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Singapore's iFast launches cross-border digital banking platform in UK

Source: iFast Corp

iFAST Global Bank (“iGB”), the UK-based digital bank division of wealth management Fintech platform iFAST Corporation Ltd. (“iFAST Corp”), one of Singapore's incepted and most successful wealth management companies, has today launched a Digital Personal Banking (DPB) platform, a fully compliant and truly cross-border digital bank, an integral within iFAST Corp’s Fintech ecosystem.

This new, easy-to-register* platform, 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^, earning interest as they go.

This is in line with iFAST Corp’s vision to adopt a truly global business model. iFAST Corp believes that it is important for wealth management platforms to be seamlessly linked to good digital banking services that are convenient and secure.

“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,” said Muj Malik, CEO of iFAST Global Bank.

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 a presence in, taking advantage of digital banking and wealth management capabilities within iFAST’s Fintech ecosystem.

“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,” added Muj Malik.

“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,” says Saurabh Dhingra, EY-Parthenon Financial Services Partner, Ernst & Young Solutions LLP.

“The launch of the DPB platform is a major milestone in iFAST Corp’s journey to become 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.” said Jeffrey Siow, Managing Director & Chief Operating Officer of Enterprise Singapore.

“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 provides digital banking and wealth management capabilities to a global customer base,” said Mr Lim Chung Chun, Chairman and CEO of iFAST Corp.

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