Singapore Gulf Bank Strengthens Global Ambitions, Launches Cutting-Edge Payment Network

Singapore Gulf Bank (SGB), a fully licensed digital bank in the MENA region, is making significant strides in its global expansion strategy with the formation of a star-studded global advisory board and the launch of its innovative real-time, multi-currency clearing network, SGB Net. On Tuesday, SGB announced the appointment of former U.S. Federal Reserve Vice Chair Randal Quarles as vice chairman of its newly established global advisory board. The board will be chaired by Amy Lee, founder of Whampoa Group, a key backer of SGB alongside Bahrain's sovereign wealth fund Mumtalakat. Randal Quarles (Image: Wikicommons)The board boasts an impressive roster of members, including Fan Min, co-founder of China's largest online travel agency Ctrip; Louis Cheung, founding CEO of Boyu Capital; Shaikh Mohamed Khalifa Al Khalifa, CEO of Beyon Digital; Wu Jihan, chairman of Matrixport; and Fan Yurong, president of the Jiangsu General Chamber of Commerce. This diverse and influential group will provide guidance as SGB expands its reach and services globally, the bank said.This announcement follows the 1 May launch of SGB Net, a payment network designed to cater to the unique operational needs of digital asset participants. SGB Net offers instant, free transfers around the clock, eliminating the traditional constraints of SWIFT and banking hours.SGB Net's key features include zero transaction fees, real-time settlements, and comprehensive banking services tailored for the digital economy, such as treasury, payroll, and vendor payout automation. The network also enhances capital efficiency by providing access to liquidity through SGB Net partner providers at institutional-grade spreads, API-enabled fiat-crypto on/off ramps, and 24/7/365 direct settlements. Beyond payments, SGB Net facilitates a range of real-world applications for corporate clients, including automated treasury and payroll management, institutional-grade OTC trading with instant fiat settlements, and accelerated liquidity across key counterparties. The platform also extends clients' market reach by leveraging SGB's regulatory offshore onboarding capabilities to serve previously underserved markets, reducing FX costs and geopolitical exposure in the face of rising trade uncertainties. Stay ahead of the curve. Join the Blockhead community on Telegram @blockheadco