Singapore Gulf Bank taps Fireblocks to bridge tradFi to DeFi

As traditional finance (tradFi) and crypto converge, banks are increasingly focused on integrating crypto services. An example of this trend can be observed in Singapore Gulf Bank (SGB), which is actively working to bridge the gap between these two financial worlds.

Singapore Gulf Bank (SGB), licensed in Bahrain, has partnered with Fireblocks to expand its crypto services. The collaboration involves leveraging Fireblocks’ infrastructure for custody, fiat ramps, and stablecoin issuance.

According to Shawn Chan, CEO of SGB, this partnership will enable the bank to provide a stable and regulated banking experience for crypto companies, including exchanges, trading firms, and payment providers. Chan stated, “We exist to make regulated banking work for the digital asset economy.”

With Fireblocks’ enterprise-grade infrastructure, SGB aims to:

• Automate processes
• Reduce operational risks
• Offer clients faster and safer access to digital asset services such as crypto treasury, on/off-ramps, and stablecoin transactions.

Chan specifically highlighted how this partnership accelerates access to secure digital asset services for the bank's clientele.

SGB is backed by Bahrain’s sovereign wealth fund, Mumtalakat, and Singapore’s Whampoa Group, signaling robust financial support for its initiatives. The integration of Fireblocks technologies showcases the ongoing convergence between traditional finance (tradFi) and decentralized finance (DeFi).

According to Stephen Richardson, CSO and Head of Banking at Fireblocks, “SGB is enhancing options in banking by providing secure, reliable access to financial services for digital asset businesses.” Fireblocks’ infrastructure will allow SGB to streamline operations, mitigate risks, and enable real-time on-chain financial services.

Earlier this year, Singapore Gulf Bank introduced SGB Net, a real-time, multi-currency clearing network created specifically for digital asset firms. This network furthers SGB’s commitment to supporting businesses operating within the digital asset economy.

The integration between SGB and Fireblocks is a clear indicator of the growing demand for secure, regulated financial solutions in the digital asset space. As traditional banks like SGB adopt advanced crypto technologies, the line between tradFi and DeFi continues to blur, paving the way for innovative banking solutions in the future.