Singapore Gulf Bank (SGB) Launches Bahrain First Regulated Crypto-Compatible Banking Service
SGB aims to extend its digital banking services to individual clients, further solidifying its commitment to inclusivity and accessibility all over Asia
Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat has announced the launch of its corporate banking services.
The launch, unveiled on the sidelines of Gateway Gulf 2024, marks a significant step towards SGB’s vision of a seamlessly integrated financial landscape encompassing both traditional and digital assets.
However, operating under the full regulatory approval of the Central Bank of Bahrain, SGB will offer a comprehensive suite of digital banking services to corporate clients in the digital economy.
Their services include the ability to manage their traditional financial and digital assets on a single platform, with global clients able to onboard remotely through SGB’s dedicated digital onboarding solutions.
By the end of the year, SGB will extend its digital banking services to individual clients, further solidifying its commitment to inclusivity and accessibility.
Beyond traditional corporate banking services, SGB stands out with its provision of a real-time settlement network, digital asset custody, and intuitive trading solutions, all fortified by robust Anti-Money Laundering (AML) and Know Your Customer (KYC) measures.
Furthermore, this comprehensive approach enables businesses to manage their finances with greater flexibility, regardless of asset type, ultimately facilitating their participation in the rapidly expanding digital economy.
Singapore Gulf Bank Aims to Connect Asian Enterprise
“We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere,” stated Edmund Lee, Founding Chairman of the Board of SGB, highlighting the bank’s commitment to creating a truly borderless and accessible financial ecosystem.
H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board lauded the launch, stating, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain.
As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”
Echoing the sentiment of innovation and commitment to regulatory excellence, H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented, “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”
