FSMOne.com Singapore, the business-to-consumer (B2C) division of Mainboard-listed iFast, has launched the FSMOne debit card.
The card will allow FSMOne.com’s clients to pay for expenses from their cash account, which includes their investment proceeds, dividends and available balance.
The debit card is a platinum debit mastercard that’s issued by Nium. Nium is a major payment institution that’s licensed by the Monetary Authority of Singapore (MAS).
The FSMOne Debit Card will provide cashback at 1% for payments. Clients can earn up to 3.5% cashback during the card’s launch period from Aug 31 to Sept 30.
“We are excited to introduce the FSMOne Debit Card because our investors can now invest, trade, spend and earn, in one place and be continuously rewarded,” says Lim Chung Chun, CEO of iFast, who adds that the launch of the card will add more value for the company’s clients.
“Similar to how we reward our clients via the Rewards Programme which is based on their assets under administration (AUA) and trades with us, we will be giving perks such as cashback on their spending on the FSMOne Debit Card,” Lim continues.
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“In times where inflationary pressures are escalating and where interest rates are being raised, this is often seen as a negative on our monthly cashflows because of higher cost commitments on mortgage and other loans,” says Jean Paul Wong, general manager of FSMOne.com Singapore.
“We will do our part to help our clients by increasing the interest rates on the FSM Multi-Currency Accounts. The FSM Auto-Sweep has seen its net yield surge by over three times in just six months, to over 1.5% p.a. recently and that is a very attractive option for making our idle cash work harder for us,” he adds.
Shares in iFast closed 2 cents higher or 0.45% up at $4.48 on Aug 31.
