iFAST Global Bank is emerging as a strong player in the UK’s digital banking industry, driven by its vision of building a digital-first banking platform for global customers. The Bank recently launched Worldwide Scan & Pay, becoming the first UK bank to enable cross-border QR code payments in collaboration with Alipay+, the unified wallet gateway of Ant International.
As cross-border payments, AI, and digital banking continue to reshape financial services, banks are rethinking how they serve increasingly global and digitally connected customers. In this interview, Inayat Kashif, CEO of iFAST Global Bank, discusses the future of cross-border payments, the role of AI in banking, and how financial institutions can balance innovation, inclusion, and security.
In this interview, Kashif shares his perspectives on the future of global banking, discussing how cross-border QR payments, AI, and emerging technologies are redefining banking experiences for globally connected customers.
According to the World Bank, digital financial services continue to expand access to banking worldwide, while innovations in payments and AI are reshaping how customers interact with financial institutions.
iFAST Global Bank recently launched its Worldwide Scan & Pay feature, becoming the first UK bank to enable QR code payments. What market gap did you identify, and how does this product reflect changing customer expectations in global banking?
QR payments have become an increasingly popular payment method across many Asian markets, and its adoption is steadily expanding worldwide. We saw an opportunity to bridge the gap between traditional card-based payments and the growing demand for more seamless, mobile payments.
At the same time, today's customers are increasingly globally mobile, whether for business, leisure, or education, and they expect their banking and payment solutions to move with them.
Worldwide Scan & Pay was developed in response to this shift. As the first UK bank to enable cross-border QR code payments, we are providing customers with a simpler and more convenient way to transact globally. Through the iFAST Global Bank mobile app, customers can make payments at Alipay+ compatible merchants and supported national QR networks by simply scanning a QR code and confirming the transaction, without the need for a physical card.
Do you believe QR-based payments will become a more prominent part of the global payments ecosystem, particularly for cross-border transactions?
I believe QR payments will become an increasingly important part of the global payments ecosystem. Such payment methods have already become deeply embedded in many markets, especially for everyday, lower-value transactions. Customers only need a smartphone and a linked bank account or e-wallet, making QR payments simple and more inclusive. For merchants, QR payments can also reduce reliance on point-of-sale terminals, lowering infrastructure costs and simplifying payment acceptance.
On top of that, cross-border QR interoperability has the potential to transform international payments. By enabling customers to make payments seamlessly across different markets using familiar payment methods, QR payments can make cross-border transactions more accessible and convenient.
As global mobility accelerates, customers need to manage finances across multiple countries and currencies. How are customer expectations changing among globally mobile individuals, and what should banks be doing differently to serve this growing segment?
Customer expectations are evolving beyond traditional domestic banking. This creates a need for banking solutions that can support their international lifestyles.
Multi-currency banking solutions will be a key enabler of this transformation. While innovations like cross-border QR payments simplify how customers transact globally, they need to be supported by a banking infrastructure that allows customers to manage money seamlessly across currencies and markets.
Managing multiple currencies through separate domestic bank accounts can be inefficient and costly. Our Multi-Currency Current Account addresses these challenges by allowing customers to hold, manage, spend, and transfer across nine currencies through a single account, with transparent FX pricing and seamless cross-border payment capabilities. Additionally, we apply interest directly on current account balances, which allows customers to earn interest while maintaining full access to their funds. In many traditional banking models, everyday cash sits idle in non-interest-bearing accounts, posing a missed opportunity for customers to grow their cash.
The ability to onboard and serve customers digitally is equally important. Globally mobile individuals often have financial needs that span multiple jurisdictions; hence a fully digital, secure, and seamless onboarding process is essential. Banks must move beyond physical branch models and embrace digital identity verification and eKYC capabilities that allow customers to open and manage accounts remotely.
Artificial intelligence (AI) is reshaping financial services, from customer onboarding and fraud detection to personalisation and operational efficiency. Where do you see AI creating the greatest opportunities for banks over the coming decade?
AI is creating opportunities across the banking value chain, from customer service, risk management, and software development to operational efficiency. We believe the greatest impact will come from AI’s ability to enhance customer experiences while improving productivity across the organisation.
At iFAST Global Bank, we are already seeing tangible benefits from AI adoption. Our virtual customer service assistant, AI Stella, has enhanced client servicing through faster response times and 24/7 availability. By automating routine enquiries, AI Stella enables our customer service teams to focus on more complex and high-value cases.
Open banking, embedded finance, and AI are reshaping how financial services are delivered. How do you see the relationship between banks, fintechs, and technology providers evolving?
Banks, fintechs and technology providers are already working closely together to build more intuitive products and create better outcomes for customers, and I believe this collaboration will continue to deepen in the years ahead.
Open Banking has become a core part of the UK's financial infrastructure, enabling banks to securely share customer data with authorised third-party fintech platforms, subject to customer consent. This creates opportunities for fintechs to develop innovative services while allowing banks to maintain strong governance, operational resilience, and regulatory compliance. iFAST Global Bank has recently migrated to the latest UK Open Banking Standard, version 4.0 in strategic partnership with Ozone API, further strengthening our digital capabilities and readiness for the next phase of Open Finance.
Furthermore, embedded finance and APIs are making financial services more accessible by integrating financial services or tools within non-financial platforms. This enables customers to access financial services seamlessly within their everyday digital use, resulting in an enhanced user experience.
Financial inclusion remains a global challenge despite rapid advances in digital banking. How can technology help expand access to banking and wealth-building opportunities while maintaining security and regulatory standards?
We live in an era of speed and convenience, where customers expect banking services to be fast and accessible. The challenge for the industry is to expand access without compromising on security and regulatory standards, and technology plays a critical role in achieving both.
At iFAST Global Bank, we believe financial inclusion begins with removing unnecessary barriers to access. Many customers globally face difficulties establishing a banking relationship because they do not meet the minimum income, asset or deposit requirements. Our approach is to make banking more accessible and inclusive. Customers can open an account online from anywhere in the world, with no minimum deposit requirements starting from as little as £1. While technologies such as eKYC, digital identity verification, and transaction monitoring help us maintain robust security and compliance standards. Rather than viewing accessibility and security as competing priorities, we see technology as the enabler of both.
Technology and integrated ecosystems can also help customers build wealth more effectively. Our Multi-Currency Current Account enables customers to move funds seamlessly and securely across the broader iFAST network in markets such as the UK, Singapore, Hong Kong, and Malaysia.
Looking ahead, what is your vision for iFAST Global Bank over the next five to 10 years?
The future of banking will be increasingly borderless, digital, and ecosystem-driven. Customers will expect financial services to integrate seamlessly into their daily lives, while banks will need to balance innovation with security, compliance, and trust.
Building on our milestone of achieving full-year profitability in 2025, we are optimistic about the Bank’s growth over the next five to 10 years. Our vision is to establish iFAST Global Bank as a leading global digital bank, serving retail customers around the world with innovative and customer-centric banking solutions.
Beyond digital personal banking, a key strategic priority will be the continued expansion of our commercial and transaction banking services to better serve UK SMEs, corporates and financial institutions. We see opportunities to support businesses with multi-currency banking, cross-border payments, treasury solutions, and other transaction banking services that facilitate international growth.
We will also continue to invest in our banking infrastructure, AI-driven capabilities and payment ecosystem. As customers and businesses become increasingly global in their financial needs, our goal is to build a truly global banking platform that allows them to bank without boundaries.
