iFAST Global Bank (iGB), a UK-based digital bank under the umbrella of iFAST Corporation Ltd., has recently launched its innovative Digital Personal Banking (DPB) platform. This new service aims to revolutionize personal banking by offering a seamless and globally accessible banking experience.
Key Features of the DPB Platform
The DPB platform is designed to provide users with a host of benefits that cater to the needs of a modern, mobile, and global customer base. Key features include:
Multi-Currency Accounts: The platform allows customers to hold, spend, and send money across six different currencies—GBP, USD, EUR, HKD, SGD, and CNY. This feature is particularly advantageous for frequent travelers and international business users, as it eliminates the need for multiple banking relationships and reduces foreign exchange fees.
No Charges: One of the most attractive aspects of the DPB platform is its fee structure. Customers can open and maintain their accounts without any charges, making it a cost-effective solution for managing personal finances across borders.
Interest-Earning Accounts: Users can earn interest on their balances, which adds an additional incentive to keep funds within the iGB ecosystem.
Seamless Integration: The platform is integrated with iFAST Corporation’s other services, such as FSMOne.com, iFAST Financial, and iFAST Global Markets. This integration allows users to manage their banking and investment needs from a single platform, enhancing convenience and efficiency.
Strategic Vision and Market Potential
The launch of the DPB platform is a strategic move by iFAST Corporation to strengthen its position in the global fintech market. According to Muj Malik, CEO of iFAST Global Bank, the platform is a critical component of the company’s vision to offer comprehensive digital banking services that are secure, convenient, and globally accessible. This move aligns with the growing trend of digital banking and the increasing demand for personalized financial services.
Saurabh Dhingra, EY-Parthenon Financial Services Partner, emphasized that digital banking has significant growth potential, especially in regions like Southeast Asia, which have high mobile penetration rates and a growing appetite for digital financial products. The DPB platform is expected to cater to these evolving customer preferences, positioning iFAST Global Bank as a leader in the digital banking space.
Support from Enterprise Singapore
The initiative has also received backing from Enterprise Singapore, which views iFAST Corporation as a high-potential company with strong global ambitions. Jeffrey Siow, Managing Director & Chief Operating Officer of Enterprise Singapore, highlighted that the DPB platform is a milestone in iFAST’s journey to become a global fintech player. Enterprise Singapore is committed to supporting the company’s transformation and growth, in line with Singapore’s Enterprise 2030 vision.
The launch of the Digital Personal Banking platform by iFAST Global Bank marks a significant step towards enhancing global financial connectivity and accessibility include Bangladeshi clients. By offering a multi-currency, no-fee banking solution that integrates seamlessly with its wealth management services, iFAST is well-positioned to attract a diverse and international clientele. This innovative platform not only meets the current demands of digital banking customers but also sets the stage for future growth and expansion in the global fintech landscape. Click to sign up for a multi currency bank account in UK.
