Welcome to iFAST Corporation's fourth quarter 2025 and full year 2025 results presentation. My name is JP from the Corporate Communications team, and together with us, we have Chun Chun, our Group CEO, Terence, our Group CFO, as well as members from our iFAST Finance and Corporate Communications teams.

I'll start with a key summary. In FY 2025, the group saw some major milestones as total revenue crossed $500 million for the first time.

That's up 34.4% year-on-year to $514.72 million, and our net profit hit $100.01 million, which is a 50.1% year-on-year increase. In fourth quarter of 2025, total revenue for the group grew 45.7% year-on-year to $151.74 million, and net profit for the group grew 70.4% year-on-year to $32.86 million.

The increase in 2025 profitability was driven by growth in the Hong Kong ePension division, continuing growth in our core wealth management platform business, as well as the achievement of a first full year of profitability for the iFAST Global Bank. For the group's core wealth management platform business, our group assets under administration, or AUA, increased 27.9% year-on-year to a new record high of $31.98 billion.

Growth was seen in all the various markets that we operate in, with Singapore continuing to be the main contributor. Our group net inflows was at a record $4.72 billion in FY 2025.

The group's return on equity in 2025 was a robust 28.3%. A healthy ROE allows the group to be able to pursue robust long-term growth strategies while being able to raise dividend payouts.

The Board of Directors is proposing a dividend of 2.5 cents per ordinary share, which is 56.3% higher for the fourth quarter and final dividend of FY 2025. With that, total dividends for FY 2025 amounted to 8.4 cents per ordinary share, which is 42.4% higher compared to FY 2024.

Looking forward, and barring unforeseen circumstances, the group expects 2026 to see healthy growth rates in revenues and profitability. As a global digital banking and wealth management platform, the group is increasingly looking to make progress with a truly global business model, which means attracting customers from around the world while operating only from a few key markets.

Of particular significance will be the group's ability to leverage on our presence in Singapore, London, and Hong Kong, which are three of the top financial centers in the world. Our B2C division, which is called FSMOne in Singapore and Hong Kong, will be repositioned as FSM Global as part of this truly global business model.

The group is targeting to achieve an AUA of $100 billion by 2030. This implies a compound annual growth rate, or CAGR, of about 25.6% or higher over the next 5 years.

For the overall Hong Kong business, which includes both the wealth management side and the ePension business, the group is targeting double-digit growth in revenues and profitability in 2026. The ORSO pension administration business is expected to start contributing in second half 2026, while the Macau ePension business is expected to show substantial growth.

iFAST Global Bank will be building on its milestone of a first full year of profitability in 2025 and targets to continue to see robust growth rates in 2026 and beyond. For FY 2026, the Board of Directors expects to propose a total dividend of 10.5 cents per share or higher, which is at least 25% higher compared to FY 2025.

Our group AUA slide, as you can see, is growing well. It increased 27.9% year-on-year to a record high level of $31.98 billion as at 31st December 2025.

That's also 4.2% higher Q-on-Q and comprising roughly 65% in the B2B division and the remaining 35% from the B2C division. On the next slide, the AUA breakdown by markets and products.

Singapore remaining the largest contributor in terms of contribution by market at 70.3%, followed by Hong Kong and Malaysia at roughly about 11% each, and others at 7.2%, which is made up of China and the UK. AUA breakdown by products: so unit trust still remains the largest contributor at 56.2%, followed by stocks and ETFs, which is at 24.1%, bonds at 11%, and cash account and deposits at 8.6%.

I'll move on to the section 1, which covers the financial results. Firstly, starting with the fourth quarter numbers.

In 4Q 2025, total revenue was $151.74 million, which is 45.7% higher year-on-year. Net revenue was at $102.35 million, which is 57.7% higher year-on-year.

Operating expenses was at $64.69 million in 4Q 2025, which is 58.2% higher year-on-year. Net profit at $32.86 million in 4Q 2025, which is up 70.4% year-on-year.

For the full year results, FY 2025 versus FY 2024: so total revenue at $514.72 million, which is 34.4% higher year-on-year. Net revenue was at $339.65 million in FY 2025, which is 36.7% higher year-on-year.

Opex was at $220.7 million, which is 33.2% higher compared to FY 2024. Net profit for FY 2025 was at $100.01 million, which is 50.1% higher year-on-year.

The results overview for the group on the next slide for the last five financial years. Looking at the PBT margin for the group, the profit before tax margin based on total net revenue, for 2025, it was at 34.8%.

Return on equity is at a record high based on the annualized return on equity rate since listing at 28.3% for 2025. Looking at the P&L based on the different markets.

Firstly, for 4Q 2025, Singapore was up 40.5% year-on-year in the quarter at $14.22 million. Hong Kong, 53% up year-on-year to $20.11 million.

Also, the other trend which has continued is the UK banking operation, which registered its fifth consecutive quarter of profits at $1.1 million for 4Q 2025. China's losses have been narrowing, and in 4Q 2025, that's actually narrowed by 19% to $0.88 million.

I won't go through the FY 2025 comparison on the P&L basis. On the next slide, you can see the P&L breakdown for the last five financial years.

The next couple slides shows you the gross revenue firstly at the geographical breakdown level for the last five financial years and the net revenue level on the next slide again for the various markets for the last five financial years. I'll wrap up with the dividend information.

