Concept
Singapore Gulf Bank (SGB) is a digital bank holding a wholesale banking licence from the Central Bank of Bahrain — a conventional wholesale bank. Launched in November 2024. "Digital bank" is SGB's own descriptor rather than a licence category: CBB bank licences split into retail and wholesale (conventional and Islamic), while "digital wholesale bank" is a MAS licence class — that is, Singapore's. Despite its name, SGB holds no MAS licence at all: the Singapore component consists of capital, the operational team, and part of the management, while the regulatory domicile is Bahrain.
A specialized bank for digital economy tasks: multi-currency IBAN, fiat-crypto conversion within the banking circuit, digital asset custody, 24/7 settlement, and escrow for cross-border transactions. It does not serve as a replacement for DBS, OCBC, or UOB.
Capital and Management
Dual capital origin:
- Whampoa Group—a Singapore investment holding of the Lee family;
- Mumtalakat—the sovereign wealth fund of the Kingdom of Bahrain.
Board of Directors
- Edmund Lee—Founding Chairman; previously Vice Chairman, Asia Pacific at J.P. Morgan and Chairman and CEO of DBS Vickers Securities.
- Ali Moosa—Executive Vice Chairman; previously Executive Vice Chairman and Regional Head for CEEMEA at J.P. Morgan.
- Shawn Chan—Co-Founder and CEO, running the corporate, retail and digital-assets divisions.
Global Advisory Board
- Amy Lee—Chairman, niece of Lee Kuan Yew and former senior partner at Lee & Lee.
- Randal Quarles—Vice Chairman, Vice Chair of the Federal Reserve for banking supervision in 2017–2021.
Positioning
Bahrain by license, Singapore capital, GCC sovereign backing, and US regulatory expertise at the advisory level.
Regulation
The CBB wholesale licence covers corporate and institutional clients; alongside it SGB has rolled out a retail perimeter—a mobile app, remote onboarding, term deposits and direct USD transfers to exchanges. Bahrain's deposit protection scheme does not reach any of it: the scheme covers retail banks, and SGB is licensed as wholesale. The CBB Crypto-Asset Module from Volume 6 Rulebook grants the right to purchase, sell, deposit, withdraw, and exchange crypto assets within the banking license.
Bahrain developed its digital asset regime in stages:
- 2017—CBB regulatory sandbox;
- 2019—Crypto-Asset Module;
- 2022—amendments for stablecoin issuance;
- 2025—Stablecoin Issuance and Offering (SIO) Module (July 2025): issuance of single-currency stablecoins in BHD, USD and other fiat currencies against 1:1 reserves in cash and HQLA held in segregated accounts with external audit of reserves—principles close to EU MiCA.
Bahrain participates in CRS and FATCA, so non-resident accounts are subject to automatic exchange of tax information.
Correspondents and Security
| Parameter | Value |
|---|---|
| USD clearing | J.P. Morgan—direct correspondent account, 365 days a year |
| Cross-border settlement | Standard Chartered—in 11+ currencies (partnership announced in May 2026) |
| Stablecoins | Circle Alliance—USDC and EURC |
| Information security | SGB states that it applies information-security best practices; see SGB Privacy Notice |
| Digital asset custody | Hot/cold scheme: operational balance in hot wallets, main volume in offline custody via Fireblocks (MPC keys, transaction policies, whitelists) |
Jurisdictions and KYC
SGB is oriented toward international corporate and institutional clients. Citizens and residents of Bahrain are not served under the offshore regime. Iran, Syria, North Korea, Cuba, and Crimea—rejection.
Russia and Belarus are considered selectively: a third-country residence permit, clean source of funds, and non-sanctioned counterparties are required. JPM and Standard Chartered as correspondents add secondary screening—a profile may be rejected at the correspondent level even after CBB compliance approval by SGB.
Typical requirements: foreign passport or residence permit, company website and LinkedIn profiles of key persons, bank statements, tax returns, asset sale agreements, notarized documents, counterparties outside sanctioned jurisdictions.
Products
Multi-currency Corporate Accounts
Legal entities in USD, EUR, SGD, GBP, AED, and other currencies. Target audience—digital economy corporates: crypto fintech, fund managers with digital-assets mandate, stablecoin issuers, payment companies.
Stablecoin Issuance and Redemption
Conversion of fiat to stablecoins and back within the banking cabinet: USDC, USDT, EURC. The operation is reflected in the SGB bank statement alongside fiat movements—a distinction from OTC desks.
Digital Asset Custody
Storage through integration with Fireblocks: MPC keys, transaction policies, whitelists, and institutional settlement networks. Supported: BTC, ETH, USDC, USDT, EURC, and select institutional altcoins.
SGB Net
Proprietary 24/7 real-time settlement network, covering up to 80+ participants: crypto exchanges, OTC desks, stablecoin issuers, and payment companies. Eliminates SWIFT cut-off times and delays in trade settlement.
OTC settlement and escrow address over-the-counter crypto trade settlement with reduced exchange counterparty risk—particularly important for hedge funds and proprietary trading companies after the exchange crises of 2022–2023.
Where SGB Is Appropriate and Where It Is Not
Suitable
- Digital economy company requiring a fiat-crypto circuit in bank statements.
- Stablecoin issuer or fund manager with digital-assets mandate.
- Family office with large crypto assets, if the primary bank does not accept such flows.
- OTC desk, payment company, or treasury with 24/7 settlement.
- Cross-border Asia–Gulf settlement where USD, AED, SGD, and stablecoins are important.
Not Suitable
- Classic Singapore Pte. Ltd. without a digital-assets profile—MAS-regulated DBS, OCBC, or UOB.
- Client requiring statutory deposit protection: Bahrain's scheme does not extend to a wholesale bank.
- Residents of Russia and Belarus without stable third-country residency and clean sanctions profile.
- Structures where the receiving bank in the EU or HK requires only an OECD/MAS-regulated bank as the primary account.
Q/A
Is SGB a Singapore or Bahrain bank
Regulatory—Bahrain. License, AML/CFT, and prudential supervision are with CBB. The Singapore component is Whampoa Group capital and the operational team.
Why not MAS
MAS separates the banking license and Digital Payment Token Service Provider regime. CBB allows combining fiat and crypto in one banking license, so Bahrain is better suited for this product.
How does SGB differ from The Kingdom Bank, EQI Bank, and Nodabank
The Kingdom Bank, EQI Bank, and Nodabank are linked to Dominica FSU. SGB has a CBB license, sovereign backer Mumtalakat, tier-one correspondents, and a focus on institutional digital economy.
What is the minimum entry
No strict public threshold is stated. Practical guideline—corporate and institutional clients with balances from USD 1 million, family offices, and HNW with crypto assets.
Can SGB be used as the primary bank for a Singapore company
Only if the business is related to digital economy, fintech, or crypto. For a regular company, MAS-regulated DBS, OCBC, or UOB are better perceived by correspondents and counterparties.
What does the partnership with Standard Chartered provide
Standard Chartered acts as SGB's correspondent for cross-border settlement in 11+ currencies. Expands the currency map and provides access to EM corridors (Africa, South Asia) within a single banking circuit.