Steve Chu
Head of Commercial Banking, iFAST Global Bank
One digital bank offers interest-bearing multi-currency current accounts designed specifically for SMEs and corporate clients, bringing a smarter and more global banking experience.
Successfully running a business in multiple countries requires strategic planning and a clear understanding of the regulatory and operational requirements for each country, not least the ability to bank efficiently across different currencies. Currency swings can quietly erode profit margins, with foreign exchange risk marking a significant financial challenge, making it essential for businesses to manage their multi-currency exposure with precision.
“Business banking across multiple currencies can incur time and financial risk,” explains Steve Chu, Head of Commercial Banking, iFAST Global Bank. “Most banks charge per account, requiring separate accounts per currency, and each transaction and currency conversion can incur supplemental charges.”
Base currency can be a problem when being paid in a foreign currency, as payments are automatically converted at the bank’s exchange rate, potentially incurring fees and losses due to fluctuating exchange rates. “We want to remove these obstacles to make global business banking easy and approachable,” says Chu.
Value of a multi-currency business account
iFAST Global Bank provides small and medium-sized enterprises (SMEs) with a unified business account that can handle and hold up to nine currencies, with a range of services designed for internationally active business owners and global traders. “Having one user-friendly current account for multiple currencies limits the unnecessary associated costs and daily operation time needed to handle multiple accounts,” says Chu. “In this way, we’re empowering business owners to expand their global operations.”
Some service providers don’t offer interest on business current accounts, and when they do, there are typically limitations such as thresholds or fees. This digital bank provides interest-bearing multi-currency business current accounts, which accrue interest on everyday business balances, letting your money work for you. “We’ve simplified the process of global banking, making it a fairer system for our customers, including businesses,” explains Chu. “Anything that remains in the account should be treasured and should benefit the customer — that’s how we build long-term relationships.”
“It’s like the evolution of the smartphone. Before it existed, people carried a phone, an MP3 player and a camera. Today, it’s all on one device. We’ve simplified business banking in the same way, bringing everything together in one account so our customers can manage multiple currencies effortlessly.”
Currency swings can quietly erode profit margins, with foreign exchange
risk marking a significant financial challenge
Comprehensive business banking solutions
“As a UK bank, we also have a dedicated team that serves established financial advisory companies, banks, financial institutions and multinational companies, to provide them with an efficient, tailor-made and secure online platform to manage their respective business and transactions,” highlights Chu.
This comprehensive range of services resulted in quarter-on-quarter growth for the company this year. “This feeds into what today’s world naturally expects, providing simple solutions with choice,” says Chu. “For businesses, everything has to be easy, fast and genuinely beneficial, removing the burdens and hassle that come with traditional banking.” We offer a simple digital onboarding process. UK SMEs can start the account application online, uploading the required company documents for our verification via Companies House.
As a part of iFAST Corporation Group
Beyond the UK banking services, the Group’s B2B solutions from other regions provide a comprehensive investment platform that supports fund distribution, administration services and pensions solutions. The platform partners with global asset management firms, banks and other financial institutions to provide a wide range of options for investors and wealth advisers. The Group offers access to over 27,400 investment products, including unit trusts, bonds, government securities, ETFs and insurance products, alongside wealth management solutions, banking services, pension administration, research and investment seminars, fintech solutions and investment administration and transaction services.
