Singapore Gulf Bank (SGB), a licensed digital wholesale bank regulated by the Central Bank of Bahrain, has announced a partnership with Fireblocks to enhance its digital asset infrastructure. This collaboration aims to provide custody services, automated crypto treasury operations, fiat on- and off-ramps, and stablecoin issuance, positioning SGB as a key player in bridging traditional finance with the growing digital asset economy.
Backed by Bahrain's sovereign wealth fund, Mumtalakat, and Singapore's Whampoa Group, SGB will leverage Fireblocks' enterprise-grade infrastructure, which includes Multi-Party Computation (MPC) cryptography and secure hardware modules. This technology helps protect against external attacks, insider threats, and operational errors, ensuring secure and scalable services for clients such as exchanges, trading firms, and payment providers.
Shawn Chan, CEO of Singapore Gulf Bank, stated, "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 offer clients faster, safer access to services like crypto treasury, on- and off-ramps, and stablecoin transactions." Stephen Richardson, CSO and Head of Banking at Fireblocks, added that this partnership enables SGB to streamline operations and provide real-time on-chain financial services.
This initiative follows the launch of SGB Net in May 2025, a real-time, multi-currency clearing network for digital asset firms, and a recent collaboration with Binance Bahrain to introduce direct U.S. dollar transfers for retail customers, further simplifying the movement between fiat and digital assets.
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