NTUC Income’s digital investment gathers steam

NTUC Income’s digital investment gathers steam
TUE, JAN 02, 2018 – 5:50 AM
BUSINESS TIMES

Singapore

AFTER more than a year, NTUC Income’s move to develop an integrated digital platform to modernise Singapore’s financial advisory (FA) sector is picking up steam with more firms projected to come on board.

Andrew Yeo, chief of Income’s life and health business, expects that this year four more FA firms will join the initial three, including Phillip Capital and Elpis Financial, to be fully integrated with Income for electronic submissions on the platform named Integrated Financial Advisory (IFAM).

If this happens, it will leave only four of the 11 FA firms currently on IFAM still not fully integrated with Income. Apart from Phillip Capital and Elpis Financial, two other firms identified to be among the 11 are IPP Financial Advisers and SingCapital.

Developed by Wen Consulting, IFAM is an open platform aimed at closing loopholes in the entire sales process and to ease FA firms’ compliance with regulations such as the mandatory pre-transaction step called Know-Your-Client (KYC).