iFAST Global Bank (iGB), the UK-based digital bank division of Singaporean-based wealth management fintech platform iFAST Corporation (iFAST Corp), has launched a Digital Personal Banking (DPB) platform.
This a fully compliant and truly cross-border digital bank, an integral within iFAST Corp’s Fintech ecosystem.
This new platform offers online personal banking service to DPB customers from around the world. Customers will be able to hold, spend and send across six currencies (GBP, USD, EUR, HKD, SGD, CNY). The account is free of charge and users earn interest. 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. These include FSMOne.com, iFAST Financial, and iFAST Global Markets platforms in the various markets that iFAST Corp has a presence in. Moreover, this takes advantage of digital banking and wealth management capabilities within iFAST’s Fintech ecosystem.
iFast customer numbers top 780,000
“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.
Saurabh Dhingra, EYParthenon Financial Services Partner, Ernst & Young Solutions added: “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 behaviours and needs.
“There is a notable 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 personalisation capabilities and ecosystem business models. Based on our experience, this shift in the market makes the case for greater digital banking penetration.”