Market News

Fireblocks Partners with Singapore Gulf Bank to Revolutionize Digital Asset Banking

Singapore Gulf Bank (SGB) has announced a strategic partnership with Fireblocks to enhance its digital asset infrastructure for treasury management and custody.

This collaboration aims to position SGB as a leading regulated bank in the Middle East, bridging the gap between traditional finance and the burgeoning digital asset economy.

Fireblocks will enable SGB to implement secure wallets and automate its crypto treasury operations, facilitating a robust ecosystem for regulated stablecoin infrastructure.

The partnership also sets the stage for future innovations, including on- and off-ramps, stablecoin issuance, and various blockchain-based services that will streamline client interactions with digital assets.

SGB's move to adopt Fireblocks’ enterprise-grade infrastructure is pivotal, leveraging Multi-Party Computation (MPC) technology to secure client wallets against potential threats.

Shawn Chan, CEO of SGB, emphasized that this partnership allows the bank to automate processes and provide clients with safer access to crucial financial services in the digital realm.

Moreover, the Fireblocks network enhances secure asset transfers and stablecoin payments, ensuring clients have seamless access to institutional liquidity.

Stephen Richardson, Chief Strategy Officer at Fireblocks, highlighted the benefits of streamlined operations and real-time financial services as demand within the digital asset space grows.

This partnership follows SGB’s recent launch of a multi-currency clearing network and collaborations aimed at simplifying fund movement between traditional banking and digital assets.

By linking directly with platforms like Binance Bahrain, SGB is paving the way for significant advancements in the Gulf region's financial landscape.