Singapore Gulf Bank, a digital bank licensed by the Central Bank of Bahrain, launched a real-time currency clearing network designed to support digital asset firms. On May 1, the bank launched SGB Net, a multi-currency clearing network.
SGB Net enables zero-fee transfers at any time of day and aims to bypass many of the constraints associated with legacy financial infrastructure — such as the SWIFT network. Network participants can also access API-powered instant fiat-to-crypto on-and-off-ramp services.
“SGB Net is onboarding all participants in the global digital economy, including crypto exchanges, stablecoin issuers, market makers, OTC desks, and prime brokers,” Singapore Gulf Bank said. “SGB Net eliminates pain points in global transfers, such as long settlement times and high fees.”
SGB Net also facilitates automated treasury, payroll, and vendor payout infrastructure and over-the-counter trading and will soon launch support for tokenized assets, sub-accounts, and offshore onboarding capabilities.
Singapore Gulf Bank was established by the Singapore family office, Whampoa Group, and launched in November 2024.
The bank is licensed by Bahrain’s central bank and predominantly services the Middle East and North Africa (MENA) and Asia markets, facilitating greater integration between the regions’ digital asset sectors. The Bahrain Economic Development Board described the firm as the “first regulated bank in Bahrain offering comprehensive crypto-compatible banking services.”
“The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain,” said Noor bint Ali AlKhulaif, Chief Executive of Bahrain Economic Development Board. “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.”
Singapore Gulf Bank is bullish on stablecoins
Singapore Gulf Bank also appears poised to enter the stablecoin market. In November, The Straits Times reported that Singapore Gulf Bank was seeking to raise $50 million and planned to purchase a stablecoin firm in 2025.
In a January blog post, Singapore Gulf Bank described stablecoins as overcoming many of the challenges associated with legacy cross-border banking infrastructure.
“Stablecoins… merge the stability of traditional currencies with blockchain efficiency to address modern transaction banking challenges,” said Jireh Chua, executive vice president of Singapore Gulf Bank. “When paired with strong risk management and institutional-grade infrastructure, stablecoins can streamline capital markets, reduce friction in global trade, and improve financial inclusion.”
