[iFAST] iFAST Corp: Proposed Acquisition of a Full Licensed UK Bank

FOR IMMEDIATE RELEASE

iFAST Corp: Proposed Acquisition of a Full Licensed UK Bank

Adding a digital bank to the iFAST Fintech Ecosystem will further accelerate the

growth of its global wealth management platform

SINGAPORE (7 January 2022) - iFAST Corporation Ltd. ("iFAST Corp" and together with its subsidiaries, the "Group") wishes to announce that the Group has signed an agreement with its partner, Eagles Peak Holding Limited, to acquire BFC Bank Limited ("BFC Bank" or "UK bank") from Bahrain-based BFC Group Holdings ("Proposed Acquisition"). The Group will have an 85% stake in the UK bank.

BFC Bank is a full licensed UK bank operating under the Financial Services Compensation Scheme, and is authorised by the Prudential Regulation Authority of the United Kingdom ("PRA") and Financial Conduct Authority of the United Kingdom ("FCA").

As shared in its Five-Year plan (refer to "iFAST's Five-Year Plan" on page 5), the Group believes that the future of wealth management is one where many investors from various emerging markets will be looking for the best wealth management platforms across the world that can provide them seamless access and connectivity to global products and global exchanges.

"Wealth management platforms with seamless links to good digital banking services that allow consumers and investors to manage payment flows seamlessly across borders while getting attractive deposit rates in various currencies, will have strong advantages.

With that in mind, the Group believes that one of the central components of the iFAST Ecosystem going forward will be a digital bank located in a trusted jurisdiction," said Mr Lim Chung Chun, Chairman and CEO of iFAST Corp.

Chart 1: Adding a Digital Bank into the iFAST Fintech Ecosystem

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In the last three to four years, the Group has been evaluating ways of being able to add a digital bank to its growing Fintech Ecosystem to further accelerate the growth of its overall wealth management platform.

"A full licensed UK bank will fit these requirements very well, given London's status as a top financial centre with strong connectivity to the world, and given the forward-looking regulatory frameworks. The proposed acquisition in the UK bank will allow the Group to acquire a banking licence in the UK, a reputable jurisdiction and a global financial centre," said Mr Lim.

The Proposed Acquisition will enable the Group to add a digital bank to its Fintech Ecosystem. The Group sees synergy in adding the UK bank's capabilities into its existing digital wealth management platform, strengthening its vision to become a truly global wealth management business and opening up other opportunities in the future.

The acquisition after some technology upgrades, will allow the Group's clients in its current eco-system across the various Asian markets to have access to services including online account opening, multi- currency deposits, remittances and cross-border transactions, and Banking as a Service (BaaS).

The Proposed Acquisition

Key financial numbers of the BFC Bank are as follows:

Based on the net loss of approximately £1.9 million (equivalent to approximately S$3.4 million) which is based on an 85.0% stake in BFC Bank for 9M2021, and the Group's net profit of approximately S$27.8 million for 9M2021, the net loss attributable to the assets acquired is approximately 12.4% of the Group's net profit.

The Acquisition Amount will be £25.0 million (equivalent to approximately S$45.9 million), comprising an estimated amount of £22.6 million (equivalent to approximately S$41.5 million) to fund the acquisition of BFC Bank and £2.4 million (equivalent to approximately S$4.4 million) to offset relevant transaction costs.

The above mentioned Acquisition Amount of £25.0 million (equivalent to approximately S$45.9 million) to acquire BFC Bank represents 2.0% of the Company's market capitalisation (based on the total number of issued shares excluding treasury shares) at 5 January 2022.

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The proposed deal represents a price-to-book multiple of about 1.62x. The Group believes this is an attractive level.

There will be an additional Injection Amount of £15.0 million (approximately S$27.5 million) to fund a capital injection into BFC Bank.