As mentioned just now, the Board of Directors is proposing a dividend of 2.5 cents per ordinary share for the last quarter or the final dividend of FY 2025. That will be subject to approval by shareholders at the company's Annual General Meeting, which will be held on 24th of April 2026.

The proposed final dividend, if approved, brings the total dividend for FY 2025 to 8.4 cents per ordinary share, which is higher than the 5.9 cents in 2024. The next slide shows you graphically how the trend has been going on for the dividends.

A key point here is also for FY 2026, the Board of Directors expects to propose a total dividend of 10.5 cents per share or higher, which is at least 25% higher compared to FY 2025. I'll now invite Chun Chun to carry on for the business update.

Chun

Chun? Hello, everyone.

I will give some update on some achievement for the year as well as some forward plans for the group. The first part really just to highlight a few of the key achievement that we made for the year.

Firstly, of course, AUA hit a further record high. In 2025, we actually have a growth been seen in AUA in all the markets that we are actually in.

Singapore continues to be a strong performer. It is the country that we started with, but it continues to be in a position where we are able to continue to see a lot of growth, and in fact, we see that going forward, there are a lot more opportunity that we can actually capture.

Some of the numbers, I won't run through in detail. I think you can see the numbers and charts are self-explanatory.

Next slide is the net inflow trend. You can see the overall trend has been growing over the years.

Net inflow number on a quarterly basis may bounce around a bit, but overall, you can see that the trend has been upward. This one will be the gross unit trust subscription that we actually have.

Unit trust continue to be our core product as an investment platform. For the Hong Kong business, we previously gave some guidance about what's expected for Hong Kong, and the last time we updated our guidance was in April 2025.

Back then, we guided that gross revenue would be $1.2 billion or more, and PBT will be HK$380 million or more. The actual results: gross revenue is about there, PBT slightly higher than our targeted guidance, we ended 2025 at HK$402 million in terms of PBT for Hong Kong business as a whole.

2026, we continued to yeah, expect some growth, and we are targeting double-digit growth. Yeah.

In the last couple of years, we have tended to give more detailed guidance for different parts, and the reason for that was because of the fact that the Hong Kong ePension divisions is new and is a substantial project, we wanted to give investors a better feel of roughly what to expect. Now the onboarding has substantially been completed towards the tail end.

Going forward, we expect that there will be further growth, but we are not giving exact guidance here, but just at this point in time to in a sense indicate that we expect the growth to continue. Next page.

iFAST Global Bank, that's a bank that we acquired in March 2022. We had 3 years of losses initially as we build up the services, as we yeah, work through the changes following the acquisition, and so on.

In the meantime, it's been progressing well. 2025 is a year where we see the first full year of profitability.

In Sing dollar, is about $3.1 million in pre-tax profit for the bank. We want to build on this achievement that we have made, and we're aiming for something far more interesting in the years ahead.

Next. At the beginning of each financial year, in the last few years, we have been giving our 3-year plan.

Right now at the beginning of 2026, we are giving an updated 3-year plan for the group. Right.

Basically, we summarize in five main points here. The first point really is that yeah, we are a global digital banking and wealth management platform, and what we'd like to be able to do is to be able to make more substantial progress what we call the truly global business model.

I think this is a term that we have actually been using the last couple of years. Each time I try to explain a bit more what we are basically envisioning, yeah, just so that the investors can understand our strategy better.

I'll elaborate a bit more on this later on. Second point will be the group target AUA.

We are targeting the $100 billion by 2030. You're looking at if the group achieve $100 billion by 2030, then that's a CAGR of 25.6%.

Given the opportunity and the effort that we've been putting in, we believe that that is something that yeah, is achievable with good execution. The AUA numbers for us include the wealth management platform numbers, the core business that we have, as well as include the deposit numbers for iFAST Global Bank, and the new part that is coming on board, the Hong Kong ORSO business, which is the other part of the retirement scheme, the older part of the retirement scheme that's actually there that we expect to start contributing in second half 2026.

That will add on to the AUA. The eMPF, of course, doesn't add on to AUA, but ORSO part of business, as well as our Macau ePension services, those will add on to the AUA as well.

Macau has actually started contributing for a couple of months at the end of last year. These are some small initial number, but we expect that that will grow significantly more for 2026.

Third point regarding the ePension, and here, I'm referring more to the eMPF, as I mentioned, the onboarding is substantially already completed, we're at the tail end of the onboarding. Lots of work continue to be needed, but I would say that probably we have seen probably the toughest part of this project, which is really 2026 as we ramp up the resources required to do all the onboarding, as all the onboarding happened from different trustees, each with its own unique kind of initial operational considerations, and so on.

That has been a busy year, a taxing year. Of course, lots of work remains.

We still need to ensure that the overall quality of the services and operational efficiency continue to improve. Probably the most uncertain part of what to expect on a day-to-day probably has been seen.

Now is working on further improvement in efficiency. Point number four.

We started as a wealth management platform, and then along the way, we bought a bank. We add a global digital bank to the overall ecosystem, we are the global digital banking and wealth management platform.

Increasingly, we have been looking at what we call truly global business model. For that to work very well, we actually find that there's certain additional services that we need to steadily try to develop.

