Singapore Gulf Bank (SGB) based in Bahrain, has launched its personal banking services, and will enable instant movement between crypto and fiat via top licensed exchanges with instant off and on ramping.
Backed by Bahrain’s sovereign wealth fund Mumtalakat and Whampoa Group, SGB is the only licensed bank in the MENA region to provide global clients with remote onboarding and integrated access to both conventional and digital finance. This expansion follows strong demand for SGB’s corporate banking services and addresses long-standing pain points for globally connected customers.
SGB will offer unified access to crypto and fiat and enable instant movement between crypto and fiat via top licensed exchanges.
Instant on- and off-ramping. It will also offer direct integration with regulated exchanges allows real-time, secure conversion between digital and fiat currencies.
The bank aims to simplify cross border payments, whether via wire transfers, crypto rails or SGB-issued cards making international transactions for business, travel, education are effortless.
From high-yield savings accounts to exclusive opportunities across Asia and MENA, clients can manage both traditional and digital assets through one trusted platform.
SGB began offering services in Bahrain and sought to acquire stablecoin company
In November 2024, Singapore Gulf Bank, announced it was in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe.
SGB started its operations in Bahrain serving corporate customers with digital banking services, noting that it would be extending its digital banking services to individual clients by the end of 2024. The bank added that SGB would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures.
In Saudi Arabia a new digital bank called D360 has received regulatory approval from the Saudi Central Bank (SAMA) becoming third digital bank in KSA. D360 will be established with a capital of SAR 1.65 billion ($440 million) through a consortium of individual and corporate investors, with the Public Investment Fund as one of the key investors. It will be led by Derayah Financial Company.
With the latest addition of D360, there are 35 licensed banks in Saudi Arabia at present, including 11 local banks, three local digital banks, and 21 foreign bank branches. There are also 19 licensed fintech companies that provide payment services, consumer microfinance and electronic insurance brokerage.
