iFast Corporation’s AIY UK-based bank — iFast Global Bank (IGB) — has launched digital personal banking in the UK.
With the launch, users will be able to open a UK digital bank account online without having to be physically present in the UK. After successfully opening an IGB account on the web or via the mobile app, customers around the world will be able to access deposit services, including fixed term, notice deposits and multi-currency deposits, says iFast on April 24.
IGB will offer digital personal banking customers multi-currency deposits in six currencies: British pound, US dollar, Euro, Hong Kong dollar, Singapore dollar and Renminbi.
Meanwhile, IGB will offer notice deposits for US dollar, British pound and Hong Kong dollar to users in Asia.
This adds to IGB’s existing funds transfer, payments and remittance services. IGB account holders can also link their digital banking accounts with iFast’s other platforms, such as FSMOne.com, iFast Financial and iFast Global Markets.
IGB is authorised by the Prudential Regulation Authority (PRA) and regulated by both the PRA and Financial Conduct Authority (FCA). IGB is also a member of the Financial Services Compensation Scheme (FSCS), where eligible deposits are protected up to £85,000 ($141,197.49) per customer.
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IGB’s existing EzRemit business offers money transfer and foreign exchange services for customers in over 20 currencies, says Muj Malik, chief executive officer of IGB. “The digital personal banking platform will provide individual consumers around the world with the opportunity to access personal digital banking services in the UK, a trusted jurisdiction and major global financial centre, be it for their personal or business needs.”
Mainboard-listed iFast acquired the UK bank in 2022 for some $45.9 million, with an additional injection amount of $27.5 million.
iFast chairman and CEO Lim Chung Chun thinks the group is “well-positioned” to benefit from offering digital banking and wealth management capabilities to a global customer base. “With the Internet, investors and individuals will be able to go online to look for the best wealth management platform and digital bank that best suits their needs, and they are no longer limited and restricted by platforms based in their own respective geographical locations.”
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At the release of the group’s FY2022 results in February, Lim reiterated that IGB will turn a profit in 2024. Management continues to target breakeven in FY2024, though Lim notes FY2023 losses may be comparable to the $5.04 million loss posted in FY2022.
Lim says iFast is proud to be a Singapore-based wealth management fintech company that has expanded beyond Asia to establish a presence in the UK. “This will also enable us to deliver innovative digital banking and wealth management solutions across our regional markets in Hong Kong, Malaysia, China, and of course, our headquarters in Singapore.”
As a participant in EnterpriseSG’s Scale-Up programme, iFast is an example of a high-potential Singapore company with global ambitions, says Jeffrey Siow, managing director and chief operating officer of Enterprise Singapore. “Enterprise Singapore will support companies like iFast 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.”
iFast will report its results for 1QFY2023 ended March on April 25.
As at 5.04pm, shares in iFast are trading 2 cents higher, or 0.43% up, at $4.70.
