Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, and privately-held investment group Whampoa Group, recently announced, on the sidelines of Gateway Gulf 2024, the launch of its corporate banking services.
According to Industry sources, operating under full regulatory approval from the Central Bank of Bahrain, SGB will offer comprehensive digital banking services to corporate clients in the digital economy to manage their traditional financial and digital assets on a single platform.
Additionally, to their regular corporate banking services, SGB will offer a real-time settlement network, digital assets custody, and intuitive trading solutions, all underpinned by robust AML/KYC measures. This enables businesses to manage their finances flexibly – whether conventional or digital assets – facilitating their participation in the digital economy.
Industry sources further added that Global clients can onboard through SGB’s remote digital on-boarding solutions. SGB will expand its digital banking services to individual clients by the end of the year.
Edmund Lee, Founding Chairman of the Board of SGB, stated: “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.”
H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, stated, “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.”
H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’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.”
Industry sources further confirmed that SGB is ushering in a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Displaying its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, boosting the next billion clients access to the future of finance.
