iFAST Global Bank is a UK bank within the iFAST Corporation group, authorised by the PRA, regulated by the PRA and FCA and participating in FSCS. It offers multi-currency current and deposit accounts with remote onboarding for clients from supported countries, including many non-UK residents.
Access to the account, debit card, Cash ISA and individual payment features differs. Eligible bank deposits may be protected by FSCS up to the applicable limit, while payment and other products must be assessed separately. The bank's broad geographic coverage does not guarantee approval for a particular applicant.
Group, bank acquisition and licence
Parent company iFAST Corporation began in 2000 as the investment platform Fundsupermart: Lim Chung Chun, former head of research at ING Barings Securities, launched it together with Moh Hon Meng on S$500,000 of seed capital. The company took the iFAST name in 2003 and has been listed on the SGX Mainboard since December 2014; Lim is still chairman and CEO with a stake of around 20%. Today it is a wealth platform across Singapore, Hong Kong, Malaysia, China and the United Kingdom: the FSM retail storefront, the iFAST Central B2B platform for advisers, and over 29,000 investment products.
A separate group business is pension-technology infrastructure. A seven-year subcontract from PCCW Solutions to build eMPF, the single digital platform for Hong Kong's mandatory provident funds, had by mid-2026 carried the work through to the migration of all 12 trustee companies and 24 schemes. According to the published FY2025 results, the group reported FY2025 net profit came to S$100.01m, up 50.1% year on year, while in the second quarter of 2026 revenue grew 34.8% to S$162.04m on AUA of S$36.13bn and 1.5m client accounts.
The UK banking business was acquired through M&A. In January 2022 iFAST agreed to buy 85% of BFC Bank, the London bank of Bahrain's BFC group specialising in currency exchange and remittances: £25m for the stake plus a £15m capital injection, ≈£40m in total (S$73.4m). The group bought out the remaining 15% through MMSS Investments in 2024. Since 1 April 2022 the bank has operated under the iFAST Global Bank name, with the PRA/FCA licence and FSCS membership carried over without interruption.
Following the acquisition, the bank developed digital products for international clients: April 2023 saw the launch of Digital Personal Banking with remote onboarding, and alongside it sit Digital Transaction Banking for fintechs and the EzRemit remittance business inherited from BFC, weighted towards the GCC and South Asia corridors.
Key parameters of the bank.
| Licence and supervision | Authorised by the PRA, regulated by the FCA and PRA; direct member of Faster Payments, CHAPS and SWIFT |
|---|---|
| Who qualifies | Residents and non-residents in roughly 190 countries, from age 18; no full eligibility list is published |
| Deposit protection | FSCS up to £120 000 per client; up to £1.4m on temporary high balances for up to six months |
| Account and cost | Multi-currency account in nine currencies; no account fee and no minimum balance |
| Rates and terms | Up to 3.00% AER instant access; up to 4.15% AER on fixed GBP and USD; deposits from 1 to 60 months |
| Status at the date | Deposits of S$1.81bn as at 30 June 2026; FY2025 the first profitable year |
Products and pricing
The principal product is a multi-currency current account in nine currencies: GBP, USD, EUR, HKD, SGD, CNY, JPY, CHF and AED. There is no account fee and no minimum balance; interest accrues daily and is paid on the first of the month. The bank advertises up to 3.00% AER (variable) on instant access balances; at launch in April 2025 GBP paid 3.50% AER, USD 2.80% and EUR 1.50%, plus 2% cashback.
Fixed deposits run from 1 to 60 months. After the January and March 2026 increases, the maximum on GBP and USD is up to 4.15% AER on the five-year term and up to 3.75% on HKD; early withdrawal is closed as a general rule. Alongside them sit 95-day notice accounts and fixed-rate Cash ISAs (July 2026, bonus of up to £500), available only to UK tax residents.
