iFAST Global Bank has introduced a Commercial Banking Suite aimed at small and medium-sized food and beverage businesses that handle international payments and cross-border supply chains.
The bank holds a UK banking licence and is authorised by the Prudential Regulation Authority and regulated by both the PRA and the Financial Conduct Authority. It developed the suite in response to the operational and financial challenges that food manufacturers, distributors and retailers frequently encounter when working across international supply chains.
Food and beverage SMEs often rely on overseas suppliers, international logistics partners and export markets, and regularly need to make and receive payments in more than one currency. Conventional banking arrangements can require businesses to maintain separate currency accounts, accept automatic foreign exchange conversions and work with limited visibility over how their currencies are being managed. This creates additional administration and unpredictable costs.
The Commercial Banking Suite provides a multi-currency business current account that allows businesses to hold and manage nine major currencies under a single account number. These are GBP, USD, EUR, HKD, SGD, CNY, JPY, AED and CHF.
Through a partnership with Standard Chartered Bank, iFAST Global Bank has extended its international payment capabilities. Businesses can now send payments from those nine currencies to recipients in 52 currencies around the world, making it possible to pay global suppliers in their local currency.
Eligible deposits of up to £120,000 are covered by the Financial Services Compensation Scheme.
The suite includes interest-bearing current accounts with variable rates of up to 2.40% AER on GBP balances. Fixed-term GBP deposits are available at up to 3.75% AER, and certain notice deposit accounts offer just over 3% AER.
A Visa Business Debit Card is available to UK-registered entities. It works across more than 200 countries and territories and supports real-time foreign exchange conversion for international purchases and operational spending.
The bank says the suite is intended to give food and beverage SMEs more flexibility when paying overseas suppliers, collecting export revenues and managing working capital across different markets, without the need to maintain several separate banking relationships.
The bank notes that demand for cross-border banking services has grown as more UK food and beverage businesses expand their sourcing networks and export channels, and look for greater control over their foreign currency exposure.
As a licensed UK bank, iFAST Global Bank operates its own payment infrastructure and participates directly in the Bank of England Faster Payment Scheme, CHAPS and SWIFT. This allows businesses to move money both domestically and internationally through established payment networks.
Inayat Kashif, CEO of iFAST Global Bank, said: “We believe that every business starts small, and we are committed to providing the same consistent relationship management and service to all businesses regardless of their size.”
The launch follows a period of industry recognition for the bank. It was named Highly Commended App-Only Savings Provider of the Year 2025 and received a Commended award for Best Customer Service at the Moneyfacts Awards. The bank was also named Best Newcomer at the British Bank Awards 2025, run by financial review platform Smart Money People, and received the Best Consumer’s Choice Highly Commended award at the Moneyfactscompare.co.uk Awards 2026.
About iFAST Global Bank
iFAST Global Bank is a licensed UK bank providing digital banking services designed to support individuals and businesses engaged in international finance. The Bank forms part of iFAST Corporation, a global digital banking and wealth management platform operating in Singapore, Hong Kong, Malaysia, China and the United Kingdom.
iFAST Corporation (SGX: “AIY”) has been publicly listed on the Mainboard of the Singapore Exchange since December 2014 and provides a range of investment, wealth management and banking solutions to clients across multiple markets.
The Bank stated that continued investment in digital banking capabilities forms part of its long-term strategy to support internationally active SMEs across specialised industry sectors. Find out more about iFAST Global Bank on their website www.ifastgb.com.
Disclaimers
Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on our website at www.ifastgb.com. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details: https://www.fscs.org.uk/. T&Cs apply.
Notice Deposits are subject to a 14-day cooling-off period, after which, withdrawals will not be permitted before the end of the 95-days unless in exceptional circumstances. Early terminations will result in the loss of all accrued interest; however, your original deposit (principal) will be returned in full without penalty. T&Cs Apply.
