iFast Launches Cross-Border, Multicurrency Digital Banking Platform
by Fintech News Singapore May 2, 2023iFAST Global Bank (iGB), the digital banking division of Singaporean wealth management fintech firm iFAST Corporation Ltd., has introduced a Digital Personal Banking (DPB) platform to expand its financial ecosystem.
The DPB platform will provide online personal banking services to customers worldwide, enabling them to hold, spend, and send money in six currencies (GBP, USD, EUR, HKD, SGD, CNY) without fees while earning interest.
Muj Malik
This move aligns with iFAST Corp’s vision of developing a truly global digital bank business model. Muj Malik, CEO of iFAST Global Bank, said,
“The launch of our DPB platform will provide consumers around the world access to personal digital banking services in the UK for their personal and business needs and complements our Digital Transaction Business (DTB), which supports the UK Payment Services industry.”
iGB account holders can connect their digital banking accounts with various platforms in iFAST Corp’s international markets, taking advantage of the company’s digital banking and wealth management capabilities. Muj added,
“Over 780,000 iFAST Corp’s current clients across markets, including Singapore and Hong Kong, will be able to open iGB accounts available on the iFAST Fintech Ecosystem to access personal banking services seamlessly.”
Lim Chung Chun
According to Lim Chung Chun, Chairman and CEO of iFAST Corp, the new platform will remove geographical limitations for users.
“With iGB, individuals are no longer restricted by platforms based in their own respective geographical locations. With a track record of over 20 years and assets under administration of S$17.42 billion, iFAST Corp is well-positioned to provide digital banking and wealth management capabilities to a global customer base,”
said Lim.
Despite losing out on recent digital bank licence bids in both Singapore and Malaysia, iFAST Corp recently completed its acquisition of a UK-based fully licensed bank in March 2022.
