Aquanow, a digital asset infrastructure provider based in Canada, has partnered with SGB, a digital bank approved by the Central Bank of Bahrain, to enhance access to fiat banking services for institutional and enterprise participants in the digital asset sector.
SGB, backed by Bahrain’s wealth fund Mumtalakat and Singapore’s Whampoa Group, is the only bank in the Middle East and North Africa (MENA) allowed to digitally sign up clients worldwide.
This partnership allows Aquanow’s clients, which include cryptocurrency exchanges, payment companies, trading desks, digital banks, and fintech firms, to open USD bank accounts. They can also settle trades and transfer funds using SGB’s official banking status and SWIFT membership.
As per the official statement, transactions can be conducted 24/7 by businesses in major currencies, including USD, AED, SAR, BHD, SGD, EUR, HKD, and CNH. Additionally, Aquanow’s crypto services will also connect with SGB’s secure banking network and its rapid payment platform, SGB Net. The connection will facilitate switching between cryptocurrencies and fiat currency.
Phil Sham, CEO and Co-Founder of Aquanow, stated that, “As digital assets become part of everyday financial operations, institutions need more than access – they need reliable, compliant infrastructure to operate at scale.”
He further added that, “Our partnership with SGB addresses that head-on. By integrating with a regulated institution like SGB, we will enable a more crypto-friendly banking environment for various stakeholders. This is a critical step in closing infrastructure gaps and unlocking a more seamless, borderless financial system for our clients.”
Shawn Chan, CEO of SGB, said, “Our partnership with Aquanow marks a significant step forward in bridging digital assets with regulated banking infrastructure. By combining Aquanow’s institutional-grade platform with SGB’s banking capabilities and global onboarding reach, we’re facilitating seamless access to fiat for digital asset users.”
The partnership between Aquanow and SGB comes with increased institutional adoption and progressive rules for digital assets in the Middle East, North Africa (MENA) and Asia. The collaboration will make it easier to convert between fiat and cryptocurrencies on SGB’s platform. The firm aims to benefit both everyday customers and large businesses.
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