Neobanks and the next step: iFAST Global Bank
iFAST Global Bank is a licensed UK bank designed to connect consumers, corporates, and financial institutions across borders. In this interview with Qorus, General Manager Simon Lee presents the bank’s vision of redefining everyday banking through global connectivity, making intelligent, borderless finance a reality.
iFAST Global Bank is a licensed UK bank designed to connect consumers, corporates, and financial institutions across borders. In this interview with Boris Plantier from Qorus, General Manager Simon Lee presents the bank’s vision of redefining everyday banking through global connectivity, making intelligent, borderless finance a reality.
Could you tell us more about the founding of iFAST Global Bank?
iFAST Global Bank was born from iFAST Corporation’s vision to make banking and investing truly borderless. Founded in Singapore in 2000, iFAST Corporation built a strong fintech presence across Asia to help investors around the world to invest globally and profitably.
In 2022, that vision expanded to the UK with the acquisition of BFC Bank Ltd, a fully licensed bank with deep roots in cross-border remittance. Renamed iFAST Global Bank, it became the group’s global gateway, combining wealth management and banking globally through innovation, technology, and connectivity.
Today, iFAST Corporation is a global digital banking and wealth management platform with S$27.20 billion in assets under administration as of 30 June 2025. From our London base, iFAST Global Bank offers a multi-currency current account that pays higher interest across GBP, USD, EUR, HKD, SGD, CNY, JPY, and CHF—all in one place. We’ve also made it possible to open a UK bank account from abroad.
At iFAST Global Bank, we stand for one idea: banking without boundaries.
What is the typical profile of your target customer?
Our customers are truly borderless. They are people from around the world who need a bank that moves with them.
Many are individuals preparing to relocate to the UK who often face challenges opening a UK bank account before they arrive. With iFAST Global Bank, they can open an account from abroad and be financially ready from day one.
We also serve customers already living in the UK. They use our debit card for everyday banking, multi-currency spending while travelling, and Faster Payments for local transfers. Many also rely on us to send money home or support their families overseas, bringing global and local needs together in one place.
Beyond that, we have a strong base of expats and international clients who value access to offshore accounts, multi-currency balances, and international payments to manage their cross-border finances.
In short, our customers are globally minded people who live, work, and move beyond borders. That is exactly who iFAST Global Bank is built for.
You offer services for retail customers, business customers, and remittance users. Could you briefly present these three offerings?
For retail customers, we offer a multi-currency current account that lets customers save and earn interest from eight currencies—GBP, USD, EUR, HKD, SGD, CNY, JPY, and CHF—and spend and send worldwide, As an interest bearing account, it allows customers to earn while they spend from the same account, without needing to move money elsewhere. The iFAST GB debit card supports everyday banking in the UK, multi-currency spending while travelling, and Faster Payments for local transfers. Customers can also make international payments and foreign exchange transactions directly from the same account.
For business customers, we provide multi-currency with interest bearing and safeguarding accounts, Faster Payments, CHAPS, and international payments via SWIFT. We support businesses by lowering barriers to obtaining a bank account, as well as providing working capital optimization with our solution of multi-currency business accounts with interest bearing for any balance and business debit cards for spending. We also support GBP, USD, and EUR settlements for merchants, helping businesses operate efficiently across borders in global connectivity.
For remittance users, our EzRemit platform connects individuals and businesses to over 50 countries and 25 currencies. It enables fast, reliable, and often near-instant transfers, including payments to bank accounts and e-wallets.
Together, these offerings reflect our vision of a digital and global-first bank—connecting customers and businesses through one borderless platform.
There is sometimes a perception that neobanks are convenient for travel purposes, but that people still maintain a different primary bank account for most of their financial needs. How do you convince customers to use iFAST Global Bank as their primary bank—where they hold most of their money and manage the bulk of their finances?
It is true that many people still view digital or neobanks as convenient for travel or niche use, while keeping their main funds elsewhere. At iFAST Global Bank, we have taken a different approach. We are building a digital bank designed for everyday life, not just for when you are abroad.
Our multi-currency current account challenges the long-held notion that current accounts are only for spending. In the UK, nearly £300 billion sits idle in non-interest-bearing accounts. We wanted to change that. So now, our customers can keep their money in an interest-bearing current account that also offers full functionality for saving, spending, and sending, without needing to move money elsewhere just to earn interest.
Beyond better returns, we provide a seamless way to manage global finances, whether that means holding multiple currencies, making international transfers or sending money home. For many of our customers, including expats, international clients, those relocating to the UK, and people already living here, this combination of everyday functionality and global flexibility makes iFAST Global Bank a natural choice for their primary account.
Ultimately, our aim is simple. We want to redefine what a primary bank should be: one that is not limited by borders but built around how people truly live, work and move in today’s world. Banking without boundaries is more than a slogan. We mean it.
While neobanks have shown impressive growth in customer acquisition, the transition to profitability has proven more challenging. How do you plan to make the leap to profitability while maintaining your growth momentum?
We have already made that leap. iFAST Global Bank achieved profitability in Q4 2024 and is on track to deliver full-year profitability in FY2025. This milestone validates our model and proves that a digital and global-first bank can scale rapidly while remaining financially sustainable.
Unlike traditional banks, we do not carry the overhead of physical branches or legacy systems. Our digital and global-first approach keeps our cost base lean, allowing us to reinvest those efficiencies back into customers through interest-bearing accounts, intuitive digital experiences, and more rewarding products.
Our growth is driven by a strong deposit base and healthy net interest income, supported by diversified revenue streams from cross-border payments and foreign exchange. With scalable infrastructure and disciplined cost management, we are growing efficiently and building a profitable, technology-driven bank for the modern, borderless world.
How do you see your bank evolving over the next five to ten years? More broadly, how do you see neobanks competing within the future banking landscape?
Over the next five to ten years, we see iFAST Global Bank strengthening its position within the iFAST ecosystem by combining banking, wealth, and technology to deliver a truly borderless financial experience. Our vision is to bring intelligent banking to life by helping customers save, spend, and send worldwide, all within one global banking account.
Rather than building everything independently, we are leveraging the strength of the iFAST Group, which already operates a leading digital wealth management platform across multiple markets. By integrating banking with global investing, we are creating an ecosystem where customers can manage all aspects of their finances seamlessly and globally.
Looking ahead, the future of neobanking will be defined by intelligent, digital-first innovation. The industry will move beyond basic payments and cards toward platforms that connect everyday banking with long-term financial growth.
Those that succeed will be digital and global-first institutions that are efficient, scalable, and trusted across borders. That is exactly where we see iFAST Global Bank. We are redefining what intelligent banking means in a world without boundaries.
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