Singapore Gulf Bank (SGB) launched a personal banking service, allowing integrated crypto trading, particularly along with advanced forex (forex) services.
With this expansion, SGB aims to fill traditional banking operations with digital asset financing, addressing customers looking for global transaction options. Banking moves are consistent with the latest trends incorporating blockchain technology to meet clients’ financial needs in established banks.
How will SGB hybrid models challenge Fintech?
According to the bank’s announcement, the new SGB personal banking offerings include features such as global wire transfers, multi-currency foreign exchange capabilities, and cryptocurrency payment channels.
Customers can now trade in selected digital currencies through multiple Fiat currencies and bank platforms using SGB-issued payment cards. The initiative demonstrates the SGB’s intention to compete directly in the field of cross-border payments, both for established fintech players such as Revolut and Wirex, and professional Swiss digital asset banks such as Seba and Sygnum.
Related: Singapore’s Wanpore Group is planning a digital bank in Bahrain
SGB is supported by Bahrain’s sovereign wealth fund Mumatarakat and Singapore’s private investment company Whampoa Group. Such strong support will increase banks’ credibility as they expand within the competitive global banking sector.
What is the regulatory environment for Crypto’s Bahrain?
The launch of SGB is due to the cryptocurrency sector gaining significant traction within Bahrain, currently accounting for 7% of the market.
Related: Former JP Morgan Regional Head joins Bahrain’s digital bank
The Bahrain Central Bank (CBB) first issued detailed crypto asset module regulations in 2019. Further amended in 2023, CBB’s module addressed subsequent market development, strengthened rules on investor protection, and also included regulations that officially cover the provision of digital tokens within the scope of supervision.
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