One of this area is in fact in the area of payment. I think you'll be aware that we already have some payment services within the group, debit card for instance.

In FSM Singapore as well as the iFAST Global Bank, we have the debit card services. The iFAST Global Bank have a division called Ezypay, which is in the remittance business, mainly in the Middle East.

That helps with the yeah, movement of money across borders, and that's important in helping us to be able to provide a fuller range of payment services efficiently and smoothly. As we move forward, we expect that there'll be more to be done in terms of some of these payment services.

Several months ago, we announced that they have received in-principle approval for e-money license in Malaysia. We are in the process of also applying for license in yeah, couple of the markets that we're in, including Singapore.

We yeah, we expect that, yeah, as the quarters ahead progress, in the years ahead, we continue to be yeah, introducing more and more services that will actually make us a lot more complete and a lot more attractive as a global digital banking and wealth management platform. Point five really is to continue to broaden the fintech ecosystem that we have.

That's something that have been an ongoing thing. The fintech ecosystem, I think in the subsequent pages is a chart.

Maybe we'll go a few pages forward to the fintech ecosystem. Yeah.

This is a chart that we typically show to show how we have been broadening the fintech ecosystem that we have, and that's an ongoing progress for us. I'll go back to this slide.

Just to elaborate a bit more about this truly global business model that we've actually been talking about. Traditionally, when we think of businesses in terms of expanding to different places, different country, we think in terms of going there physically, set up the operations locally, and then try to grow from there.

We were doing quite a bit of that in the past, because we went from Singapore, went to Hong Kong, Malaysia, India that time, and China. I would say that, yeah, as we did that, it is something that takes a lot of effort, and every new market is set up a new business operation from scratch.

It typically take quite a number of years before we're able to make money. We have been living in the internet world.

The world has been living through internet world in the last 25, 30 years. Business models have been changing globally.

I always like to use the example of Netflix, Spotify. They operate from one or a few country, but they have customers from around the world.

In their case, hundreds of millions of paying customers through subscription from around the world. We have believed more and more in the last few years that when it comes to the financial sector, there's no reason why a truly global business model cannot happen.

Banking, wealth management are essentially services that doesn't require physical movement of goods, no reason why things cannot be on the basis of a truly global business model. This is something that we started talking about the last few years, and as we did so, I think a lot of the planning revolved around iFAST Global Bank and to some extent, the Singapore business, and so on.

We're at a phase where we feel that there actually still quite a bit more things for us to do in terms of being able to make this truly global business model a bigger part of the overall business. With that, then we are basically now articulating it a bit more clearly to say that yeah, for this truly global business model, we feel that the three key centers that will make a bigger difference to this effort will be Singapore, London, Hong Kong.

These are three key centers where we have substantial presence in, that we continue to improve on the services that we have developed. London, of course, is the iFAST Global Bank, and that today, we already have a situation where money can be transmitted from iFAST Singapore, Hong Kong, London to and fro instantly at no cost for our customers.

We will continue to build on some of this work that we have done, introduce more services, and that will make the full ability for us to build our global business progress faster. As a group, we started 25 25, 26 years ago with our B2C business, FSM.

At that time, we called it Fundsupermart. Now we call it FSMOne, and along the way, we sort of realized that as we try to grow our business, as we roll out all the services that we put out all our various communication, while we have been thinking in terms of a global customer as a potential, but in terms of the manner by which we position ourselves, by which we put out all the different materials and article and communication, we probably were talking more to the Singapore residents if I take FSM Singapore.

We're talking more to the 6 million people that are in Singapore. I think it's time that we try to more effectively communicate to not just 6 million people, but maybe a billion people that's actually out there somewhere in the world that potentially can use Singapore as a financial base.

With Singapore, iFAST Global Bank in London, Hong Kong, I think we feel that we can accelerate this truly global business model faster, and that is a very important part of our aim for the next few years. In line with that, we also be repositioning FSM Singapore and FSM Hong Kong to basically FSM Global to communicate that message more clearly that for global customers, they are our target client.

That's how we started the iFAST Global Bank. Instead of calling it iFAST Bank, we started by calling it iFAST Global Bank, and with that, then we basically have a majority of our customers being non-resident for iFAST Global Bank.

For us in Singapore and Hong Kong, we have been quite well-entrenched in terms of the services for customers here, and that part will continue to grow, but we also want to target the bigger addressable market that's actually out there. Next.

This is a chart that I showed earlier about truly our fintech ecosystem. That really is the part that I wanted to run through.

The next sections are some performance trends. I think the numbers are self-explanatory, we'll leave you to look through it.

At this point, we'll open the session up to questions and answers.

Thank you, Chun Chun. We'll move to the Q&A segment.

We have investors and analysts both present physically in the boardroom as well as on Zoom. Maybe we'll just open the floor to those who are here in the boardroom first before we take on some of the questions that we have in Zoom.

Any questions? Yeah.

Hi,

yeah. Thank you, Chun Chun, for the results and taking my question.

I have a few segments of questions that I want to split it up, but maybe I'll just ask firstly on Singapore. I'm just noticing that actually the quarter-on-quarter performance in Singapore has actually been quite well.

