Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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Singapore Gulf Bank (SGB), a licensed digital wholesale bank regulated by the Central Bank of Bahrain, announced it has partnered with Fireblocks to support its digital asset infrastructure for treasury management and custody.
The bank believes this partnership will position it as one of the few regulated banks in the Middle East bridging traditional finance with the fast-growing digital asset economy.
Building the Infrastructure for Regulated Digital Banking
Founded by Singapore-based Whampoa Group and backed by Bahrain’s sovereign wealth fund, Mumtalakat, Singapore Gulf Bank serves both corporate and retail clients looking for secure, compliant access to digital assets.
The partnership with Fireblocks allows SGB to integrate automated workflows for treasury operations, liquidity optimization, and digital asset custody — critical components for safely scaling a bank’s exposure to crypto and tokenized assets.
In the future, SGB said it plans to use Fireblocks’ platform for on- and off-ramps, stablecoin issuance, and other blockchain-based services, helping clients move between fiat and digital assets with greater efficiency.
Institutional-Grade Security for Digital Assets
By adopting Fireblocks’ enterprise-grade infrastructure, SGB gains access to a secure, scalable system built on Multi-Party Computation (MPC) cryptography and secure hardware modules.
This technology protects client wallets against external attacks, insider threats, and operational errors — a crucial advantage for banks entering the digital asset space.
“SGB exists to make regulated banking work for the digital asset economy,” said Shawn Chan, CEO of Singapore Gulf Bank. “By using Fireblocks, we’re able to automate processes, reduce operational risk, and offer clients faster, safer access to services such as crypto treasury, on- and off-ramps, and stablecoin transactions.”
Connecting to the Global Fireblocks Network
The Fireblocks network allows secure on-chain asset transfers, stablecoin payments, and global settlements across blockchain and fiat rails, giving SGB clients streamlined access to institutional liquidity and cross-border transaction capabilities.
Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, said, “With Fireblocks’ enterprise-grade infrastructure, SGB is well positioned to streamline operations, mitigate risk, and enable real-time on-chain financial services as demand accelerates.”
Driving the Next Phase of Digital Finance
The announcement follows the launch of SGB Net in May 2025, a real-time, multi-currency clearing network for digital asset firms.
Recently Binance Bahrain joined forces with SGB to introduce a direct U.S. dollar transfer service tailored for retail customers. According to the bank, this initiative seeks to simplify the movement of funds between traditional banking systems and digital assets, marking a major milestone for financial development in the Gulf region.
The service allows retail customers to link their SGB bank accounts directly to Binance Bahrain, depositing or withdrawing U.S. dollars in seconds and converting fiat into crypto within a single, compliant flow.
