Bahrain Launches First Regulated Crypto-Compatible Corporate Bank, Bridging Traditional and Digital Finance
In a groundbreaking move, Singapore Gulf Bank (SGB) has unveiled Bahrain’s first regulated crypto-compatible global corporate banking platform. Backed by Bahrain’s sovereign wealth fund, Mumtalakat, and the influential Whampoa Group from Singapore, SGB is set to revolutionize the financial landscape by seamlessly integrating traditional banking services with digital asset management.
Operating under the stringent oversight of the Central Bank of Bahrain, SGB offers a fully digital platform that enables businesses to manage both their conventional financial operations and digital assets from a single interface. This innovative approach not only simplifies financial management but also enhances accessibility through remote onboarding capabilities, allowing global clients to join the platform without the need for physical presence.
SGB’s comprehensive suite of services includes real-time settlement, digital asset custody, and advanced trading solutions, all fortified by robust Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. These features ensure that businesses can navigate the digital economy securely and efficiently, whether they are dealing with traditional currencies or cryptocurrencies.
Edmund Lee, Founding Chairman of SGB’s Board, emphasized the bank’s vision: “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”
The launch of SGB is strategically significant for Bahrain, positioning the nation as a pivotal financial hub connecting Asia with the Middle East and North Africa (MENA) region. H.E. Noor bint Ali Alkhulaif, Bahrain’s Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board, highlighted the initiative’s importance: “SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”
H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, added, “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards.”
Looking ahead, SGB plans to extend its digital banking services to individual clients by the end of the year, further expanding its reach and impact within the digital economy. By bridging mainstream financial services with the rapidly evolving digital asset landscape, SGB is empowering businesses and individuals alike to embrace the future of finance with confidence.
For more information about SGB and its services, visit SGB’s website.