I think profit before tax was up 27 quarter-on-quarter 27% quarter-on-quarter. What is some of the drivers that you observed in the last quarter?

When you talked about the opportunities to grow continuing to grow in Singapore, are you referring more to the B2B or the B2B B2C segment? That's for Singapore side.

Singapore overall have had a strong year, strong growth momentum throughout the year. In fact, Singapore has been if I take the wealth management part of the business, then Singapore had clearly been the best performer for everything, all right?

The growth is actually coming from both B2B and B2C. Both segments have actually continued to be strong, and yeah, which is why I enjoy saying that despite the fact that that is the biggest part of business, is technically the most mature, but we continue to see a lot more opportunity to come.

The overall momentum is that the AUA growth is there. In terms of profitability, also sometimes it also depends on in that quarter, to what extent is some additional costs and otherwise that makes some difference.

Overall, that growth momentum has been strong.

Maybe just the second part I wanted to understand on the Hong Kong side of the business. Yes, that's kind of like a rough guidance for double-digit growth across revenue to profit before tax.

I'm just wondering if you can see some form of operating leverage throughout the year that will hopefully flow to a stronger profitability growth? Currently, just looking back at the fourth quarter in terms of quarter-on-quarter trend as well, the contribution from Hong Kong kind of quite flat, although the revenue has grown quarter-on-quarter.

Just wondering when we see profitability pick up today. The second part of Hong Kong business, just on top of the pension scheme, is on Macau.

Just wondering what is the AUA we have seen so far and how far we think it can grow to for the other Macau side of things? Thank you.

On Hong Kong, if I take yeah, the ePension part of the business, yeah, the revenue have been increasing because as onboarding increases, then the revenue goes up accordingly, as well. This project is such a critical project because you're talking about the pension scheme of the entire Hong Kong, and a big part of the effort along the way has been to ensure that there are sufficient resources that's put in to ensure that the delivery of services are as smooth as possible.

Along the way, the headcount have been ramped up quite substantially as well, and I would say that the headcount will probably be hitting the peak in the next couple of months. All that additions in headcount lead to the increases in the operating expenses.

After ensuring that the delivery of services are smooth and up to par, and continue to improve on the processes, then I think as we get into the second half, then there's some room for us to work on having better operational efficiency. We mentioned double-digit growth, but I don't want to be guiding for or shooting for a very huge number simply because our priority is to ensure that things are as efficient as possible.

I think you'll be seeing healthy step-up in profitability. In terms of the Macau AUA?

Macau is something that just started. I think, yeah, the initial number is something like $70-over million Sing, but we should see further numbers in 2026.

Hey,

thanks for the questions, [Wee Guan?] .

We have quite a few in the Q&A on Zoom, maybe we'll just go for some of those questions. I think maybe we'll continue a bit on some of the things that I think Chun Chun has covered already.

I think on the ePension, any guidance on timing of operational optimization and when can we see the fruits of that effort? I think Chun Chun has covered a bit of that.

The other related question was how much of the contract has already been recognized for with regard to the ePension?

I think the communications that we have made on the ePension project, yeah, I think we have mentioned it's a 7-year contract, right? We do know the full extent of revenue, and we have been phasing out that revenue aligned with I guess the work being done, right?

I think a lot of the work has actually, we're sort of increasing efforts on that business as I think you've heard from Chun Chun earlier, where we have onboarded the largest trustees, and we're now at the tail end of that onboarding. I think we've also mentioned that even after the trustees are onboarded, right, there's still a lot of operational work to be done because that's where I think we get to a point where 100% of the MPF scheme is actually administered on that platform and work done by us.

Those are the things we've communicated. In terms of the exact percentage of how much of the contract we have recognized so far, I don't think we are able to then communicate because yeah, that would have some implications in terms of how you see our I guess the next couple of years of revenue.

We'd like to not have to say anything about that. I think in terms of the revenue profile, then we can say that it's sort of aligned, right, with the level of work being done, which, as is at a pretty high level at this point in time.

Yeah.

We also have a few questions from Kelvin Sam. Kelvin wrote congrats on the great results, thanks for that, and he has three questions.

I think, first, why was there a big Q-on-Q jump in UK earnings despite flat revenue? Was it because the bank cut back on social media marketing?

Yeah. I think for UK, the increase in profit, yeah, despite relatively flat revenue, partly is also because of the cost.

I think earlier part of the year, we over-provided for certain costs, and yeah, when we get to the fourth quarter, then we can release some of those numbers. That sort of lead to, yeah, some of this shift in profitability numbers.

Kelvin's other questions: can you elaborate on the new services mentioned on slide 48, which is for the UK commentary, which will help UK deposits accelerate in 1Q 2026? I think we wrote, yeah, from 1Q 2026.

That's one question. The other one was why was net inflow lower Q-on-Q in 4Q?

Was it mainly because of lower bank deposits?

Talking about net inflow for the group,

is that right?

Net inflow for the group was lower, I would say the bank deposit side is not the big part of the change, because the group net inflow is actually much bigger. On a net basis, the net inflow was lower, I would say mainly because there's probably a bit more redemption by customers.

Gross inflow was actually very strong, but when the markets are rising, sometimes you also see tendency for some investors to take some profit, so that lead to some increases in redemption. On a overall net inflow basis, it continues to be very healthy.

