iFAST China Holdings has entered a joint venture with RFO Holdings, the Singapore office of Hong Kong-based Raffles Family Office, to target China’s ultra high net worth (UHNW) market, the fintech platform company said in a filing to SGX Friday.
“Raffles Family Office has a professional and international team and iFAST Corp has a tremendous client base and influence in Asia. The two of us together will create a synergy which unlocks a lot of new business opportunities in China, creating a win-win situation for both of us,” Kwan Chi Man, CEO and founder of Raffles Family Office, said in the statement.
The joint venture, called Raffles Family Office China, will be 30 percent owned by iFAST China, while RFO Holdings will hold the remainder, iFAST said, adding the paid up capital would be 5 million yuan (S$964,000).
Raffles China will focus on family offices and related entities for UHNW clients, which are those with at least US$30 million in net worth, the filing said.
“iFAST Corp. believes its collaboration with Raffles Family Office, one of Asia’s leading multi-family offices, will help to address the rising need for quality wealth management service in the ultra high net worth market in China,” the statement said.
The joint venture’s headquarters will be in Shanghai, with plans to expand to Beijing, Chongqing and Zhejiang, iFAST said.
iFAST will finance its portion of the investment with its IPO proceeds.
iFAST China Holdings is the holding company of iFAST Financial China and the China subsidiary of iFAST Corp., the filing said.