Singapore Gulf Bank launches real-time virtual account service to automate fund management
Foresight News reported that Singapore Gulf Bank (SGB), a licensed bank supported by Huangpu Group and Mumtalakat, has announced the launch of its virtual account service. This service aims to provide corporate clients with automated collection and fund management, integrating collection-on-behalf-of (COBO) and payment-on-behalf-of (POBO) functions, supporting instant identification and real-time settlement. The service is mainly targeted at technology companies such as payment service providers and online marketplaces, meeting their needs for regulatory-compliant end-user fund segregation. Currently, Fly Wing Technologies, a wholly-owned subsidiary of Matrixport, has deployed and applied this service, enabling its cryptocurrency mining clients to liquidate crypto assets to pay for operational costs.
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