The Total Investment Amount of £40.0 million (equivalent to approximately S$73.4 million) comprising the Acquisition Amount of £25.0 million (equivalent to approximately S$45.9 million) and the Injection Amount of £15.0 million (approximately S$27.5 million) to subsequently fund a capital injection into BFC Bank represents 3.2% of the Company's market capitalisation (based on the total number of issued shares excluding treasury shares) at 5 January 2022.

The Proposed Acquisition is conditional upon the PRA's and the FCA's approval, and either iFAST Corp shareholders' approval or a waiver of shareholders' approval granted by SGX.

The Group plans to finance the proposed deal using a combination of internal funds, bank borrowings and/or fund raising in the capital markets.

Conclusion and Recap of iFAST's Five-Year Plan

The proposed acquisition of the UK bank will enable the Group to add a digital bank to its Fintech Ecosystem. In an increasingly digitally-connected world, this will help to accelerate the growth of the Group's overall wealth management business.

The Group will focus on having a capital-efficient,asset-light and scalable business model for its banking business.

The Proposed Acquisition will enable the Group to take a significant step towards building a truly global business model.

iFAST Corp expects the Proposed Acquisition to contribute some initial start-up losses in 2022 and 2023. However, as a Group, iFAST Corp expects to see a robust growth in the Group's profitability between 2021 and 2025, helped also by contributions from its ePension division in Hong Kong.

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About iFAST Corp

iFAST Corp (stock code: AIY) is a wealth management Fintech platform, with assets under administration (AUA) of S$18.38 billion as at 30 September 2021.

Incorporated in the year 2000 in Singapore and listed on the SGX-Mainboard in December 2014, the Group is also present in Hong Kong, Malaysia, China and India. Through the years, the Group has built a well- established Fintech ecosystem connecting its product providers and clients.

iFAST Corp holds the requisite licences in the various jurisdictions it operates in to provide a wide range of products and services. As at end September 2021, the Group offers access to over 14,000 investment products including over 9,400 funds from over 280 fund houses, over 1,500 bonds, stocks and ETFs listed on the Singapore, Hong Kong, US, Malaysia, China A stock exchanges, as well as services including online discretionary portfolio management services, research and investment seminars, Fintech solutions, and investment administration and transaction services.

The main business divisions of the Group include the Business-to-Consumer ("B2C") division, the Business- to-Business ("B2B") division, and the emerging Fintech Solutions/Business-to-Business-to-Consumer ("B2B2C") model. The B2C platform, FSMOne.com (formerly known as Fundsupermart.com), is a multi- products transactional platform that caters to investors who prefer to do their own investments online. The B2B platforms cater to the specialised needs of more than 540 financial advisory companies, financial institutions, banks and internet companies with over 11,000 wealth advisers. iFAST Fintech Solutions, the emerging Fintech Solutions/B2B2C model, was launched in recent years to provide innovative and

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customisable Fintech solutions for the B2B clients and business partners to empower them with their own B2C Fintech capabilities.

The Group's mission statement is, "To help investors around the world invest globally and profitably". In the Investors' Choice Awards 2021 organised the Securities Investors Association Singapore (SIAS), iFAST Corp was awarded Runner-Up for the "Most Transparent Company Award 2021 - Financials" and "Shareholder Communication Excellence Award 2021 - Mid Cap".

iFAST's Five-Year Plan

1. Get Bigger and Better: Continue to work on increasing the scale and quality of its Fintech wealth management platform in various markets, in line with the Group's target AUA of S$100 billion by
   2028.
2. Accelerate Hong Kong Growth: Substantially accelerate the growth of the Group's overall Hong Kong business as it effectively executes its ePension business in Hong Kong, and continues to improve on its existing platform capabilities.
3. More Licences: Pursue more financial licences in different jurisdictions and make strategic investments in adjacent Fintech capabilities, while ensuring that wealth management will remain as its core service as a progressive Fintech player.
4. Truly Global Business Model: Make tangible progress towards the Group's vision of being a top
   Fintech wealth management player with a truly global business model, which will be even more scalable.

For more information, please visit www.ifastcorp.com

Contacts:

Tan Chee Wei

1. 6505 4222 ir@ifastfinancial.com

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