You're talking about $1 billion, and of course, the overall AUA actually grew quite a bit as well. The first part of the question was New services for the UK market.

New services for UK market. In January, we roll out this service called Bacs, B-A-C-S.

Bacs is basically a service that allow the bank customers in UK to basically be able to make their monthly bill payments, etc. for utility, etc.

a lot more easily. I think in Singapore with GIRO Like GIRO in Singapore.

A bit like GIRO, but I think something that's

Incoming bill payment

It's a bit more in a batch way where once you sign up for Bacs service, then a a whole chunk of your monthly payment can actually come onto that. That's a service that before this wasn't in place, but that's actually now in place.

That includes, I think, some of the your monthly salary that you're actually getting, you can actually start to directly credit the salary onto the iGB more convenient. With with that, it's like GIRO in Singapore, happening, or that service being introduced, then more UK customers, will actually use us and use us as a primary bank account as well.

As that happened, then we expect that the inflow from the UK resident will actually start to improve. We are also in the midst of preparing to launch some additional service that will tell us to with the global payment services.

As you're aware, the majority of customers are actually non-residents of UK. For them, they leave their money in iGB account, but as of today, not all of them are able to enjoy the convenience of payment in the other countries that they're actually in.

I think important part of the vision that we have as a group, that we have for iFAST Global Bank, has been that with one bank account in iGB, you leave your money there, but you can actually spend around the world. That's been the important part of the vision that we actually have.

Today, that can happen only to some extent. The full service is really not really roll out yet.

We are in the process of rolling out this additional service that will allow customers to be able to leave their money in iGB, but make payments in various countries around the world. We, yeah, we will give further detail in the next 2 months as we roll out the service.

That's expected to be one of the additional service that will help as a driver for the overall business of iGB as well. The other comment I'd like to make as well regarding the last 6 months as well is that, yeah, along the way, actually interest rate environment changes.

As interest rate environment changes, then we actually find that, yeah, there's some money that actually moving in and out, as some of those changes happen. Also in the past 1 year, there's been some gradual reduction in global interest rate environment, for US, for UK.

Our deposit rate over the last 1 year as well, there's been, some gradual downward shift. As some of this things happen, then some of the older deposit that some that, wasn't renewed, and so on.

In the short term, that may lead to some additional outflow. Of course, we're watching the situation all the time, and then we respond with some tweaks in whatever interest rates accordingly.

Tweaks in interest rate as well as additional services are some of the things that we'll do on ongoing basis. That will help ensure that we can continue to grow.

On a immediate basis, on a quarter quarterly basis, then sometimes, yeah, there's some of this loss of momentum in the overall deposit growth. That's basically some of the effect that we've actually seen.

We have a couple of analysts in the Zoom Q&A who have raised hands as well. We'll start with Jayden from Macquarie.

Jayden?

Hi. Thank you very much for taking my questions and the opportunity, and yeah, well done on a good fourth quarter result.

I just wanted to ask a little bit about the guidance. I think you mentioned that you're looking at sort of a CAGR of 25% in the AUA to hit the $100 billion.

Then we've said that we think that the dividends will grow by at least 25% in 2026. Is there any sort of view on the payout ratio?

Because that would suggest that earnings, AUA sort of grow at the same rate. How are you sort of thinking about that, and if there's any further operating leverage?

Because you also highlighted that the ROE has been expanding because the top line's been growing strong. I just want to sort of understand this view on the guidance a little bit better as a starting point.

The AUA guidance, well, we have mentioned about the $100 billion, we are basically working out mathematically to show what the percentage is in order for us to achieve $100 billion by 2030, and that number is actually 25.6% to hit that. We feel that with good execution, we should be able to achieve that.

That's part of the reason. Then for 2026, yes, the dividend, there's a guidance on the expected dividend payout, we set 10.5 cents or better.

In a sense, that also reflect our expectation on further increases in profitability for the group. The payout ratio for us, I think, yeah, in recent time, I've been talking about a number of 25 to 30% that we're comfortable with.

I think over time as our balance sheet gets bigger, we think that we can go higher on that number. At this point in time, with the ambition that we have for the bank, in terms of the group, we're still at a stage where we want to see a lot more growth.

As far as dividend payout is concerned, we're basically just balancing, yeah, some of this thinking. One part is we do want to increase the dividend payout.

The other part is we have big ambitions, we want to have enough retained earnings within the group. On a shorter-term basis, a payout ratio of 25 to 30% is something we're comfortable with, right?

As we go forward in the years ahead, then we can look at increasing it. On an immediate basis, we're not assuming a too big an increase in payout ratio.

Thanks for that. I guess what it means is that if you're looking at 25% growth in dividends and the same payout ratio, you're sort of telling us that earnings are going to grow at 25%, right?

Am I reading that correctly?

Technically, we're not exactly saying that, but I suppose internally, we are, yeah, shooting for, yeah, those kind of quantum in terms of, yeah, potential growth.

Thanks. If I could just ask, maybe a couple more questions, just two more.

The first is, if we say that we're going to have this growth in the AUA, we go from 32 to 40 billion, let's say it's 25%, how much would come from ORSO, how much would come from the organic business, and is Macau sort of recognized as AUA, or is it like the MPF in Hong Kong? Yeah.

