iFAST’s Strategic Leap into Malaysia’s AI Landscape with RM150 Million Investment

Why did you choose Malaysia as the location for this global AI hub, unlike other ASEAN countries?
The choice of Malaysia as our global AI hub stems from several strategic factors. The country’s pool of high-quality digital talents, particularly in IT, known for their high commitment to their roles, which aligns with our organisational growth requirements, has been a key deciding factor.

The workforce’s multilingual capabilities make it an ideal location for our ambitious AI initiatives. Proximity to key Asian markets, a conducive business environment, and a robust digital infrastructure further make Malaysia the ideal choice.

How will AI improve operational efficiency, workflow optimisation, and scalability at this new hub?
At iFAST Global Hub.ai, we have identified many areas where we can harness the power of AI to drive operational efficiency and scalability. Our primary focus is automating customer service and offering 24/7 multilingual support. This initiative aims to solve a business problem where language differences create communication barriers. As we move towards being a global business, we must effectively serve clients worldwide. We are now developing a generative AI solution that allows us to communicate with our clients in most languages. Beyond transforming customer service, we also actively incorporate AI into various scenarios.

These include improving our search engine, detecting and preventing suspicious and fraudulent transactions, and achieving instant account approval during customer onboarding, among many others.

What critical success factors have contributed to the company’s growth and development in the AI sector within Malaysia? 
iFAST’s growth in Malaysia can be attributed to a combination of factors. Central to our approach is a robust in-house IT team of more than 300 individuals. We’ve made substantial investments in recruiting and nurturing top-tier IT talent, with a particular focus on recent graduates. Internally, we foster an AI-first culture, providing continuous training and development opportunities to ensure our team remains at the forefront of advancements in artificial intelligence. In addition to our internal solid foundation, we prioritise innovation and continuous improvement. This approach has enabled us to continuously enhance our services, allowing us to stay ahead in a highly competitive market.

The Group has also engaged in strategic industry-academia collaborations with local and international tech firms, academic institutions, and government agencies. These collaborations have enabled us to access cutting-edge technologies, share knowledge, and align with industry standards.

How important is the Malaysian hub vis-à-vis the iFAST locations in Singapore, Hong Kong, China & the United Kingdom?
iFAST Global Hub.ai holds strategic importance within the iFAST Group’s global ecosystem, as it serves as a central digital hub for the various business functions within the entire iFAST Group. The synergies between the Malaysian hub and the various markets in which iFAST has a presence also enable iFAST Global Hub.ai to play a comprehensive and integrated role in supporting the iFAST Group to reach and serve clients worldwide.

The focus on advancing fintech capabilities and digital solutions across various wealth management, digital banking and pension administration segments also positions the iFAST Global Hub.ai as a pivotal contributor to iFAST’s overall success.

How have the Malaysian government and MDEC facilitated your journey in setting up the new AI hub in the country?
The Malaysian government and MDEC have facilitated iFAST’s journey in setting up the new AI hub. The recognition with Malaysia Digital (MD) Status for our Digital Pension Solutions Services highlights the government’s support for our digital initiatives. We want to express our gratitude to MDEC for awarding us the MD status. These strategic alliances demonstrate our commitment to being a strong industry player in Malaysia’s growing AI landscape. 

ESG is on everyone’s mind now. How do you bring the ESG agenda to the iFAST hub?

iFAST Corp is committed to integrating sustainability principles into our business operations and corporate strategies.

iFAST’s sustainability strategy has already been the company’s focus since the early days of its operations. It has formed the cornerstones of our strong foundation in building a sustainable business model. The commitment to sustainability and ESG extends to iFAST Global Hub.ai, where technological innovation will be utilised to achieve various sustainability and ESG goals, such as providing easy accessibility to investment tools, information, research and content to enable the investors' community to make informed decisions.

From an FDI perspective, how does iFAST Corporation view Malaysia’s potential to become a regional AI hub?

iFAST Corp recognises Malaysia’s potential as a regional AI hub, mainly due to its expanding tech talent pool and supportive government policies fostering digital transformation. Malaysia’s initiatives in promoting AI in financial services resonate with iFAST’s mission of utilising AI for advanced investment and wealth management, presenting valuable opportunities for synergistic growth in fintech.

Are there any plans to diversify iFAST Corporation’s AI offerings beyond its current focus on financial services? 

At iFAST, our primary commitment and focus remain deeply rooted in enhancing and revolutionising the financial services sector through AI-driven solutions. This dedication is integral to our mission of helping global investors invest globally and profitably. Our current suite of AI offerings is tailored to meet the complex demands of the financial industry, from predictive analytics in investment strategies to automating wealth management processes.

Proud moment ... At the grand opening ceremony of iFAST Global Hub.ai in Malaysia.

However, we recognise that the technology and business landscape are constantly evolving. The versatility and scalability of our AI technologies mean that there are potential applications beyond financial services. We remain open to exploring opportunities where our AI expertise can add value in other sectors. 

How does iFAST attract, retain, and develop top AI talent?

iFAST employs a comprehensive approach to attracting, retaining, and developing top AI talent. Our strategic partnerships with universities, such as Asia Pacific University and Multimedia University, demonstrate our commitment to identifying and nurturing digital talents from the early stages. For instance, the iCadet Programme, in collaboration with Multimedia University, provides students with exposure to industry culture and environments. Additionally, our commitment to fostering a dynamic work environment, competitive remuneration packages and opportunities for career growth are vital factors that will enable iFAST to attract and retain top digital and AI talents.

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Established in 2006, iFAST Global Hub.ai is a regional service centre providing call services, IT applications development, and operational support to the iFAST Group's businesses. iFAST Corp, listed on the SGX-Mainboard, is a digital banking and wealth management platform operating in Singapore, Hong Kong, Malaysia, China, and the UK. Focusing on fintech innovation, the group aims to help investors around the world invest globally and profitably.