Traditional banks are finding it difficult to meet the quickly changing demands of contemporary investors as digital assets like Bitcoin and Ethereum transform the financial landscape. Even though the value of the global cryptocurrency market shrank to $2.63 trillion as of April 2025, it is still a vital component of the financial system. However, a significant gap still exists: according to a recent Bitpanda survey, 40% of institutional investors have already made their foray into the cryptocurrency market, while just 20% of European banks provide digital asset services.
Singapore Gulf Bank (SGB) is establishing itself as a leader in this change. SGB, which has its headquarters in Bahrain and is supported by investors from Singapore, is revolutionizing banking by fusing digital asset services with a strong regulatory environment. Serving the underprivileged—crypto users, digital nomads, and innovators shut out of the conventional financial system—is its goal.
A Bank Born for the Digital Era
The tech-forward investment company Whampoa Group, based in Singapore and run by Lee Runying and Lee Hans, descendants of the country’s financial and political elite, is the parent company of Singapore Gulf Bank, which was established in late 2023. The Central Bank of Bahrain granted the bank a license, and the nation’s sovereign wealth fund, Mumtalakat, invested in it. The bank immediately acquired popularity. SGB became a nationwide fintech effort as a result of this backing.
On November 4, 2024, SGB, alongside the Central Bank of Bahrain and the Bahrain Economic Development Board, launched corporate banking services tailored to the global digital economy. This made SGB the first licensed bank in Bahrain to offer full-service crypto-compatible banking.
In April 2025, SGB took its next major step—rolling out personal banking services through an invitation-only model. As the first regulated bank in the MENA region to offer fully remote account openings, SGB now serves individuals worldwide, integrating traditional and digital finance under one roof.
Breaking the Mold of Traditional Banking
SGB’s services are built for a borderless, 24/7 economy. Under the oversight of the Central Bank of Bahrain, the bank allows users—from startup founders to international freelancers—to open accounts remotely, facilitating cross-border payments and settlements without the red tape of legacy banking.
These accounts are crypto-friendly by design. Customers can receive salaries in fiat or crypto, and access functions like payments, transfers, and investments. By integrating directly with top-tier licensed exchanges, SGB enables seamless, secure conversion between fiat and digital currencies in real time.
When it comes to international transfers, SGB leverages a combination of wire transfers, proprietary banking cards, and crypto rails to offer fast, low-cost remittance services—ideal for students, business travelers, and global entrepreneurs. It also provides investment products ranging from high-yield savings accounts (up to 4% annual interest) to exclusive opportunities across Asia and the MENA region.
SGB’s in-house settlement network offers 24/7 real-time payments, enhancing efficiency for both individual users and institutions with high-frequency transaction needs. Its fee-free instant transfers mark a notable upgrade from the slow, expensive models of legacy banks.
Building the Blueprint for Next-Gen Banking
Chairman Lee Youqiang, a veteran of DBS Vickers and JPMorgan Chase Asia Pacific, makes it clear: SGB isn’t here to compete head-on with legacy banks—it’s carving out new territory. “We’re not trying to replace traditional banking. We’re building something different for customers who haven’t been properly served,” Lee said in an interview with Lianhe Zaobao.
This new model is based on cutting-edge technologies. SGB employs AI to automate identity verification and fuel its risk control systems, allowing for safe, legal, and effective onboarding. SGB is able to provide a unified banking interface to a genuinely global audience because of the combination of digital finance and regulatory rigor.
Unlike crypto exchanges, SGB isn’t positioning cryptocurrency as a speculative asset. Rather, it sees it as a tool for facilitating global commerce. That philosophy informs its focus on crypto-native users and businesses looking for robust, compliant financial infrastructure.
Compliance remains central to the bank’s model. Every transaction—whether in fiat or digital currency—is subject to strict AML and KYC checks. SGB adheres to both international and regional standards, ensuring that its operations remain above board as global regulators tighten oversight of the crypto sector.
A Vision for the Future
Lee Youqiang’s ambition is clear: to turn SGB into the leading digital bank for the next generation. With decades of experience in conventional finance, he’s now leading a bold experiment—one that blends crypto flexibility, cross-border capability, and strict regulatory discipline into a single, seamless platform.
There are still obstacles to overcome, such as managing changing laws and expanding technology infrastructure. However, Singapore Gulf Bank is becoming a significant player in the competition to shape the banking industry’s future thanks to a strategy based on innovation and distinctiveness.
As digital asset adoption accelerates, SGB is proving that compliance and crypto can, in fact, coexist—and thrive.
