BNY Mellon announced that Singapore Gulf Bank (SGB) has joined its correspondent banking network and fixed‑income brokerage platform, expanding the firm’s U.S. dollar clearing capabilities and real‑time, multi‑currency settlement options for clients.
SGB is a fully licensed digital wholesale bank headquartered in Bahrain. The bank launched corporate banking services in late 2024 and introduced its proprietary settlement network, SGB Net, in May 2025. SGB Net is integrated with J.P. Morgan’s Wire 365, enabling 24/7 U.S. dollar settlement and clearing.
BNY’s digital‑asset strategy has been in place since the launch of its digital‑asset custody platform in October 2022. The firm also serves as a reserve custodian for major stablecoins, including Circle’s USDC and Ripple’s RLUSD, positioning it as a key player in the growing stable‑coin market.
By adding SGB to its network, BNY strengthens its position as a neutral custodian and extends its reach into the digital‑asset and stable‑coin ecosystem. The partnership also gives SGB clients direct access to U.S. Treasury bills and money‑market funds through BNY’s fixed‑income brokerage platform, creating new cross‑border transaction opportunities.
The integration is expected to increase transaction volume and improve operational efficiency, reinforcing BNY’s competitive moat in the U.S. dollar clearing space. The move aligns with BNY’s platform‑transformation strategy, which seeks to deliver high‑margin solutions across custody, securities services, and market and wealth services.
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