REIMAGINE BANKING A NEW WAY TO BANK

Reimagine Banking– that is the strapline of iFAST Global Bank. The global digital bank has been designed to make banking easier for SMEs by creating one account for transactions and savings with multiple currencies. It is part of iFAST Corporation, a global digital banking and wealth management platform, which has its headquarters in Singapore.

Established in 2000, the Group offers a comprehensive range of investment products and services to financial advisory firms, financial institutions, banks, multinational companies, as well as retail and high-networth investors across Asia.

In 2022, iFAST Corporation acquired a UK bank and rebranded it as iFAST Global Bank. It provides multi-currency deposits, domestic and international payments, and foreign exchange services. Regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), iGB operates across three divisions:

Digital Personal Banking – enabling individuals, including those abroad, to open a UK multi-currency current account.

Business Banking – Two dedicated sub-divisions were established to serve distinct client segments: Commercial Banking, serving SMEs and corporates with domestic and cross-border payment needs, and Transactional Banking, supporting regulated financial institutions including banks and NBFIs.

• EzRemit – delivering fast and convenient global remittance services.

Steve Chu, Head of Commercial Banking at iFAST Global Bank, said: “There are many ways our vision of iFAST is changing the landscape of banking. Our customers can have a multi-currency business account, which is very beneficial to companies which operate worldwide. Customers can also benefit from having their current account and savings account as one account which is particularly beneficial for SMEs and start-ups so they don’t have to juggle funds around accounts while earning interest. “We want to simplify banking and make it easier for SMEs. What customers are looking for is a iFAST Global Bank is based in the UK at Canary Wharf and has a team of 70-80 employees. In November, they are moving to a larger office, which is double the size of their current space, within the same building to support their growth and are also recruiting to grow the team.

Steve worked in banking in Hong Kong in wealth management and investments before moving to the UK in 2021 to work for HSBC UK. He joined iFAST Global Bank in 2023 and built the personal banking team and, along with CEO Inayat Kashif, established the commercial banking team.

As well as the UK team, iGB has a team in Asia, including an IT team in Malaysia and an additional customer services team in Malaysia.

“Having customer service teams based in both the UK and Malaysia mean that our customers can reach us whatever time of dayit is and from wherever they are based,” adds Steve.

The company, which won the Best Newcomer Award at the British Bank Awards 2025, is on a growth trajectory, however, Steve says the challenge they face is raising awareness of how digital banking can benefit customers.

“Business banking can be quite traditional,” explains Steve. “Business owners are sticking with the separate current and savings accounts as they don’t realise there is an option like ours, which makes banking simpler. It is quite a new concept.

“We are new to the industry, but at the same time, we are actively listening to our customers. We are growing our business and growing our customers’ businesses.”

They joined West London Chambers of Commerce two years ago.

“We became Chamber members as we are quite new to the area,” adds Steve.

“Face-to-face contact is important to us. We believe that even though we are a digital bank, the human connection is a key and valuable point to establishing a positive relationship with customers.” https://www.ifastgb.com/en/commercialbanking

Part of the ethos of iFAST is to give back to the community which they do in several ways, including supporting cultural events such as sponsoring the London Lunar New Year Fair, supporting the Miyabi Matsuri Japanese Summer Festival and this year, they will be sponsoring an Indian community event.

For the past two years, they have sponsored the Bessingby Park Rangers U9/U10 teams, and this year they will continue their support to encourage more children to enjoy and participate in football. They also provide sponsorships for international student associations, helping students feel welcomed and supported in the UK.