
segments.

Please refer to Paragraph 8 for the analysis.

18. A breakdown of sales.

Group
FY23 FY22 Change
$'000 $'000 %
Revenue reported for first half year 108,139 106,839 1.2
Net revenue reported for first half year 62,814 58,409 7.5
Profit after tax before deducting non-controlling interests
reported for first half year 5,974 2,745 117.6

Revenue reported for second half year 148,403 102,030 45.5

Net revenue reported for second half year 98,843 59,832 65.2
Profit after tax before deducting non-controlling interests
reported for second half year 21,034 2,604 707.8

19. A breakdown of total annual dividend (in dollar value) for the issuer’s latest full
year and its previous full year.

FY23 FY22
$'000 $'000
(1) (2)
Ordinary dividend 14,186 14,094
Notes:
(1) Including the proposed final dividend for FY23 which is estimated based on total issued ordinary shares (excluding treasury
shares) of 295,735,201 as at 21 February 2024.
(2) Including the final dividend payout for FY22 approved at the Annual General Meeting held on 26 April 2023.

Page 30 of 31
20. Disclosure of person occupying a managerial position in the issuer or any of its
principal subsidiaries who is a relative of a director or chief executive officer or
substantial shareholder of the issuer pursuant to Rule 704(13) in the format
below. If there are no such persons, the issuer must make an appropriate
negative statement.

Name Age Family relationship with Current position and duties, and the year the Details of changes in duties and position held,
any director and/or position was held if any, during the year
substantial shareholder

Lim Wee Kiong 51 Brother of Lim Wee Mr Lim was General Manager of Platform Mr Lim has resigned as a Director of iFAST
Kian, a director of the Services Singapore since 2006 and promoted to Financial Pte Ltd since 2 January 2024, but he
Company Managing Director of Platform Services in remains Managing Director of Global Fintech
Singapore on 17 Feb 2016, and was appointed as Services in the Group and is still part of the
a Director of iFAST Financial Pte Ltd, a subsidiary Senior Management team of the Group.
of the Company, on 22 March 2016. Mr Lim has
been redesignated from the Managing Director of
Platform Services to the Managing Director of
Global Fintech Services in the Group since 1 Mar
2022, being responsible for Global Fintech
Services in the Group.
Mr Lim has resigned as a Director of iFAST
Financial Pte Ltd since 2 January 2024, but he
remains Managing Director of Global Fintech
Services in the Group and is still part of the Senior
Management team of the Group.

BY ORDER OF THE BOARD

Lim Kian Thong

Chief Financial Officer
21 February 2024

Page 31 of 31