We expect that, yeah, the ORSO, assuming it does happen by second half, that can potentially add a 6, 7% to the growth rate for AUA. That will actually help the overall growth number for 2026.

It will make 2026 growth in AUA a robust number. Of course, having said that, yeah, I just want to also mention that this is our current target in terms of having that being rolled out in the second half.

In terms of timing, sometimes there's some, yeah, some dependence on the need to ensure the overall efficiency of the whole ePension business, and so on. At this point is our current target.

Thank you. Just my final question, which is related to this.

If we do get this ORSO contract and we add 6 to 7%, is that going to be sort of supported by the existing cost base, or would we see an additional step-up in the opex, sort of similar to what we had with ePension?

There'll be some increase in cost, but it won't be too big a increase. I think we already have some existing costs that is actually supporting this.

In terms of overall increase in cost, it should not be too much.

Thank you very much. I really appreciate it.

Thanks, Jayden. Now we'll move to Aakash, who has also raised hand, from UBS.

Aakash?

Great. Thank you very much for taking my questions.

Congratulations on a strong year. I think the first question is just if we go back to the early days when you started talking about ePension, I think you had said that after the ramp-up phase is complete, the revenue for the business should largely remain flat for the remaining years of the project, or it should probably increase by inflation, is what you had said, right, irrespective of any other factors like AUM or other things.

Just wanted to check if that expectation is still in place. That's the first question.

Yeah. I think that statement is true when we go into 2027 and subsequent few years.

For 2026, because, if you look at it on a quarterly basis, there's been that significant ramp-up in the revenue, and so on. On a overall year basis, then yeah, it probably should go beyond a single digit.

It should go into a double digit. Once you get into 2027, then yeah, that statement about single digit will be true for ePension business, but excluding the ORSO part of the business, right?

If you take ORSO and Macau, then that will add on to ePension part of the business. We hope that that can then add on to the overall, yeah, growth in revenue, profitability in 2027 as well.

Great, that's very clear. Thank you, Chun Chun.

Secondly, more specifically on 2026, I understand that the growth rate would be higher for this business. The Q4 revenue that we saw for ePension, is it fair to assume that it would be the run rate for 2026, and then we can try and calculate what sort of increase gets the double-digit growth we see?

Is that a fair expectation for 2026?

I think, yeah, on a revenue side, I think probably that can be taken as, yeah, probably a logical way of looking at it. I think so.

If you think in terms of the output, the work done, and if you've already onboarded the largest trustees going into the first quarter of 2026, right? I think in terms of trying to justify a much higher level of work done from that point, I think will be quite difficult from a revenue recognition perspective.

That being said, I think we also talked a bit about the optimization of expenses, and so on. I think we've already heard earlier Chun Chun mentioned that that's not a priority at least for the first half of 2026, right, where we are focused on getting the job done well, right?

Then probably the second half, I think that's what we said earlier, right? That's where we can potentially look at some optimization, and probably the benefits will then be seen further out over the next, yeah, I guess 2027 and so on.

Understood. That's very clear.

Just on this one, do you have any updated thoughts on what is the likelihood of this project getting extended after the 7- or the 10-year term expires?

I think it's too soon for us to be commenting on this at this stage.

Very clear. One more question, sorry.

Just on the net inflows that seems to have obviously stepped up quite significantly in 2025. Now if you just look at the broader landscape, the banks have obviously been seeing billions and billions of dollars in wealth management inflows.

I'm just wondering if that segment, which is the family offices, is that also benefiting you, or if yes, then what is the portion of this inflow coming from that family office segment, or is it still very much your traditional customer base, which is largely individuals, right, whether we look at B2B or B2C?

We're seeing some benefits from the family office segment, but I will say that that isn't really the core segment for us. I think our client base tend to be a lot more spread out.

Makes sense. Sorry, if I may, just one last question, a quick one.

On payments, you talked about starting to offer more services. Now I'm just trying to think is this mainly to facilitate your customers in your core geographies, or is it going to be a bigger, fuller service like Revolut or Wise?

Do you see any increase in expenses because of this investment?

The thinking about payment is that, yeah, two area. One, we want to be able to help the customer move money cross-border easily.

That's important for this global digital banking and wealth management model that we're actually talking about. Moving money cross-border, that's one part.

The other part is we want them to retain their money with us, whether with the bank or with the wealth management platform, and as they do so, we want to be able to allow them to use that money to spend, right, in the various country that they're in. That is another part of the thinking for us.

As we roll out the payment business further, there'll be some increases in revenue for us. At the same time, there'll be some increases in cost.

I will say that the payment business on its own, meaning, yeah, if we just try to look at it as a payment business on its own, then I will say it's not exactly a easy business because it is an area that many players have been competing in. If we look at the payment business on its own, then trying to really make it a highly profitable business is not necessarily so easy.

In our case, because we see it as part of a complementary service for the digital banking and wealth management platform, then that improve the picture substantially, both in terms of the ability to scale up this services, as well as in terms of the overall business economics of this part of the business. I'll see it as something that will help us to increase the revenue overall.

You also will help us as a overall group to increase our overall profitability. If I look at it in terms of the pure payment part of our services, then, yeah, it may not be something that will lead to a huge increase on its own.

