Singapore Gulf Bank (SGB) announced the opening of its corporate banking services on the fringes of Gateway Gulf 2024, being the first to do so in the Bahrain. At the moment, SGB is backed by the independent investment group Whampoa and the sovereign wealth fund Mumtalakat of the Kingdom of Bahrain.
The new feature will come as Bahrain embarks the journey of rise in crypto based customers.
SGB To Offers Remote Digital Onboarding Solutions For Client
With complete regulatory approval from the Central Bank of Bahrain, SGB will offer corporate clients in the digital economy comprehensive digital banking services so they can manage their digital and traditional financial assets on a single platform.
SGB will provide clients all over the world with remote digital onboarding solutions. SGB intends to make its digital banking services available to individual clients by the end of the year.
Additionally, SGB will offer a real-time settlement network, digital asset custody, and user-friendly trading solutions in addition to standard corporate banking services, all supported by strong AML/KYC procedures. This makes it easier for businesses to participate in the digital economy by allowing them to manage their finances flexibly, whether they are digital or traditional assets.
H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain.
He added, “As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”
SGB’s New Feature Stays In Tandem With Middle East Crypto Growth
Bahrain, being a part of the Middle East is seeing a rise in crypto users and a heightened optimism. The crypto industry’s user base and operational capacity have grown dramatically in the Middle East and North Africa region. The MENA region is expected to have the seventh-largest cryptocurrency market globally by 2024, with roughly $338.7 billion in on-chain value received between July 2023 and June 2024, or 7.5% of the worldwide transaction volume.
The majority of cryptocurrency activity in the MENA region is driven by professional and institutional activity with purchases totaling $10,000 or more account for 93% of all value transferred.
Governments in the region are genuinely trying to create regulatory frameworks that strike a balance between innovation and essential safeguards as the global cryptocurrency markets recover.