iFast Global Bank launches personal banking platform in UK

UK-BASED iFast Global Bank has launched its Digital Personal Banking (DPB) platform, offering retail customers the ability to open a UK digital bank account online. This does not require customers to be physically present in the UK.

Banking services offered on the platform include fixed deposits, notice deposits and multi-currency accounts. IFast Global Bank became a subsidiary of iFast Corporation after the latter acquired an 85 per cent stake in BFC Bank from BFC group.

“With the Internet, investors and individuals will be able to go online to look for the wealth management platform and digital bank that best suit their needs, and they are no longer limited and restricted to platforms based in their own respective geographical locations,” said Lim Chung Chun, chairperson and chief executive officer of iFast.

The launch of the DPB platform follows other iFast banking services such as Digital Transaction Banking, which is a payment service for UK corporate customers. Prior to the DPB platform’s launch, iFast only offered cash management services and not deposit accounts.

“With the services offered on the DPB platform backed by iFast’s strong IT foundation and fintech ecosystem, we believe iFast is well-positioned to benefit from this truly global business model that provides digital banking and wealth management capabilities to a global customer base,” said Lim.

Shares of iFast closed up S$0.02 or 0.4 per cent to S$4.70 on Monday.