By Our Correspondent
Singapore Gulf Bank (SGB) has introduced SGB Net, a continuous, multi-currency clearing network designed for digital asset participants. As the demand for rapid and cost-effective cross-border transactions increases among crypto firms, SGB Net provides an effective solution. It facilitates immediate, fee-free transactions without dependence on SWIFT or conventional banking hours.
The network is open to a diverse array of financial entities, from crypto exchanges to market makers. This initiative represents a significant step in integrating the digital economy in ways that traditional banks have not achieved. With its 24/7 operation and absence of transaction fees, SGB Net aspires to serve as the foundational financial infrastructure for digital asset activities globally.
At its essence, SGB Net is engineered for speed and efficiency. Transactions that previously required days and incurred substantial costs can now be executed in real-time without any fees. What distinguishes SGB is not merely its speed; the platform also provides offshore corporate and personal accounts, automated payroll solutions, and instantaneous vendor payments. These features cater to both agile crypto startups and large trading entities. For instance, a stablecoin issuer operating throughout Asia can now promptly send and settle USD-equivalent payments to partners, circumventing the typical delays and expenses associated with SWIFT transactions.
Recently, digital-first banks like SGB have been rapidly gaining popularity in regions with progressive regulations such as Singapore, particularly as traditional banking institutions become hesitant to serve crypto clients. Additionally, SGB Net offers users access to liquidity through partner providers with institutional-grade spreads, while facilitating API-enabled fiat-to-crypto on/off ramps. Whether for OTC desks requiring swift cash settlements or token issuers transferring funds internationally, SGB Net is strategically positioned to streamline these processes.
