Singapore Gulf Bank (SGB), a fully licensed digital wholesale bank regulated by the Central Bank of Bahrain (CBB), has selected Fireblocks to power its secure digital asset infrastructure. SGB will leverage the enterprise platform for secure treasury management and digital asset custody, a move designed to bridge traditional financial services and the rapidly growing digital asset economy.
SGB, which is backed by Singaporean investment firm Whampoa Group and the sovereign wealth fund of Bahrain, Mumtalakat, supports global corporate and retail clients. The bank sought a trusted infrastructure provider capable of delivering secure digital asset solutions while meeting rigorous regulatory requirements.
Automating operations and mitigating risk
By integrating Fireblocks, SGB gains access to a secure, scalable platform, allowing it to launch and grow its digital asset offerings. The initial focus is on executing day-to-day treasury operations with automated workflows and optimising liquidity across multiple accounts and venues. The bank plans to expand its digital asset capabilities over time by using Fireblocks for on- and off-ramps and stablecoin issuance.
SGB clients will benefit from institutional-grade wallet protection through Fireblocks’ digital asset platform, which combines Multi-Party Computation (MPC) cryptography with secure hardware to provide multi-layered security. This safeguards against attacks, collusion, and human error, enabling SGB to scale its digital asset operations securely.
Shawn Chan, chief executive officer of Singapore Gulf Bank, stated the bank’s core mandate: “We exist to make regulated banking work for the digital asset economy.” He added that using Fireblocks enables SGB to automate processes, reduce operational risk, and offer clients faster, safer access to digital asset services like crypto treasury, on and off-ramps, and stablecoin transactions. “This helps in supporting trading firms, exchanges, and payment providers with the type of banking experience they need to operate in a regulated environment,” Chan added.
Accessing the global digital asset network
The integration also grants SGB access to the industry’s leading digital asset network, the Fireblocks Network, which is trusted by over 2,400 fintechs, retail apps, PSPs, and institutional traders. This network is considered the global standard for secure stablecoin payment orchestration and efficient crypto trading, providing SGB with seamless connectivity through one interoperable network.
SGB was also named as part of the initial set of providers supporting the launch of the Fireblocks Network for Payments. This system enables institutions to orchestrate global payment flows, such as cross-border treasury, payouts, remittances, and merchant settlements, with complete control across fiat and blockchain rails.
Stephen Richardson, chief strategy officer and head of banking at Fireblocks, noted that SGB is enhancing options in banking by providing secure, reliable access to financial services for digital asset businesses. “With Fireblocks’ enterprise-grade infrastructure, SGB is well positioned to streamline operations, mitigate risk, as well as enable real-time on-chain financial services as demand accelerates,” Richardson commented.
This partnership follows the launch of SGB Net in May 2025, SGB’s own real-time, multi-currency clearing network. By onboarding the full spectrum of participants across the digital economy, both Fireblocks and SGB are working to create a more integrated financial network, enabling institutions to access digital assets with greater security and confidence.
