iFast (SGX:AIY) unit, iFast Global Trust, secured a trust business license from the Monetary Authority of Singapore, according to a filing with the Singapore Exchange on Friday.

The license allows the company to expand its wealth management capabilities across a wider client base.

After initially focusing more on high-net-worth individuals, the platform will also cater to a broader spectrum of individuals, iFast said.

Shares of the company were up nearly 3% in recent trading.