In 2023, iFAST Corporation Limited (SGX: AIY) paid a total dividend of S$0.048 per share.
In 2025, the payout rose to S$0.084.
Management now guides for S$0.12 or higher in 2026.
That works out to a 150% increase in three years.
iFAST operates a wealth management platform across Singapore, Hong Kong, Malaysia, and China, and runs a UK-based digital bank.
The group earns fees from fund distribution, stockbroking, insurance, and pension administration.
Management raised the dividend alongside the group’s second-quarter 2026 (2Q2026) results.
Net profit rose 35% year on year (YoY) to S$29.8 million.
For the first half (1H2026), net profit grew 40.7% to S$57.9 million, while net revenue climbed 44.3% to S$213.3 million.
Management had already lifted its full-year guidance to S$0.105 in April.
Four months later, widening profits gave it reason to raise the target again.
How fast is the platform growing?
The group’s assets under administration (AUA) hit a record S$36.1 billion as of 30 June 2026, up 32.8% YoY.
Every market posted a new high: Singapore AUA rose 30% to nearly S$25 billion; Malaysia grew 40.4% to S$4.23 billion; China doubled to S$0.99 billion; and Hong Kong climbed 36% to S$4.12 billion.
Net inflows reached S$2.56 billion for the first half, up 15.2% YoY.
Group customer accounts passed 1.5 million, up more than 50% YoY.
The group targets S$100 billion in AUA by 2030 – that implies a 25.6% compound annual growth rate from 2025.
What’s happening in Hong Kong?
Hong Kong remained the group’s largest revenue contributor.
Net revenue rose 41.9% YoY to around S$56.7 million in the second quarter.
The ePension division drove much of the gain, and higher recurring fee income and insurance brokerage fees also contributed.
By 30 April 2026, all 12 trustees and 24 schemes had completed onboarding onto the Hong Kong Pension platform.
Management has turned its focus to service quality and operational efficiency.
Hong Kong’s profit, though, grew just 13.4% YoY to S$17.8 million.
That trailed revenue growth as costs tied to the ePension division continued to build.
Operating leverage in this division looks more like a 2027 story than a 2026 one.
Management expects the ORSO pension administration business to start contributing in the second half of 2026.
Macau’s CPF business comes next.
How is the UK bank contributing?
The UK-based iFAST Global Bank (iGB) posted a record profit before tax of S$1.92 million in the second quarter, up 174.5% YoY.
That extends its profitability streak to seven consecutive quarters.
Customer deposits grew 25.2% YoY to S$1.81 billion.
Net interest revenue rose 37.9%, while non-interest fee income fell 11.8% YoY.
Revenue per transaction at its EzRemit division moderated from elevated year-ago levels.
Fee income recovered 23.1% quarter on quarter.
In May 2026, iGB became the first UK bank to partner with Ant International.
The two partners launched a cross-border QR code payment feature, across more than 150 million merchants across over 100 markets.
The group also plans to launch a US stock brokerage business later in 2026.
The entity holds FINRA membership and SEC registration but has not yet launched.
Can iFAST keep raising its dividend?
Free cash flow is the lifeblood of dividends.
For 1H2026, iFAST’s non-banking business generated operating cash flow of S$43.4 million.
After capital expenditure of S$16.9 million, free cash flow totalled S$26.6 million.
The group paid S$15.2 million in dividends during the same period.
iFAST holds around S$385 million in net cash.
Its gross debt-to-equity ratio has risen to 0.53 from 0.28 at end-2025 – a S$120 million note issue in March drove the increase.
Not everything points one way.
Net inflows in the second quarter grew just 2.2% YoY, down sharply from 33.2% in the first quarter.
Group headcount peaked in mid-2026.
Management expects it to decline by end-2028 as AI adoption spreads across the business.
That should widen profit margins from 2027.
Get Smart: The Revenue Engine Behind iFAST’s Rising Dividend
Dividends don’t rise by goodwill.
They need an expanding earnings base behind them.
iFAST’s per-share payout has grown from S$0.048 in 2023 to a guided S$0.12 for 2026.
That 150% increase tracks directly to a widening revenue base.
The platform now spans five markets and more than 1.5 million customer accounts.
The Hong Kong pension franchise has completed onboarding, and the UK bank has only started to scale.
What separates a one-off dividend hike from a sustainable one?
Watch whether AUA growth and ePension margins keep converting into higher profits.
Track whether iGB’s deposit base keeps scaling.
That is the engine.
The dividend follows.
Not all AI “winners” will survive this cycle.
But a few companies already have the scale, cash flow, and edge to pull ahead. We highlight what to look for in our FREE volatile market report. Download it here.
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Disclosure: Chin Hui Leong owns shares of iFAST.
