Singapore Gulf Bank Teams Up with Fireblocks for Digital Asset Infrastructure

Summary:
Singapore Gulf Bank (SGB), a regulated digital wholesale bank under the Central Bank of Bahrain, has partnered with Fireblocks to enhance its digital asset infrastructure. This alliance is aimed at bridging traditional finance with digital assets, enabling secure treasury management and custody services.

Key Takeaways

Singapore Gulf Bank (SGB) partners with Fireblocks for digital asset management.
The collaboration aims to enhance treasury operations and custody services.
Fireblocks provides advanced security measures for digital assets.
The partnership enables faster transactions and improved access to digital assets.
SGB launches innovative services like U.S. dollar transfers in cooperation with Binance Bahrain.

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Building the Foundation for Regulated Digital Banking

Singapore Gulf Bank, established by the Whampoa Group in Singapore and supported by Bahrain’s Mumtalakat sovereign wealth fund, caters to corporate and retail clients seeking secure access to digital assets while adhering to regulations. This partnership with Fireblocks empowers SGB to enhance its treasury operations with automated workflows, liquidity management, and secure custody of digital assets—essential elements for expanding a bank’s involvement in cryptocurrencies and tokenized assets.

Looking ahead, SGB plans to leverage Fireblocks’ platform for various services, including on- and off-ramps and stablecoin issuance, which will facilitate smoother transitions between fiat currencies and digital assets for clients.

Enterprise-Grade Security for Digital Assets

By integrating Fireblocks’ advanced infrastructure, SGB gains a secure, scalable system constructed on Multi-Party Computation (MPC) cryptography along with secure hardware modules. This robust technology safeguards client wallets from external threats, insider risks, and operational mistakes—vital protections for banks venturing into the digital asset domain.

“Our goal at SGB is to ensure regulated banking is viable for the digital asset economy,” stated Shawn Chan, CEO of Singapore Gulf Bank. “Utilizing Fireblocks enables us to automate processes, lower operational risk, and provide clients with quicker, safer access to services like crypto treasury management, on- and off-ramps, and stablecoin transactions.”

Accessing the Global Fireblocks Network

Through the Fireblocks network, SGB can facilitate secure on-chain asset transfers, stablecoin payments, and global settlements across multiple blockchain and fiat systems. This integration provides SGB clients with easier access to institutional liquidity and enhances cross-border transaction capabilities.

According to Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, “With Fireblocks’ enterprise-grade infrastructure, SGB is strategically poised to optimize operations, reduce risk, and deliver real-time on-chain financial services as demand increases.”

Pioneering the Next Phase of Digital Finance

This announcement follows the May 2025 launch of SGB Net, a cutting-edge real-time, multi-currency clearing network designed for digital asset businesses. In a recent collaboration, Binance Bahrain partnered with SGB to offer a direct U.S. dollar transfer service for retail customers. This initiative aims to simplify the transfer of funds between traditional banking systems and digital assets, representing a significant development in the financial landscape of the Gulf region.

With this new service, retail customers can directly link their SGB bank accounts to Binance Bahrain, allowing them to deposit or withdraw U.S. dollars in seconds, as well as convert fiat currency into cryptocurrency seamlessly within a compliant framework.