Singapore Gulf Bank, Real-time clearing system without SWIFT ‘SGBNet’ launch

Singapore authorities most proactive in adopting Blockchain technology (Source: MOF)

Singapore-based Gulf Bank (SGB) has officially launched the real-time multi-currency clearing network 'SGBNet' in line with the digital asset era. According to a press release issued on the 1st (local time), SGBNet enables real-time transactions without relying on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system and supports clearing without separate fees.

An SGB official stated, “As the adoption of digital assets is rapidly increasing, it is difficult to meet market demand with existing global payment infrastructure alone,” emphasizing that “SGBNet is the next-generation financial clearing infrastructure filling this gap.”

This platform, in particular, is designed to efficiently facilitate liquidity provision among stablecoin issuers, custody firms, OTC desks, and payment service providers. It is also expected to contribute to improving the speed and transparency of cross-border payments and asset transfers.

SGB revealed its aspirations to establish itself as the center of the digital financial network going forward, announcing plans to expand participating institutions and integrate additional functions into SGBNet.