Transfers and card
Transfer pricing differs by type of operation.
| Operation | Price |
|---|---|
| Incoming payments | Free |
| Transfers between iFAST accounts | Free |
| Domestic GBP payments over Faster Payments | Free |
| Cross-currency transfer through EzRemit | No bank commission, cost incorporated into the exchange rate |
| Outbound SWIFT | Priced separately; reviews treat it as a noticeable cost item |
| Payment recall or trace | £25 |
EzRemit coverage runs to over 50 countries, more than 25 currencies and over 50 wallets such as GCash and Easypaisa, with delivery from minutes to 48 hours.
The account comes with a numberless Visa debit card: the plastic carries no number, CVV or expiry date, and the details live in the app. For a non-resident, the terms state that the terms and conditions tie card issuance to UK residency, so the account and deposits are usually available straight away while the card goes through separate consideration. Since May 2026 Worldwide Scan & Pay powered by Alipay+ has been live, offering QR payments at over 150m merchants in over 220 countries and territories.
Onboarding
Onboarding is conducted remotely: an application in the iGB app or through the web portal, with a passport or driving licence, proof of address (a utility bill or a statement), an email address and a mobile number, from age 18. A standard application is processed in about two hours, or up to 7 business days where additional documents are requested, and a 14-day cancellation period applies after opening. The bank states that it serves clients in roughly 190 countries but does not publish a complete eligibility or exclusion list. Approval depends on sanctions, country risk, address, citizenship, source of funds and expected activity, and the terms permit restrictions or closure where risk changes. The bank is entirely digital: no branches, no cheques, no direct debits and no overdraft, with a payment cut-off at 15:00 London time.
Corporate banking
The second business addresses the corporate market. Digital Transaction Banking serves EMIs, payment providers and regulated NBFIs in the UK and Europe: segregated safeguarding accounts for client money, operating accounts and instant FX settling in about a minute instead of the customary several days, including trades on currency holidays.
Competitive landscape
Comparable providers differ by licence, geography and protection of funds. Revolut exited mobilisation in March 2026 and now operates as a full UK bank: deposits with Revolut Bank UK are FSCS-protected up to £120,000, and legacy e-money accounts are migrating into the banking perimeter. The caveat matters: this applies to UK clients, and for most other geographies Revolut remains an EMI.
Wise is still e-money. Client funds sit under safeguarding in segregated accounts, but e-money falls outside the FSCS perimeter, and if the institution collapses the client waits for the insolvency estate to be worked through. Onboarding at both is tied to residency in supported countries, iFAST Global Bank differs by offering broader stated international onboarding.
Puerto Rico's Zenus Bank sells a similar "bank for the whole world" idea on a US IFE licence and takes clients from over 180 countries, but warns explicitly that deposits are not FDIC-insured. Traditional UK banks barely accept a non-resident without a local address, and the island arms that do set a published entry test: HSBC Expat asks for £75,000 in investments or savings, or existing Premier status plus £10,000, and protects £50,000 under the Jersey scheme rather than £120,000 under FSCS. The full ladder of UK providers sets each rung against the same axes. Its distinguishing features are a UK banking licence, FSCS protection for eligible deposits and remote onboarding without a general UK-residency requirement.
Eligibility, deposit protection and limitations
The bank offers remote onboarding to many non-residents, subject to individual KYC, sanctions and country-risk assessment. Eligible deposits are protected through FSCS with a limit of £120,000 per client (raised from £85,000 on 1 December 2025), while temporary high balances, for example after a property sale, are covered up to £1.4m for a period of up to six months.
Screening does not go anywhere, however: the bank checks citizenship, residency, sanctions lists and source of funds. Before opening, confirm: whether the client's passport and address clear the current filter, whether the amount fits within the FSCS limit, whether the variable instant access rate is acceptable (the bank is required to give only 14 days' notice of a cut), and whether the card is needed at all, given that a non-resident's access to it is not guaranteed.
Banking and operating model
The operating model combines an acquired UK bank with the parent group's digital and international-payment infrastructure. Instead of a multi-year application for a new licence, iFAST bought the operating but small BFC Bank and entered the UK banking system for ≈£40m. The link with the parent platform then did its work: Asian wealth-business technology plus a London balance sheet produced a deposit machine for non-residents, while direct membership of Faster Payments, CHAPS and SWIFT became a product in its own right, with the bank selling that same infrastructure to fintechs through Digital Transaction Banking.
