iFAST China, the Chinese arm of iFast Corporation, has formed a joint venture with RFO based in Singapore to serve China’s ultra-high net worth market.
RFO is the Singapore branch of Raffles Family Office that is based in Hong Kong.
The new JV will operate under the name Raffles Family Office China. RFO will have a 70% holding in the entity, with the balance owned by iFAST China.
The JV will cater to family offices along with other entities of ultra-high net worth clients.
It will be headquartered in Shanghai and intends to expand its footprint to Zhejiang, Chongqing and Beijing eventually.
Raffles Family Office CEO and founder Kwan Chi Man said: “Raffles Family Office has a professional and international team and iFAST Corp has a tremendous client base and influence in Asia.
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“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.”
iFAST Corporation CEO and chairman Lim Chung Chun added: “By combining Raffles Family Office’s experience in family office management and the ecosystem iFAST China has built over the years, we believe Raffles China will be able to benefit from the immense potential in China’s booming ultra-high net worth wealth management market.”