Bahrain regulated Singapore Gulf Bank (SGB), a digital wholesale bank will be utilizing the digital asset infrastructure of Fireblocks, an enterprise platform for secure digital asset custody, settlement, trading operations, and stablecoin payments, to support secure treasury management and digital asset/crypto custody.
Singapore Gulf Bank will utilize Fireblock’s including executing day-to-day treasury operations with automated workflows, as well as optimizing liquidity across multiple accounts and venues. Over time, SGB plans to expand its digital asset capabilities by using Fireblocks for on- and off ramps and stablecoin issuance, unlocking additional opportunities for clients in the markets it services.
SGB, founded by the privately-held Singaporean investment firm, Whampoa Group, and backed by the sovereign wealth fund of the Kingdom of Bahrain, Mumtalakat, supports global corporate and retail clients by bridging traditional financial services and the rapidly growing digital asset economy through a unified banking solution to manage conventional and digital assets, as well as support seamless transactions between fiat and cryptocurrencies.
As per the press release, by integrating Fireblocks, SGB gains access to a secure, scalable platform, allowing it to launch and grow its digital asset offerings, simplify operations, strengthen compliance, and deliver a seamless experience for its crypto-native clients––reinforcing its role as a vital link between mainstream financial services and the rapidly advancing digital asset economy.
SGB clients will benefit from institutional-grade wallet protection: Fireblocks’ digital asset platform combines Multi-Party Computation (MPC) cryptography with secure hardware to provide multi-layered, battle-tested security. This safeguards against attacks, collusion, and human error, enabling SGB to scale its digital asset operations securely.
Shawn Chan, CEO of Singapore Gulf Bank, said, “We exist to make regulated banking work for the digital asset economy. By using Fireblocks, we’re able to automate processes, reduce operational risk, and most importantly offer clients faster, safer access to digital asset services like crypto treasury, on and off ramps, and stablecoin transactions. This helps in supporting trading firms, exchanges, and payment providers with the type of banking experience they need to operate in a regulated environment.”
Through the integration, SGB will also gain access to the industry’s leading digital asset network, the Fireblocks Network. Trusted by 2,400 fintechs, retail apps, PSPs, banks, exchanges and institutional traders, and solving some of the biggest challenges in on-chain asset transfer, the Fireblocks Network is the global standard for secure stablecoin payment orchestration and efficient crypto trading, providing SGB with seamless connectivity through one interoperable network.
“SGB is enhancing options in banking by providing secure, reliable access to financial services for digital asset businesses,” said Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks. “With Fireblocks’ enterprise-grade infrastructure, SGB is well positioned to streamline operations, mitigate risk, as well as enable real-time on-chain financial services as demand accelerates.”
In an interview with Lara On the Block, Stefan Richardson had discussed how banks in the UAE and region are moving slowly but surely towards integrating digital asset offerings within their scope of operations.
