Singapore Gulf Bank Launches as Bahrain-Based Digital Bank Offering Fiat and Crypto Services
The bank opened in 2024 after a partnership between Whampoa Group and Mumtalakat. It recorded more than $4 billion in deposits and $12 billion in transaction volume during 2025.
fortune.comSingapore Gulf Bank began operations in 2024 as a Bahrain-based digital bank that provides access to both traditional and digital assets. The institution resulted from a partnership between the Whampoa Group and Mumtalakat. Amy Lee, who chairs the bank's global advisory board, said the entity seeks to serve growing trade between Asia and the Gulf region.
That trade reached $516 billion in 2024, according to an Asia House analysis released in November 2025.
The bank obtained its license in Bahrain after the partners evaluated several jurisdictions. Officials in Bahrain maintain multiple regulatory bodies that oversee digital-asset activity, including the Central Bank of Bahrain. Lee stated that the regulatory framework allows continuous operations.
In February 2026 the bank added a stablecoin settlement layer to its SGB Net platform, enabling clients to mint, convert, hold, and trade assets such as USDT and USDC.
The bank has formed correspondent relationships with traditional institutions and digital-asset firms. It reported more than $4 billion in deposits and $12 billion in transaction value during 2025.
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