- SGB Net enables instant, free transfers across global digital asset markets.
- The platform supports complex corporate workflows with automated treasury and payroll functions.
- SGB Net helps mitigate FX costs and geopolitical risks in the digital asset economy.
Singapore Gulf Bank (SGB) has unveiled a new digital service for businesses within the digital asset economy. Dubbed as the SGB Net, it is a real-time multi-currency clearing platform that allows for instant fee-free transfer without the use of SWIFT or traditional banking infrastructure. The idea is to solve long-standing challenges in global finance, including high transaction costs and long settlement times.
Real-Time, Fee-Free Transfers
As per the statement, SGB Net presents a unique opportunity to businesses dealing with digital asset transactions. It enables users to send funds 24/7 with no transaction fees. Through the platform, users can enjoy faster and more efficient transfers without involving traditional financial systems like the SWIFT network. As a result, businesses can now run more dynamically and adhere to a lower cost basis, making for much greater capital efficiency.
SGB Net’s API enabled infrastructure allows for both fiat and crypto transactions. This makes for seamless, instantaneous fiat-to-crypto conversions and institutional-grade spreads for liquidity. This makes operations smoother and enables businesses to work faster in a volatile digital asset market. In addition, the platform enables a wide variety of participants, including crypto exchanges, stablecoin issuers, OTC desks and prime brokers.
Enhancing Corporate Operations
In addition to digital asset transaction facilitation, SGB Net provides real-world use cases for corporate clients. Businesses can automate treasury functions, payroll systems and vendor payments through API integrated solutions. A few features include optimizing cash flow, lowering operational costs, and improving business efficiency.
In addition, SGB Net provides institutional-grade over-the-counter (OTC) trading. The platform, which is set up with help from leading liquidity partners, allows same-day fiat settlements to give the company easy and fast access to funds. In addition, offshore onboarding capabilities open new opportunities for global trade. These services are essential for connecting markets that have poor access to traditional banking services.
The capabilities of SGB Net go well beyond financial transactions. Moreover, it can aid businesses to diminish foreign exchange costs, which is enormously significant amid increasing uncertainties of global trade. Moreover, the platform’s bypass of SWIFT and reduced reliance on correspondent banks helps to mitigate geopolitical risks. This is a powerful tool for companies operating in the global market, particularly those related to the digital economy.
Expanding Market Reach
Through its innovative approach of clearing and settlement, SGB Net provides solutions to some of the key challenges with cross-border payments. By removing transaction fees and decreasing the period for settlement, the platform gives businesses an edge over their competitors. In addition, its capability to function without the standard banking constraints allows it to offer market access to areas that to date haven’t had access to banking infrastructure.
In addition, the platform can seamlessly integrate with blockchain technology to benefit from the decentralized network’s flexibility and security. In particular, participants in the rapidly evolving digital asset market can benefit as they need real-time settlements and better liquidity.
SGB aims to continue expanding the capabilities of SGB Net over the next few months. This includes added features like subaccounts, off-exchange settlements and triparty services to facilitate institutional workflows. These will also make it easier and more reliable for businesses to manage their crypto, tokenized assets and fiat equivalents.
