Singapore Gulf Bank addresses global financial challenges with the launch of crypto-centric SGB Net.

Singapore Gulf Bank (SGB) has unveiled SGB Net, a real-time clearing system aimed at facilitating digital asset transactions for businesses operating within the Middle East and North Africa (MENA) region.

A statement released on May 1 indicates that this initiative represents a substantial advancement in tackling persistent challenges in cross-border finance, such as settlement delays and elevated transaction costs.

Additionally, this project aligns with the bank’s intention to purchase a stablecoin payment firm this year, thereby broadening its footprint in the burgeoning digital asset sector.

SGB Net

SGB Net enables 24/7 transfers in various currencies, eliminating the dependence on the SWIFT network or conventional banking hours. Consequently, businesses can conduct instant fund transfers with reduced costs and minimal delays.

The bank asserts that SGB Net improves capital efficiency by providing users with direct access to institutional-grade liquidity. It also facilitates immediate conversions between fiat and cryptocurrencies, empowering users to act swiftly and confidently in fluctuating markets.

The platform is welcoming a range of market participants, including cryptocurrency exchanges, stablecoin providers, over-the-counter (OTC) desks, market makers, and prime brokers. This comprehensive network aims to ease the transfer of digital assets and foster an interconnected financial ecosystem.

In addition to transaction processing, the platform provides practical financial solutions for corporate clients. Businesses can automate their payment processes, execute trades instantly, and manage treasury functions more effectively. The bank collaborates with liquidity partners to offer institutional-grade OTC trading with same-day fiat settlements.

Furthermore, SGB highlighted that the platform addresses the needs of underserved markets through its offshore onboarding system, enabling clients to expand into areas with inadequate banking services.

The bank also emphasized that SGB Net can alleviate the impacts of global market volatility by circumventing traditional correspondent banking channels and lowering foreign exchange expenses. This approach enhances cash flow and minimizes geopolitical risks.

SGB intends to roll out sophisticated features such as sub-accounts, off-exchange settlements, and tri-party solutions. These additions will support institutional processes, including cryptocurrency deployment, tokenization, and management of fiat equivalents.