Singapore Gulf Bank (SGB) had announced a partnership with BNY, joining its correspondent banking network and onboarding to its Fixed Income Brokerage platform. By joining BNY's correspondent banking network, SGB adds a U.S. dollar clearing provider to its expanding network of correspondent banking and payment infrastructure. This relationship strengthens SGB's ability to support real-time, 24/7 settlement for global corporates.
BNY's Fixed Income Brokerage platform now enables the trading of money market funds and U.S. Treasury bills, allowing SGB's crypto-native clients to access U.S. government securities through these funds/instruments. This expansion of SGB's product suite provides clients with an additional option to allocate capital from digital assets into traditional fixed income. This partnership is the latest step in SGB's strategy to build an efficient, compliant banking stack that integrates both digital and traditional currencies.
SGB Net, the bank's proprietary settlement network, is already integrated with J.P. Morgan's Wire 365 to provide rapid, 24/7 USD settlement and clearing. This integration with BNY serves as the institutional vault and trading hub, where funds can be invested into secure assets like U.S. Treasuries.
