Singapore Gulf Bank, a fully licensed digital wholesale bank regulated by the Central Bank of Bahrain and founded by Singapore-based Whampoa Group, has expanded its proprietary clearing network SGB Net to support regulated stablecoin settlement alongside fiat currencies for institutional clients, with digital asset custody and security underpinned by its partnership with Fireblocks. The combined development marks the bank’s most significant infrastructure expansion to date, positioning it as a regulated gateway bridging traditional banking and the digital asset economy across the GCC and Asian markets.
Key Facts At A Glance
- Bank: Singapore Gulf Bank, fully licensed and regulated by the Central Bank of Bahrain
- Founded by: Whampoa Group, a Singapore-based privately held investment firm; backed by Mumtalakat, Bahrain’s sovereign wealth fund
- Fireblocks partnership announced: November 2025; covers digital asset custody, treasury automation, and MPC-based wallet security
- SGB Net stablecoin expansion announced: February 2, 2026
- SGB Net monthly fiat volume: Over US$2 billion, reporting a month-on-month growth rate of 92.64%
- Supported stablecoins: USDC and USDT, across Solana, Ethereum, and Arbitrum blockchains
- Stablecoin access rollout: Scheduled for Q1 2026, for corporate clients only
- SGB is among the initial providers on the Fireblocks Network for Payments, launched in February 2026
The Fireblocks Partnership
Singapore Gulf Bank formally announced its partnership with Fireblocks in November 2025, selecting the enterprise platform to underpin its digital asset custody and treasury operations. Under the arrangement, SGB uses Fireblocks’ infrastructure to execute daily treasury workflows through automated processes, optimize liquidity across multiple accounts and venues, and secure client wallets through Fireblocks’ Multi-Party Computation cryptography combined with secure hardware modules. The MPC architecture is designed to protect against external threats, insider risks, and operational errors, providing institutional-grade security for a bank whose client base includes crypto exchanges, trading firms, payment providers, and businesses operating at the intersection of fiat and digital assets.
Shawn Chan, Chief Executive Officer of Singapore Gulf Bank, described the mandate of the institution as making regulated banking work for the digital asset economy, stating that the Fireblocks integration enables SGB to automate processes, reduce operational risk, and offer clients faster access to services including crypto treasury, on- and off-ramps, and stablecoin transactions. Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, confirmed that SGB is also among the initial participants in the Fireblocks Network for Payments, a global stablecoin payment infrastructure spanning more than 100 countries, including Singapore and Hong Kong, that enables cross-border treasury, remittances, merchant settlements, and payment orchestration across fiat and blockchain rails.
SGB Net Stablecoin Expansion
On February 2, 2026, Singapore Gulf Bank announced the expansion of SGB Net, its proprietary real-time clearing network, to incorporate regulated stablecoin settlement capabilities. The bank described the upgraded platform as a first-of-its-kind bank-operated network for the GCC and Asian markets, combining USD payments and stablecoins within a single regulated banking environment.
The expanded SGB Net will allow corporate clients to mint, convert, hold, and trade leading stablecoins including Circle’s USDC and Tether’s USDT across major blockchains including Solana, Ethereum, and Arbitrum. The system is designed for institutional users and is not being offered as a retail product. The platform includes compliance controls such as Know Your Customer, Know Your Business, and Anti-Money Laundering checks, and digital asset custody for the stablecoin layer is directly supported by the existing Fireblocks partnership.
SGB Net currently processes more than US$2 billion in monthly fiat transaction volume, with the bank reporting an average month-on-month growth rate of 92.64%. Institutional client access to the stablecoin-enabled network is scheduled to begin in Q1 2026, with onboarding coordinated in phases. SGB stated it is working with stablecoin issuers, ecosystem partners, and regulators to establish risk management frameworks and operational guardrails for the service.
Product Roadmap Context
The Fireblocks partnership and SGB Net stablecoin expansion are part of an accelerated product buildout that Singapore Gulf Bank has pursued since introducing its corporate banking services in late 2024. The bank launched the original SGB Net real-time fiat clearing network in May 2025, confirmed the Fireblocks partnership in November 2025, and launched the stablecoin-enabled expansion in February 2026. The bank has also established a correspondent banking account with J.P. Morgan, providing direct access to USD clearing, and previously partnered with Binance Bahrain to offer direct USD transfer services for retail customers linking bank accounts to digital assets.