LONDON, April 23, 2026 /PRNewswire/ -- iFAST Global Bank (the "Bank") today announced a strategic partnership with Ozone API, the global leader in standards-based Open Banking technology. The collaboration ensures iFAST Global Bank maintains seamless PSD2 compliance and future-proofs its multi-currency current account proposition by migrating to the latest UK Open Banking Standard, version 4.0.
The partnership enables iFAST Global Bank to offer its new digital multi-currency current accounts for individuals and businesses with secure, standards-compliant Open Banking APIs. This commitment is central to the bank's vision of building a globally connected digital banking experience.
Leading the Way with Open Banking v4.0
While many UK banks remain on older versions of the standard, iFAST Global Bank was among the first to commit to a full transition to version 4.0 (OBL v4.0) by January 2026. This latest evolution of the UK Open Banking Standard represents a significant leap forward for both the industry and end-users:
- Enhanced Global Interoperability: By aligning with the ISO 20022 messaging standard, version 4.0 allows for richer data sharing and smoother cross-border payments - critical for iFAST Global Bank's multi-currency digital accounts.
- Superior Security & Resilience: The uplift to the FAPI 1.0 Advanced security profile ensures the highest levels of protection for customer data, maintaining consumer trust in a digital-first environment.
- Improved Transparency for Customers: New requirements for definitive payment statuses and consistent error messaging mean that customers and businesses will have more clarity on their transactions, reducing manual interventions and "false positive" fraud alerts.
- Future-Ready Innovation: Version 4.0 lays the groundwork for advanced features like Variable Recurring Payments (VRP), giving customers more flexible ways to manage their finances.
The implementation comes as iFAST Global Bank demonstrates significant market momentum. The bank achieved profitability in Q4 2024, less than three years after its acquisition by Singapore-based iFAST Corporation. Driven by the success of its Digital Personal Banking division, the bank now holds over S$1 billion in customer deposits, reflecting growing confidence in its innovative, secure, multi-currency banking solutions for the UK market.
Ozone API's technology, which has been in place since March 2023, is now supporting iFAST Global Bank in leading the way by uplifting its platform from the UK Open Banking Standard version 3.1.11 to version 4.0. This major transition was completed in January 2026, positioning iFAST Global Bank at the forefront of UK Open Banking compliance and innovation.
"Our partnership with Ozone API is a key enabler of iFAST Global Bank's strategy to build a truly intelligent, globally connected digital bank. By adopting Open Banking 4.0 standards, we are strengthening the foundations of our multi-currency current accounts for personal customers and multi-currency business accounts for commercial clients, as well as our payments and savings propositions. This allows iFAST Global Bank to offer customers a secure, scalable and seamlessly connected banking experience across borders, while maintaining strong governance, resilience and regulatory alignment. Importantly, it enables us to deliver clearer, more transparent products that provide fair value and better outcomes in line with our Consumer Duty commitments, as we continue to grow responsibly and innovate with confidence," said Inayat Kashif, CEO, iFAST Global Bank.
"iFAST Global Bank is a great example of a modern, fast-moving digital bank that understands Open Banking is not just a regulatory hurdle, but a fundamental growth strategy. Achieving S$1 billion in deposits in such a short time demonstrates the success of their digital-first approach. We are proud to provide the high-quality, standards-based foundation that ensures their continuous PSD2 compliance while enabling them to embrace the next generation of Open Banking. Our technology is designed to make this essential transition to v4.0 simple, secure, and future-proof," said Huw Davies, Co-founder & CEO, Ozone API.
Through its collaboration with Ozone API's standards-based platform, iFAST Global Bank strengthens its ability to meet evolving regulatory requirements while positioning the Bank to maximise the commercial potential of Open Finance.
About Ozone API
Ozone API is the global leader in standards-based Open Banking and Open Finance technology. Built by the team that created the UK Open Banking Standard, Ozone API provides the leading standards-based software that enables banks, financial institutions, and central market-makers to deliver high-performing, standards-compliant Open APIs and convert their regulatory obligations into commercial advantage. Ozone API powers Open Finance interfaces for over 100 banks and financial institutions around the world, supporting all global Open Banking standards and regulations.
Learn more: https://ozoneapi.com
About iFAST Corporation & iFAST Global Bank
iFAST Corporation is a global digital banking and wealth management platform, with assets under administration of S$31.98 billion as at 31 December 2025. Established in 2000, it operates in Singapore, Hong Kong, Malaysia, China, and the UK. iFAST Global Bank is a fully licensed UK bank, offering multi-currency deposits, payment services, and remittance solutions. Regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the Bank is a direct member of the Bank of England Faster Payment Scheme, Clearing House Automated Payment System (CHAPS) and SWIFT. iFAST Global Bank is also a member of the Financial Services Compensation Scheme (FSCS) where eligible deposits are protected up to £120,000 for each customer.
iFAST Global Bank was recently recognised as Moneyfacts Highly Commended Best Consumers' Choice 2026. In recognition of its innovative practices in global digital banking services, the Bank was honoured with the "Best Newcomer" award at the British Bank Awards 2025 hosted by the UK's leading financial review platform Smart Money People.
For more information, visit www.ifastgb.com and www.ifastcorp.com
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