After reading all the good reviews, I decided to open an FSM One account to apply for the IPO for Lion-OCBC Securities Hang Seng Tech ETF. I opted for the Auto-Sweep account and transferred in SGD $1,350 on 3 Dec. I realised several hours later that the payment will have to be HKD. I emailed to ask when the transaction will be reflected, to which the answer was the transfer request will take 1 business day and will only be reflected on 4 Dec, around 2-3pm.
I also asked if I can convert currency in the Auto-Sweep account and the answer was that IPO subscription can only be settled using HKD Cash Account.
I emailed back to then ask if whether I will need to top up another SGD $1,350 to my cash account so I can convert it to HKD before the IPO deadline of 4 Dec, 5pm. The reply was a generic one that did not address my concern, stating 'We will only credit the amount into your cash account if we have received the amount from your bank.'
As of now, I have $1,350 in my Auto-Sweep account which I am trying to transfer to my Cash account but it will apparently take another business day, probably on 7 Dec. I tried to call in but am constantly put on hold and unable to connect. Hence, I have missed the IPO deadline.
If the person who replied had addressed my concern on trying to meet the IPO deadline, I would have transferred in another $1,350 immediately into my Cash account.
The platform looks promising with a variety of investment options, but my poor customer experience leaves a sour taste.