SGB Partners with Fireblocks to Advance Regulated Digital Asset Banking

Singapore Gulf Bank (SGB), a licensed digital wholesale bank regulated by the Central Bank of Bahrain, has revealed a partnership with Fireblocks to enhance its digital asset infrastructure, particularly in treasury functions and custody services. The bank considers the collaboration a key step toward positioning itself among the limited number of regulated institutions in the Middle East that are actively connecting traditional finance with the expanding digital asset sector.

Backed by Bahrain’s sovereign wealth fund Mumtalakat and founded by Singapore-based Whampoa Group, SGB caters to both retail and corporate clients seeking compliant and secure access to digital assets. The bank views digital asset services as a critical extension of its existing financial products, particularly for clients exploring tokenized assets and blockchain-enabled financial instruments.

Fireblocks Integration to Support Automation and Security

Through Fireblocks, SGB is set to automate workflows across treasury management, liquidity optimization, and asset custody. The bank regards these capabilities as essential for scaling safely in the digital asset space, especially as institutional interest in cryptocurrencies and tokenized finance increases.

The integration is expected to serve as the foundation for future services, including on- and off-ramp mechanisms, stablecoin issuance, and blockchain-powered transaction solutions. SGB indicated that this will enable customers to move between fiat and digital currencies more efficiently, reducing delays often associated with conventional banking rails.

The bank will leverage Fireblocks’ enterprise-grade system, which is built on Multi-Party Computation cryptography and secure hardware modules. This combination is designed to safeguard digital wallets from external attacks, internal misuse, and human error, offering the level of risk mitigation expected from a regulated financial institution.

According to SGB’s CEO Shawn Chan, the bank sees its role as enabling regulated banking to function seamlessly within the digital asset economy. He noted that the Fireblocks platform helps automate critical processes, reduce risk exposure, and enhance client access to services such as treasury operations, on- and off-ramp transactions, and stablecoin-related activities.

Expanding Cross-Border and Institutional Capabilities

The Fireblocks network further allows SGB to offer secure blockchain-based transfers, stablecoin settlements, and real-time cross-border transactions. This is expected to give clients streamlined access to institutional liquidity across both crypto and traditional markets.

Fireblocks’ Chief Strategy Officer Stephen Richardson remarked that SGB is equipped to optimize operations, manage risk, and deliver real-time blockchain financial services as digital asset adoption accelerates.

Recent Developments and Broader Regional Impact

The announcement builds on SGB’s earlier launch of SGB Net, a real-time multi-currency clearing network introduced in May 2025 to support digital asset firms. The bank has also recently collaborated with Binance Bahrain to offer a direct U.S. dollar transfer service for retail users. The initiative aims to simplify fund movement between conventional accounts and digital asset platforms, which the bank believes marks a major advancement for the Gulf’s financial landscape.

The service allows retail users to connect SGB bank accounts with Binance Bahrain, enabling instant U.S. dollar deposits and withdrawals and immediate conversion between fiat and crypto within a regulated environment.

Through these developments, SGB appears to be moving steadily toward its goal of becoming a central player in regulated digital asset banking across the Middle East.