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- Singapore Gulf Bank has named ex-U.S. Federal Reserve Vice Chair Randal Quarles as Vice Chairman of its new global advisory board.
- The board supports the bank’s international expansion and includes leaders from finance, tech, and digital innovation.
- SGB Net, the bank’s clearing network, enables instant, borderless financial transactions for the digital economy.
Singapore Gulf Bank (SGB) has taken a decisive step to strengthen its international presence. The digital bank, which is also expanding its footprint in the crypto and digital assets space, has formed a global advisory board to support its strategic expansion beyond the MENA region.
Central to the initiative is the new hire of Randal Quarles as the board’s Vice Chairman. A former U.S. Federal Reserve Vice Chair, Quarles has an extensive background in the fields of international finance and regulatory policy.
His leadership will guide SGB as it grows across the borders. Chaired by Amy Lee, the founder of Whampoa Group and a major supporter of SGB, the board includes other new members with considerable experience in the fields of travel, digital assets, and private equity.
This board isn’t symbolic. It illustrates SGB’s vision to transform banking worldwide through digital tools. The advisors will provide strategic input as the bank moves into markets in Asia, the Middle East, and other areas.
Frictionless Crypto-Fiat Transfers with SGB Net
Not only is SGB developing leadership. It’s developing infrastructure. It recently rolled out SGB Net, a real-time multi-currency clearing system. It’s a system that will accommodate the speedy needs of today’s digital finance participants.
SGB Net functions 24/7. SGB enables instant cost-free transactions among users. It eliminates traditional bank stumbling blocks such as the payment of fees for a transaction and working hours. It does not use old systems such as SWIFT and therefore ensures clients have quicker access to the cash and better liquidity management.
The network integrates a diverse group of participants. These participants encompass crypto exchanges, stablecoin issuers, desks that deal over the counter, and prime brokers. Its architecture enables clients to transition between fiat and cryptocurrencies easily and securely.
A Regulated Gateway for Emerging Market Clients
SGB’s expansion also heralds a new way in which banks serve global digital customers. With the support of Bahrain’s sovereign wealth fund as well as the Singapore-based Whampoa Group, SGB represents a regulated means of onboarding international clients, particularly in emerging markets.
Through APIs for payroll services, payment to vendors, and institutional OTC trading, the bank targets real business purposes. It helps firms send money abroad quicker, cheaper, and fewer hurdles.
SGB’s future features of triparty services and named sub-accounts will enable even more advanced operations. Its model integrates robust compliance and innovative technologies.
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