Manama, Bahrain, 7 February 2026: Singapore Gulf Bank (SGB), a fully licensed bank backed by Whampoa Group and Mumtalakat, has today announced the launch of SGB Virtual Accounts, a new service designed to automate collections and treasury management for corporate customers. 

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The service combines industry-standard Collect-on-behalf-of (COBO) with unique Pay-on-behalf-of (POBO) capabilities, allowing businesses to create unique, structured account identifiers for different payers, invoices, or business units. Whilst virtual accounts have been a staple of the banking industry for decades, SGB’s service introduces instant identification and real time settlement. This allows businesses to move beyond the batch-based reconciliation and reporting latency that remain common in legacy banking systems, whilst reducing human error and providing the ability to quickly scale operations without increasing manual overhead.  

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The service is engineered specifically for tech-forward businesses such as payment service providers and online marketplaces that require regulator aligned end-user fund separation. Furthermore, by operating under a single wholesale banking license, SGB Virtual Accounts offers one unified account framework across SGB’s operating markets, reducing the market-by-market fragmentation common among legacy incumbents. 

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“Our core mission is to solve the structural frictions in the global financial system, and the launch of SGB Virtual Accounts is an important step in that journey,” said Shawn Chan, CEO of SGB. “Global businesses operate continuously across jurisdictions, currencies, and asset classes, and need a unified platform to manage these conditions with ease. Replacing batch-based reconciliation and reporting with instant identification and real-time settlement delivers meaningful operational and scalability benefits for our clients.”

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SGB Virtual Accounts are already being deployed by Fly Wing Technologies Pte Ltd, a wholly owned subsidiary of Matrixport. Using SGB’s Virtual Accounts, Fly Wing’s crypto mining customers can off-ramp crypto, providing them with the liquidity needed to settle costs, such as electricity bills. This reflects how SGB’s Virtual Accounts support operational efficiency for both SGB clients and their end customers.

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This launch marks the latest milestone in SGB’s accelerated product roadmap. The bank introduced its corporate banking services in late 2024, followed by the launch of SGB Net in May 2025. It also integrated with J.P. Morgan’s Wire 365 service in January, granting it direct access to one of the world’s most established USD clearing networks. 

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