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Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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Singapore Gulf Bank (SGB)a licensed digital wholesale bank regulated by the Central Bank of Bahrain, has announced that it has hired Fireblocks to support its digital asset infrastructure for treasury management and custody.
The bank believes this partnership will position it as one of the few regulated banks in the Middle East bridging traditional finance with the rapidly growing digital asset economy.
Building the Infrastructure for Regulated Digital Banking
Founded by Whampoa Group based in Singapore and backed by Bahrain’s sovereign wealth fund, mumtalakat, Singapore Gulf Bank serves corporate and retail clients seeking secure and compliant access to digital assets.
The partnership with Fireblocks enables SGB to integrate automated workflows for treasury operations, liquidity optimization and digital asset custody – critical components for safely scaling a bank’s exposure to crypto and tokenized assets.
In the future, SGB said it plans to use Fireblocks’ platform for on- and off-ramps, stablecoin issuance, and other blockchain-based services, helping customers move between fiat and digital assets more efficiently.
Institutional-Grade Security for Digital Assets
By adopting Fireblocks’ quality infrastructure, SGB accesses a secure and scalable system built on Multi-Party Computation (MPC) encryption and secure hardware modules.
This technology protects customer portfolios against external attacks, insider threats and operational errors – a crucial advantage for banks entering the digital asset space.
“SGB exists to make regulated banking work for the digital asset economy,” said Shawn Chan, CEO of Singapore Gulf Bank. “Using Fireblocks, we are able to automate processes, reduce operational risk, and offer customers faster and more secure access to services such as crypto treasury, on-and-off ramps, and stablecoin transactions.”
Connecting to the Fireblocks Global Network
The Fireblocks network enables secure on-chain asset transfers, stablecoin payments, and global settlements through blockchain and fiat rails, giving SGB clients simplified access to institutional liquidity and cross-border transaction capabilities.
Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, said: “With Fireblocks’ quality infrastructure, SGB is well positioned to streamline operations, mitigate risk, and enable real-time on-chain financial services as demand accelerates.”
Driving the Next Phase of Digital Finance
The announcement follows the launch of SGB Net in May 2025, a real-time multi-currency clearing network for digital asset companies.
Recently Binance Bahrain joined forces with SGB to introduce a direct US dollar transfer service suitable for retail customers. According to the bank, this initiative seeks to simplify the movement of funds between traditional banking systems and digital assets, marking a major milestone for financial development in the Gulf region.
The service allows retail customers to link their SGB bank accounts directly to Binance Bahrain, depositing or withdrawing US dollars in seconds and converting fiat to crypto in a single, complete flow.