That's very clear. Thank you for taking all my questions.

Thanks Aakash. We'll move to Benjamin

in the room. Benjamin?

Hi, thanks. Wondering, do you think the acquisition of Financial Alliance, right, how does that fit into this truly global business model?

Is that the strategy going forward to buy stakes on this small financial advisory firms to boost this model? I

will say that it's not so linked to this global business model, especially on financial advisory. Perhaps I'll talk a bit about our thinking on proposed acquisition of a 30% stake in Financial Alliance.

This part is very much about the B2B business that we have in Singapore. Yeah.

Actually, traditionally, we have invested in some other FA firms in Singapore as well. We basically take a minority stake in some, but actually, they are quite a number of different companies that are actually there as well.

Increasingly, the thinking now really is we want to mainly focus on having a stake in a company that will be one of the bigger company, especially one that has the potential to become a listed company. It is a vision that ourselves as well as Financial Alliance themselves to potentially become the first listed FA firm in Singapore.

From our point of view as a platform, what we want to see is a thriving FA industry, an industry where the financial advisory firms are able to grow well, they are able to thrive, and so on. We have gotten to the stage where I think you do see some consolidation in the market, because I think you have KKR actually came in to buy SingCapital, and so on.

There's some consolidation, but at the same time, of course, there are also quite a number of new companies that get created. As we look ahead in the next few years, we feel that one of the scenario that will actually emerge is that there could be, say, two two two big FA firms, right, that actually be emerged, one of whom could become a listed company, perhaps supported by iFAST.

At the same time, there'll still be a lot of other FA firms, but we think that there could be the two, three big FA firms, something that actually may emerge. We basically want to be playing our part to help company like Financial Alliance achieve their dream of a much bigger business of becoming a listed FA firm that has much bigger long-term potential.

That is the broad thinking that we actually have. I think at this point in time, the business still mainly local, I would say, for financial advisory.

When we talk about truly global business model, I tend to refer to the various other part of the business, not specifically on the financial advisory.

Thank you, Benjamin. We still have a few questions in the Q&A on Zoom.

I think Ryan Rishoff, he had three questions. One of it's related to the one that Benjamin just asked on FA Corp, we'll just move to his other questions: what gives you confidence in tripling AUA in just a few years?

I think you alluded to a bit of that,

Chang Chun. Tripling may look scary, but if you just think in terms of the CAGR, is 25.6%.

I think that with what we have been planning, all the expansion of the ecosystem, and so on, we feel that with good execution, I think it can be achieved.

The third question from Ryan Rishoff was on the tax rate. Tax rate was lower than expected in 4Q and the full year 2025.

What caused this, and what should we expect from that effective tax rate going forward?

I'll answer this one. In the fourth quarter, we actually have a deferred tax asset recognized at the bank.

I think we had this comment as well inside section 8 of the financials. For background, the bank, when we acquired it, had I think in excess of, I believe the number is more than £40 million of losses, right?

These are past losses, and the tax rules allow us to then offset this against future profit. I think the bank has just turned profitable.

The bank has recognized a small deferred tax asset from that amount. I think just to be clear, the £40-over million of losses then translates to something like on 25% tax rate, about £11 £11-plus million of deferred tax assets that can be recognized.

On the topic of UK,

just to add on to that. In terms of what's recognized in 4Q is about £1 million.

We recognized about £1.08 million. Then

in 2026, we expect that there'll be some of that benefit that will actually be seen as well. The exact amount, we don't know fully for now, but on the immediate basis, maybe you can think of that similar amount spread over the year 2026.

At this point in time, maybe that's some kind of guidance in terms of how to look at that tax part.

Okay. From Reggie, we have a question on UK.

The iGB, the iFAST Global Bank deposits hardly grew in 4Q. Why?

Also, has the bank been more successful in attracting new customers since the launch of the multi-currency account and the debit card that the bank launched in March last year?

In terms of the deposit number, I explained earlier that in 3Q and 4Q last year, the deposit growth actually slowed for a couple of reasons. One is I think some movement back into the wealth management platform.

That's one. Two, I would say actually changes in interest rate environment, because along the way, there was also some sudden changes in interest rate environment, including in Hong Kong dollar HIBOR.

Some of this lead to some short-term movement in deposit number in as well as out. There's also the fact that for one whole year, actually, the deposit rates have actually been declining, because interest rates generally have been declining.

As that happened, then sometimes in the short term, as some of this original fixed deposits, etc. mature, then there's some that doesn't get renewed, and so on.

That lead to actually some changes in the deposit growth number. Of course, as all these things are happening, then we're always reviewing and tweaking what needs to be done in terms of interest rates, etc., and that, together with the additional services that we have been rolling out as well as that we will be rolling out, that will help us to ensure that the growth momentum will come back.

On the immediate basis, in some of the quarterly number, then you see some of this loss of momentum. I think that should be the way to look at this whole thing.

Take a pause and see if there are further questions from our analysts and investors here.

Question, Al? Going back to the FA Corp, we spoke about supporting one of the bigger FA firms.

Will there be any plans to increase that stake from 30% to a bit more, maybe controlling in the next couple of years?

We don't rule out the possibility of some increases in the stake, or changes in the stake, and the reason is because I think FA Corp themselves they also have ambitious plans. They want to grow further.

