Fly Wing and Singapore Gulf Bank Partner to Enhance Global Crypto-Fiat Settlement
Fly Wing Technologies Pte Ltd (Fly Wing), the Singapore-licensed Over-the-Counter (OTC) subsidiary of the crypto financial services platform Matrixport, has announced a strategic partnership with the regulated international digital bank Singapore Gulf Bank (SGB). This collaboration is designed to significantly strengthen global settlement channels and financial infrastructure for institutional clients operating in the digital asset space. The partnership focuses on bridging the operational gap between fiat banking and the crypto economy by leveraging the unique regulatory positions and geographical reach of both entities, providing a compliant pathway for large-volume transactions between the two worlds.
Regulated Settlement for Institutional OTC Clients
The core of the agreement centers on enhancing seamless fiat settlement for OTC trading. Fly Wing, which holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for Digital Payment Token services, will now leverage SGB’s established enterprise banking and cross-border settlement capabilities. This arrangement provides institutional clients engaged in large-volume OTC crypto trading with access to flexible and reliable fund settlement answers. Unlike pure crypto platforms, Fly Wing completes large OTC transactions via secure bank transfers, ensuring enhanced security, counterparty risk mitigation, and robust compliance necessary for institutional adoption. Singapore Gulf Bank (SGB), which is a fully licensed digital wholesale bank regulated by the Central Bank of Bahrain (CBB), solidifies its role as a vital financial artery connecting the crypto market with traditional finance (TradFi) across Asia and the Middle East-North Africa (MENA) region. The ability to manage these complex, multi-jurisdictional settlements under regulated banking licenses addresses a key pain point for global crypto firms.
SGB’s Digital Asset Strategy and Infrastructure Integration
This partnership with Fly Wing is the latest in a series of strategic moves by SGB to position itself as the leading regulated bridge for the global digital asset industry. The bank, backed by Singapore’s Whampoa Group and Bahrain’s sovereign wealth fund Mumtalakat, is actively building a unified platform for corporate clients. SGB provides secure, regulated banking services, including transaction and savings accounts, and real-time, multi-currency clearing services via its SGB Net platform. The integration with Fly Wing’s licensed OTC operations further strengthens this ecosystem, creating a robust, end-to-end infrastructure for institutions viewking compliant pathways for their digital asset and cross-border financial needs. Previously, SGB partnered with another Matrixport subsidiary, Cactus Custody, to offer regulated fiat custody with 24/7 instant access, and utilizes Fireblocks’ digital asset platform for its secure wallet and treasury management infrastructure. This commitment to institutional-grade security and compliance across all components of the digital asset lifecycle allows corporate clients to manage both conventional and digital assets seamlessly under a consistent, regulated framework.
