iFAST launches digital banking platform with easy access to GBP, USD, EUR, HKD, SGD, CNY
“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.”
iFAST Global Bank, also known as iGB, has launched a Digital Personal Banking (DPB) platform to provide a fully compliant and truly cross-border digital bank as part of iFAST Corp’s Fintech ecosystem.
The UK-based digital bank division of Singapore’s wealth management fintech platform iFAST Corporation Ltd. will offer online personal banking service to DPB customers from around the world, where they will be able to hold, spend and send across six currencies (GBP, USD, EUR, HKD, SGD, CNY), “free of charge” and earning interest as they go.
iGB account holders will be able to link up their iGB digital banking accounts with the different platforms within iFAST Corp, including FSMOne.com, iFAST Financial, and iFAST Global Markets platforms in the various markets that iFAST Corp has presence.
No geographical restrictions to open iGB accounts
Muj Malik, CEO of iFAST Global Bank, said: “The launch of our DPB platform will provide consumers around the world to access 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. Over 780,000 iFAST Corp’s current clients across the various markets, including Singapore and Hong Kong, will be able to open iGB accounts available on the iFAST Fintech Ecosystem to access personal banking services, in a seamless manner.”
Saurabh Dhingra, EY-Parthenon Financial Services Partner, Ernst & Young Solutions LLP, commented: “We believe digital banking has significant growth potential globally, particularly in Southeast Asia. With one of the highest mobile penetration rates and increasing affluence, the region is seeing a clear evolution in customer behaviors and needs, notably a generational shift toward digital products and services – and a strong preference for integration between them. To cater to these preferences, it is imperative that companies focus on personalization capabilities and ecosystem business models. Based on our experience, this shift in the market makes the case for greater digital banking penetration.”
Jeffrey Siow, Managing Director & Chief Operating Officer of Enterprise Singapore, added: “The launch of the DPB platform is a major milestone in iFAST Corp’s journey to becoming a global Fintech player. As a participant in EnterpriseSG’s Scale-Up programme, iFAST Corp is an example of a high-potential Singapore company with global ambitions. Enterprise Singapore will support companies like iFAST Corp to accelerate their transformation and growth, and expand their global presence, in line with Singapore’s Enterprise 2030 vision to build a group of Singapore Global Enterprises.”
Lim Chung Chun, Chairman and CEO of iFAST Corp, added: “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.”
