Question 1

What is iFAST Global Bank?

Accepted Answer

iFAST Global Bank is a UK-based digital bank that provides global banking connectivity to individuals, businesses, and financial institutions worldwide. As a subsidiary of iFAST Corporation Ltd, a wealth management fintech platform listed on the Singapore Stock Exchange, the bank operates as a key component of iFAST's integrated financial ecosystem.

The bank specializes in digital banking services without physical branches, offering multi-currency accounts, international payments, and transaction banking services to a global customer base. It is authorized by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA).

Question 2

When was iFAST Global Bank founded?

Accepted Answer

The bank's history traces back to 13 June 2003, when it was originally incorporated as EzRemit Limited, a money remittance service founded by the Bahrain Financing Company (BFC) Group to serve the UK market.

The institution underwent several transformations: it became BFC Exchange Limited in February 2013, then BFC Bank Limited in October 2016 when it obtained its full banking license from the FCA and PRA. The bank officially launched its banking operations in March 2018.

In March 2022, Singapore-based iFAST Corporation acquired 85% of the bank for £25 million, with an additional £15 million capital injection. The bank was rebranded to iFAST Global Bank on 31 March 2022. This acquisition was part of iFAST Corp's strategy to integrate digital banking capabilities into its global wealth management platform.

Question 3

Where is iFAST Global Bank headquartered?

Accepted Answer

iFAST Global Bank is headquartered at South Quay Building, 77 Marsh Wall, London E14 9SH, United Kingdom. The bank operates entirely as a digital institution without physical branch locations, delivering all services through online and mobile platforms.

While the parent company iFAST Corporation is based in Singapore, iFAST Global Bank maintains its operational headquarters in London's Canary Wharf financial district.

Question 4

Where does iFAST Global Bank operate?

Accepted Answer

iFAST Global Bank operates throughout the United Kingdom as a fully licensed digital bank. While headquartered in London, the bank serves customers across the entire UK through its digital-first model.

As a UK-regulated institution, the bank specifically serves the UK market while also providing international banking services to global customers, including UK residents, non-residents, and individuals from iFAST's broader ecosystem across Singapore, Hong Kong, Malaysia, and China who seek UK banking facilities.

Question 5

What services does iFAST Global Bank offer?

Accepted Answer

iFAST Global Bank offers a comprehensive suite of digital banking services:

Personal Banking: Multi-currency personal accounts supporting GBP, USD, EUR, HKD, SGD, CNY, JPY, and CHF. The bank provides fixed-term deposits, notice deposits with daily interest, competitive interest rates on savings, and debit cards for UK residents.

Digital Transaction Banking (DTB): Transactional banking services for non-bank financial institutions (NBFIs), corporates, and other banks, including multi-currency accounts, safeguarding accounts, and operational accounts.

Payment Services: As a direct member of the Bank of England's Faster Payments Scheme (joined 31 January 2022 as the 37th member) and CHAPS clearing system, the bank provides real-time GBP payments, international payments via SWIFT, currency exchange services, and remittance facilities. The bank utilizes ISO 20022 messaging standards for payment processing.

Digital Capabilities: Online account opening without minimum balance requirements, mobile banking app available on Google Play, integration with iFAST's wealth management platforms through iFAST Global View, and instant transfers within the iFAST Group ecosystem.

The bank's EzRemit business continues to provide money transfer services, primarily serving expatriate workers remitting funds from the Middle East to their home countries.

Question 6

What makes iFAST Global Bank unique?

Accepted Answer

Truly Global Digital Banking Model: iFAST Global Bank bridges digital banking with wealth management through seamless integration with iFAST Corporation's global fintech ecosystem. Customers can link their banking accounts with investment accounts across iFAST's platforms in multiple countries.

Advanced Payment Infrastructure: The bank maintains direct membership in both the Faster Payments Scheme and CHAPS, positioning it among a select group of newer banks with complete UK payment infrastructure access. It has implemented future-proof payment processing capabilities with native ISO 20022 support through its Aquila platform partnership.

Global Accessibility: Operating as a branchless digital bank, iFAST Global Bank serves both UK residents and international customers, providing access to UK banking services from trusted jurisdictions worldwide. The platform enables cross-border banking without geographical restrictions.

Regulatory Strength: Customer deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS). The bank maintains a strong Basel Tier 1 Capital ratio and holds GBP funds directly with the Bank of England.

Ecosystem Integration: Through iFAST Global View, customers can consolidate their view of banking and investment assets across borders, generate consolidated reports, and execute free cross-border transfers within the iFAST Group network.

Question 7

What type of financial institution is iFAST Global Bank?

Accepted Answer

iFAST Global Bank is a Digital Bank (also classified as a challenger bank or neobank) operating under a full UK banking license. It is registered as a Private Limited Company (Company Number 04797759) and holds authorization as a deposit-taking institution.

The bank operates as a universal digital bank providing both retail and commercial banking services without physical branches. Its business model is capital-efficient and asset-light, focusing on scalable digital delivery. Unlike traditional banks, it operates exclusively through digital channels while maintaining full regulatory compliance as a PRA-authorized and FCA-regulated institution.

As a digital bank subsidiary of a fintech company, iFAST Global Bank represents a new generation of UK banking institutions that combine traditional banking infrastructure (CHAPS, Faster Payments, SWIFT membership) with modern fintech capabilities and global reach.

iFAST Global Bank

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About iFAST Global Bank in the United Kingdom