TLDR
- Singapore Gulf Bank partners with Fireblocks to enhance digital asset infrastructure and treasury services.
- Fireblocks integration enables SGB to automate treasury operations and optimize liquidity management.
- SGB gains enterprise-grade security with Fireblocks’ Multi-Party Computation technology for asset protection.
- The partnership facilitates secure cross-border transactions and access to institutional liquidity.
- SGB launches SGB Net and USD transfer service in collaboration with Binance Bahrain for retail clients.
Singapore Gulf Bank (SGB), a digital wholesale bank regulated by Bahrain’s Central Bank, has partnered with Fireblocks to enhance its digital asset infrastructure. This collaboration will support the bank’s treasury management and custody services, positioning SGB as a leader in bridging traditional finance with the growing digital asset economy in the Middle East.
Strengthening Digital Banking Infrastructure
SGB, established by the Singapore-based Whampoa Group and backed by Bahrain’s Mumtalakat sovereign wealth fund, offers secure, compliant access to digital assets. The partnership with Fireblocks will allow the bank to automate treasury operations, optimize liquidity, and provide digital asset custody.
This step is vital as the bank aims to scale its operations in crypto and tokenized assets securely. The integration of Fireblocks’ platform will also enable SGB to offer clients smoother access to blockchain-based services, such as on- and off-ramps and stablecoin issuance. The bank plans to increase efficiency in the movement between fiat and digital assets for its clients in the future.
Enterprise-Grade Security for Clients
By adopting Fireblocks’ infrastructure, SGB benefits from a secure, scalable system built on Multi-Party Computation (MPC) cryptography. This advanced technology ensures that client wallets are protected against external threats, operational errors, and insider attacks. Fireblocks’ enterprise-grade security will help mitigate risk and improve operational efficiency as the bank expands its digital asset offerings.
Through Fireblocks’ network, SGB clients will have access to secure on-chain asset transfers, global settlements, and stablecoin payments. This connection enhances SGB’s ability to facilitate cross-border transactions and provides streamlined access to institutional liquidity.
Recently, Singapore Gulf Bank also launched SGB Net, a multi-currency clearing network designed for digital asset firms. In collaboration with Binance Bahrain, SGB introduced a service allowing retail customers to transfer U.S. dollars between their bank accounts and digital assets swiftly and securely. This initiative marks a development in Gulf region’s digital finance infrastructure.
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Source: https://blockonomi.com/singapore-gulf-bank-and-fireblocks-partner-to-boost-digital-asset-services/