It is possible that, along the way, they will want to make some acquisition of other firms on their own, and so on, and as they do so, they will invite participation from us, for instance, and as we do so, then that's when it's possible that our investment in the entity can increase. That should be the way to look at it, but the intention is that that will remain a minority stake.

Going back to the Zoom Q&A. Lee Keng had this question, but I think Chun Chun and Terence have kind of answered.

We'll move to the next question from Andrea. Asking a bit more about Hong Kong ORSO.

She would like to ask if there are any updates to share on contract wins and how many have been clinched and how many more in the pipeline, and how can we think about sizing and pricing of each contract?

I think there are number of ongoing discussions and potential wins in the pipeline, and so on. Nothing very chunky that we are ready to announce, but in the meantime, of course, if you look at Macau is something that's additional that has started, and that actually is growing in the current year.

Macau itself is also looking to make the pension scheme compulsory I think in probably a couple of years' time, and as that happened, we expect that the opportunity for Macau will be increasing. Since we have started rolling out services there, I think we are well-positioned to be able to ride on more of the growth.

The Hong Kong side, as well, of course, is a big existing market, and we expect that there'll be more additional contract wins along the way. At the appropriate time, then we will update accordingly.

We have a question from Suzanne. Thanks for her comments as well on the results.

Could we get some colors on which region is the driver of the high net inflows?

I think Singapore has been the biggest contributor.

Last couple of questions, at least from the Q&A in Zoom. I think we'll go to Kin Choong.

Truly global business model, any consideration of secondary listing in Hong Kong or London?

On the immediate basis, we don't have any consideration for secondary listing for Hong Kong or London. In fact, all that, we've been making inquiries about the global listing board that SGX has announced in terms of whether existing company can consider, and things like that.

That's pretty much where things are, but nothing firm or concrete. I think if we do want a secondary listing, we feel that we should go for the biggest and the most liquid, right?

Otherwise, may not really make sense.

One question from Benjamin Ang: what does putting FSM Singapore and FSM Hong Kong under one umbrella, which is the FSM Global that Chun Chun talked about, what does that mean in practice?

In one umbrella, you're talking about Hong Kong and Singapore?

Yes, Hong Kong and Singapore.

It's not exactly one umbrella. It's still two separate jurisdictions.

It's just that for both Singapore and Hong Kong, instead of just calling it FSMOne, we want to use the term FSM Global is really to better send a message that we're targeting global clients. In terms of the legal structure, it doesn't actually change.

We're renaming that, repositioning that for Hong Kong and Singapore, because these are two top financial centers, and it's very suitable for us to use these two centers to target global customers. We are, at this point, not doing so for FSMOne Malaysia, because for Malaysia, I think the focus will still be more the Malaysian market.

That's the thinking at this point.

Sorry, I have a related question. Aside from just changing the name and getting global, could talk a bit more on does that mean that new features would be added,

like

a global investment card?

I think the the core really is the additional additional message, additional services, additional marketing to this new group of potential clients. I was actually mentioning that when we launched iFAST Global Bank, we we get a lot of a majority are actually non-UK residents in terms of clients, because we are talking to the non-resident clients.

I suppose the way we have been conducting our business for all these years in Singapore and Hong Kong, we but we're talking to to them essentially at the at the back of our the the team of the mind of our people, they're assuming they're talking to Singaporeans or the Hong Kong. I think when you're you're not talking to the the global clients more directly, then the growth from this group of clients is not as good.

In practice, what that means is there'll be more messages, FAQ that directly communicate to the non-resident clients in terms of what they need to do with, opening account with us, they invest with us, different languages, for instance. I think we do have our Chinese website, but I think it's time for us to upgrade some of those things as well.

In fact, it's not just Chinese, it's actually multi languages. UK, we actually are able to support many different languages, but in Singapore, as of today, we only have Chinese and Singapore and and English, and even then, I think we haven't done it as well as we we should be.

Languages, the message to the non-resident who are not as familiar with the payment how to pay in Singapore, but we FAQ that are more directed to them, etc., and then different marketing activities that reach out to the global customers better. These are, in practice, the bigger difference.

Also ask a follow-up question. In terms of customer acquisition, is there room to improve or sort of lower the friction in terms of customer sign-ups with Global Bank?

Because

the onboarding seems like it's quite a tedious process

with the

Global Bank.

For sure. For sure, there's room to improve, and it's an ongoing effort.

I think we do know that when it comes to signing up customers who are not local customers, the process typically doesn't look as efficient as for local customers.

Non-resident in UK, is it?

For UK, let's say. Typically, it's like in Singapore, right?

A Singapore resident opening account here now can use Singpass and then can be done in 5, 10 minutes. In UK, there are some of this, they also have that kind of consideration.

If you're applying from other country, then the collection of information and so on tend to be something that takes up a longer time. It's an ongoing process for us to try to keep improving the processes for the account opening for different parts of it.

I think we are making some steady progress, and so on, but certainly, quite a number of areas still for us to keep on improving.

Thanks for your questions, Lim. Any more questions from anybody?

If not, we'll wrap up this quarter's results. Thank you for your attendance, and happy Lunar New Year in advance to everybody, and happy Valentine's Day as well.

Thank you.