Aquanow and SGB Partner to Enhance Fiat Banking for Digital Asset Sector in MENA
SGB, backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Whampoa Group, is the only bank in the MENA region authorised to digitally onboard clients worldwide.
Through the partnership, Aquanow's clients, including exchanges, payment providers, over-the-counter (OTC) desks, neobanks, and fintech firms, will be able to open USD bank accounts, settle trades, and transfer funds by using SGB's full SWIFT membership and regulatory status.
The arrangement allows for the movement of assets in major currencies such as USD, AED, SAR, BHD, SGD, EUR, HKD, and CNH on a 24/7 basis.
Aquanow's digital asset services will also be integrated with SGB's regulated banking network and real-time settlement platform, SGB Net, enabling on- and off-ramping between crypto and fiat.
'As digital assets become part of everyday financial operations, institutions need more than access, they need reliable, compliant infrastructure to operate at scale,'
said Phil Sham, CEO and Co-Founder of Aquanow.
'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 collaboration comes as institutional adoption of digital assets grows, particularly in MENA and Asia, where progressive regulatory frameworks and demand for blockchain-based financial services are increasing.
The integration is expected to pave the way for future fiat-crypto conversion features within SGB's platform, extending functionality for both retail and institutional account holders.
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