The road to profit took three years and ran through the classic digital-bank trough, with the bet placed on liabilities. Group reporting shows the bank's result by period.
| Period | Result |
|---|---|
| FY2024 | Loss of S$4.36m |
| 4Q2024 | First profitable quarter; deposits crossed S$1bn in December 2024 |
| FY2025 | First profitable year: pre-tax profit of S$3.11m on revenue of S$83.81m, up 61.1% |
| 2Q2026 | Record S$1.92m before tax, up 174.5% year on year; deposits of S$1.81bn by 30 June 2026 |
The same reporting shows the cost of global onboarding, country-risk controls and above-market deposit pricing: global onboarding means expensive compliance and constant re-tuning of country lists, and single-digit millions of profit on deposits of over S$1.8bn shows how thin the margin is here. The model rests on attracting money at above-market rates, and rate changes may affect both funding cost and customer acquisition. Balance-sheet buffers carry ample headroom: an LCR of 469%, an NSFR of 172% and a total capital ratio of 24.28% as at 30 June 2026.
Regulation and status
iFAST Global Bank Limited is a fully licensed UK bank: authorised by the PRA, regulated by the FCA and the PRA, an FSCS participant with deposit protection up to £120,000 (the limit in force since 1 December 2025), and a direct member of Faster Payments, CHAPS and SWIFT. The bank is run by CEO Inayat Kashif, with Simon Lee (Digital Personal Banking) and Sukesh Khandelwal (EzRemit) heading the business lines; parent iFAST Corporation discloses the bank's figures quarterly.
The bank reports deposits of S$1.81bn as at 30 June 2026, a second consecutive profitable year under way, three business lines plus the Commercial Banking Suite. The bank has also reported industry awards including Best Newcomer at the British Bank Awards 2025 and Highly Commended from Moneyfacts in 2026, and for the group the bank has become a strategic piece of infrastructure on the way to the S$100bn AUA target for 2030.
Q/A
How does iFAST Global Bank differ from Wise and Revolut in 2026?
iGB is a full bank with a PRA/FCA licence, and deposits are FSCS-protected up to £120,000 per client. Revolut has also been a full bank since March 2026, but the protection works for UK clients, and beyond the UK it remains an EMI. Wise is still e-money under safeguarding with no deposit insurance, and onboarding at both is tied to residency in supported countries.
How does a non-resident open an account and how long does it take?
The application is submitted remotely in the iGB app or through the web portal: a passport or driving licence, proof of address, an email address and a phone number, from age 18. A standard application is processed in about two hours, or up to 7 business days where additional documents are requested, and a 14-day cancellation period applies after opening. Coverage is roughly 190 countries on the bank's own figures; the exclusion list is closed and rests on HM Treasury sanctions lists and an assessment of country risk.
What rates and fees apply at the moment?
Instant access pays up to 3.00% AER (variable), while fixed deposits pay up to 4.15% on GBP and USD over five years and up to 3.75% on HKD, with terms from 1 to 60 months and early exit closed. Incoming payments, internal transfers and domestic GBP payments are free, and cross-currency transfers through EzRemit carry no bank commission, with the earnings taken in the rate. Outbound SWIFT is priced separately and is considered expensive in reviews; a payment recall costs £25.
Will a non-resident be given a Visa card?
The account and deposits open without a UK address, but the terms and conditions tie issuance of the numberless Visa debit card to UK residency; those relocating are permitted to apply with evidence of intent. Check your own case with support before opening the account. The account itself works through Faster Payments, CHAPS, SWIFT and EzRemit, and since May 2026 through Scan & Pay QR payments on Alipay+.
How resilient is the bank itself?
Behind it stands iFAST Corporation, listed on the SGX, with net profit of S$100.01m for FY2025 and AUA of S$36.13bn as at 30 June 2026. The bank itself has moved into profit: FY2025 was the first fully profitable year (S$3.11m before tax), deposits stand at S$1.81bn and buffers carry headroom (LCR 469%, capital ratio 24.28%). The group's quarterly disclosure makes monitoring straightforward.