Singapore Gulf Bank, the digital bank licensed in Bahrain and backed by Mumtalakat, the nation’s sovereign wealth fund, and investment group Whampoa Group, has launched banking services for corporate clients.
Singapore Gulf Bank (SGB) plans to offer comprehensive digital banking services to corporate customers in the digital economy to help them manage their traditional financial and digital assets on a single platform. Global clients can onboard through SGB’s remote digital onboarding solutions.
Operating under full regulatory approval from the Central Bank of Bahrain, SGB also plans to extend its digital banking services to individual clients by the end of the year.
Alongside regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, underpinned by robust AML and KYC measures. It says that this enables businesses to flexibly manage their finances, regardless of whether they are traditional or digital assets.
Noor bint Ali Alkhulaif, minister of sustainable development and chief executive of the Bahrain Economic Development Board, commented: “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain.
“As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”
SGB aims to enable everyone to easily access and manage digital assets alongside traditional assets within one integrated network. With a compliance-first approach, SGB aims to become a vital link between mainstream financial services and the digital asset economy, empowering the next billion users with access to the future of finance.
Khalid Humaidan, governor of the Central Bank of Bahrain, commented: “Singapore Gulf Bank’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”
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