Singapore Gulf Bank Offers First Crypto Corporate Banking in Bahrain

Key points

• With full regulatory approval, SGB announced crypto corporate banking services backed by Mumtalakat and Whampoa Group.
• SGB offers a platform for managing traditional and digital assets. Global remote onboarding and services for individual clients are coming soon.
• SGB aims to bridge MENA and Asian markets, enhancing financial access and participation in the digital economy with robust AML/KYC measures.

According to EDB Bahrain, Singapore Gulf Bank officially announced its entry into crypto corporate banking today at the Gateway Gulf 2024 event, which was supported by Bahrain’s sovereign wealth fund Mumtalakat and the privately held Whampoa Group.

Read more: CBC Summit 2024: Leading Voices on Crypto Banking and Compliance

Singapore Gulf Bank Unveils Innovative Crypto Corporate Banking Services

SGB is open to business with full regulatory approval from the Central Bank of Bahrain. Crypto corporate banking is a fully integrated digital banking platform tailored for corporate customers in the growing digital economy. The bank’s innovative platform allows clients to easily manage traditional financial and digital assets from one place.

To support ease, global clients can access SGB’s remote digital onboarding solutions, which speed up access to the bank’s services. The bank aims to extend service provision to individual clients before the end of the year, further extending its offerings.

SGB crypto corporate banking services would include but are not limited to, a real-time settlement network, digital asset custody, intuitive trading solutions, and strict AML/KYC. This way, businesses can keep their finances flexible enough to participate in both the traditional and new digital assets that are growing the economy.

Edmund Lee, SGB’s Founding Chairman of the Board, said: “We are building the bedrock for a new frontier in global finance, where traditional and digital worlds meet to support enterprise operations anywhere and at any time.”

Enhancing Financial Connectivity Between MENA and Asian Markets

H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board, said: “The launch of the SGB represents another critical milestone in the financial connectivity between the MENA and Asian markets, with Bahrain firmly placed as the gateway to the opportunities of Asian enterprises through both traditional and digital financial markets.

Meanwhile, the Governor of the Central Bank of Bahrain, H.E. Khalid Humaidan, thanked Bahrain for its continued support of innovation in financial services and emphasized how SGB is an essential gateway between conventional banking and the digital asset economy, enabling the next wave of users in financial markets.