Singapore Gulf Bank, licensed by the Central Bank of Bahrain, has introduced SGB Net—a multi-currency clearing network for digital assets, launched on May 1.
Launch of SGB Net
SGB Net is a multi-currency clearing network that enables zero-fee transfers at any time of day. The bank aims to bypass many constraints associated with traditional financial infrastructure, such as the SWIFT network.
Functionality and Benefits
Network participants can access API-powered instant fiat-to-crypto on-and-off-ramp services. The bank emphasizes that SGB Net helps eliminate pain points in global transfers, such as long settlement times and high fees.
Bank’s Future and Stablecoin Ventures
Singapore Gulf Bank also appears poised to enter the stablecoin market. Reports indicate that the bank is seeking to raise $50 million to purchase a stablecoin payments firm in 2025.
The launch of SGB Net marks a significant step in enhancing financial connectivity between MENA and Asian markets, potentially deepening integration within the digital asset sector.
