iFAST Global Bank has launched a Commercial Banking Suite designed for small and medium-sized businesses in the food and beverage sector that manage payments and supply chains across international markets.
The bank is a licensed UK institution, authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. It built the suite to address the specific financial and operational difficulties that food manufacturers, distributors and retailers run into when working across borders.
A growing number of food and beverage SMEs source from overseas suppliers, use international logistics providers and sell into export markets. These businesses regularly need to make and receive payments in multiple currencies. Standard banking setups often require separate accounts for each currency, apply automatic foreign exchange conversions and offer limited tools for managing currency exposure. The result is additional complexity and cost.
The new suite centres on a multi-currency business current account that consolidates nine major currencies under one account number: GBP, USD, EUR, HKD, SGD, CNY, JPY, AED and CHF. Businesses can hold and manage these currencies without switching between accounts.
iFAST Global Bank has formed a partnership with Standard Chartered Bank to broaden its international payment reach. Payments can now be sent from any of those nine currencies to recipients in 52 currencies globally, giving businesses the ability to settle with overseas suppliers in their preferred currency.
Eligible deposits of up to £120,000 fall within the protection of the Financial Services Compensation Scheme.
Interest-bearing current accounts within the suite offer variable rates of up to 2.40% AER on GBP balances. The bank also provides fixed-term GBP deposits at up to 3.75% AER and notice deposit accounts at just over 3% AER on certain products.
UK-registered businesses can apply for a Visa Business Debit Card, which is accepted in more than 200 countries and territories. The card includes real-time foreign exchange conversion for purchases made abroad or in foreign currencies.
According to the bank, the suite is designed to reduce the administrative burden on food and beverage SMEs when paying international suppliers, collecting payments from export markets and managing working capital across currencies, without needing to hold accounts at multiple banks.
The bank points to growing demand for cross-border banking tools among UK food and beverage businesses, many of which are widening their supplier networks and export activity while seeking greater control over currency risk.
iFAST Global Bank is a direct participant in the Bank of England Faster Payment Scheme, CHAPS and SWIFT, and operates its own payment infrastructure. This gives businesses a straightforward route to move money both within the UK and internationally.
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.”
Recent industry recognition for the bank includes a Highly Commended rating as App-Only Savings Provider of the Year 2025 and a Commended award for Best Customer Service, both at the Moneyfacts Awards. It was named Best Newcomer at the British Bank Awards 2025 by 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.
