iFAST Global Bank ("iGB" or the "Bank"), the digital banking division of iFAST Corporation Ltd. ("iFAST Corp"), has reached a major milestone, achieving profitability in the October to December 2024 quarter (4Q2024) and exceeding S$1 billion in customer deposits as at end-December 2024.
A fully licensed UK bank, iGB offers multi-currency deposits, payment services, and remittance solutions. The Bank is regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and is a direct member of the Bank of England's Faster Payment Scheme, Clearing House Automated Payment System (CHAPS), and SWIFT.
In less than three years since its acquisition by Singapore-headquartered iFAST Corp, iGB has successfully turned profitable. Meanwhile, customer deposits surged 182.6% year-on-year (YoY), reaching S$1.01 billion by year-end – a testament to growing global confidence from customers in the Bank.
"Achieving profitability in under three years is a major milestone for iFAST Global Bank," said Lim Chung Chun, CEO of iFAST Corp. "Crossing S$1 billion in deposits further reinforces our successful execution of a truly global business model. These achievements highlight our ability to deploy new technology solutions rapidly, in a secure manner, and at far lower costs than most banks around the world."
The Bank's strong revenue growth was driven by its Digital Personal Banking (DPB) division, which was launched in April 2023. In 4Q2024, gross revenue surged 163.7% YoY to S$17.22 million, while net revenue climbed 136.4% YoY to S$7.72 million.
"The expanding DPB customer base significantly boosted deposit growth, particularly in fixed-term accounts," said Simon Lee, General Manager of the DPB division in iGB. "We are further strengthening our product offerings, including the upcoming launch of a debit card to enhance our local presence."
With continued expansion of its digital banking ecosystem, iGB is expected to build upon its profitable quarter and achieve full-year profitability in 2025.
Key Developments in 2024:
- Record Deposit Growth: Customer deposits crossed S$1.01 billion (GBP 593.50 million), led by 39.8% QoQ growth in DPB, particularly in fixed-term deposits.
- Profitability Achieved: Net profit of S$0.30 million in 4Q2024, a turnaround from a S$2.57 million loss in 4Q2023.
- DPB Expansion: Increasing customer base and product offerings, including an upcoming debit card launch.
- EzRemit Growth: Record-high transaction volumes and expansion in the GCC region.
