Singapore Gulf Bank CEO Shawn Chan on Asia–GCC Payments, Digital Banking and the Rise of Stablecoin Settlements

When Shawn Chan speaks about digital-asset banking, he speaks with the precision of a lawyer who has spent the past decade straddling two worlds: traditional finance and blockchain.

Today, as CEO of Singapore Gulf Bank (SGB), Chan sits at the centre of one of the fastest-growing financial corridors in the world — linking Asia with the Gulf. In an interview with CryptoNews, Chan shared his journey from corporate law into digital banking, the bank’s regulatory strategy, and the extraordinary acceleration he is seeing in stablecoin-based settlements.

From Corporate Lawyer to Digital-Asset Bank CEO

Chan’s entry into the world of crypto began much earlier than SGB. “I am a lawyer by profession. Most of my legal career has been on the corporate side of things — corporate finance, financial regulations, compliance,” he said.

His first encounter with Bitcoin came in London in 2015, when his wife — then studying FinTech innovation — introduced him to the concept. “She told me, have you heard of this thing called Bitcoin? Let’s go meet this Bitcoin evangelist.” Outside the café was a Bitcoin ATM. “That’s when I bought my first Bitcoin… I have no idea where it is now,” he laughed.

Back in Singapore, he began advising blockchain clients at the height of the ICO wave in 2016–2017, which gradually pulled him deeper into the industry. His legal expertise and growing exposure to crypto founders eventually intersected with Whampoa Group, a private investment office linked to prominent Singaporean families. Chan initially worked with them as external counsel on a digital-bank licence application in Singapore.

That bid was unsuccessful, but the experience — and Whampoa’s appetite — laid the foundation for a bigger ambition.

Why Bahrain — and Not Singapore or Dubai

SGB’s eventual launch in Bahrain was not accidental. Chan explained that the move followed conversations with the Bahrain Economic Development Board and a shared vision around digital finance.

He emphasised the strength of Bahrain’s regulatory structure: “One great thing about Bahrain — similar to Singapore — is that they have one super regulator.” The Central Bank of Bahrain oversees banks, capital markets, and crypto-asset service providers, creating consistency across financial verticals.

This single-regulator model matters, Chan said, because digital banks increasingly operate across multiple activities. In jurisdictions where different regulators oversee different segments, “there might be gaps and dislocations.” Bahrain’s integrated approach offered clarity — and speed.

Building a Bank for Both Traditional Finance and Web3

Singapore Gulf Bank was licensed in Bahrain with the intention of operating globally while focusing on the Asia–Gulf Cooperation Council (GCC) corridor. The bank works with both crypto-native and traditional payments clients, reflecting Chan’s belief that the two universes are converging.

Chan stated that a compliance-first approach is closely aligned with the strategic vision of SGB’s leadership. “There is a very strong sense of being compliance-first — prioritising security and compliance. That is not incompatible with innovation,” he said. The bank seeks to bridge the long-standing divide between crypto companies and traditional banks, which for years operated “like two different universes.”

Better tools have made this possible. Chan noted that wallet infrastructure, counterparty analytics and AML solutions have strengthened considerably in recent years. “You can never be 100% sure, but today is a much better time to do this business than before,” he said.

The global regulatory landscape is also maturing. He pointed to increasing consistency in AML, KYC and security standards as more jurisdictions release crypto regulations. That gradual convergence gives banks more confidence to onboard clients engaged in digital-asset activity.

Partnerships with Binance and Fireblocks

SGB has positioned itself as one of the few banks in the region willing — and licensed — to work closely with digital-asset platforms. The bank has publicly announced its collaboration with Binance through its “SGB Link” integration.

“If an SGB client wants a Binance account, they can work through us,” Chan explained. Through SGB’s app, users can request a Binance trading account and fund it directly from their SGB bank account. “You can directly debit your dollars in the SGB account and fund your crypto trade in Binance,” and vice vera.

SGB has also partnered with Fireblocks, which provides the wallet infrastructure for the bank’s forthcoming digital-asset related services. Chan said SGB is “in preparation mode” and will launch new products once regulatory approvals are finalised.

Stablecoins Are Transforming Global Payments — Faster Than Expected

One of Chan’s most striking observations is the speed at which stablecoin-based settlements are overtaking traditional payment rails.

He said adoption is “100%” happening both in crypto markets and among traditional corporates. When SGB launched, the team assumed most early clients would be crypto-native. Instead, “close to half of our clients are from the traditional payments industry,” he said.

Many of these clients operate in cross-border trade — exporting goods from China or Southeast Asia to Africa, the Middle East, or Latin America. For them, stablecoins offer predictable transaction speeds and sometimes lower fees than correspondent banking networks.

Chan noted that many merchants “do not even have a clue that stablecoins played a role in their payments.” Payment companies simply route transactions through the most efficient rails — increasingly through stablecoins.

He believes the trend is only accelerating. “The direction is clear. The impact we have to see. It’s definitely going to be big.” Even card networks are exploring stablecoin settlement options, which Chan described as “massive” in scale.

Looking Ahead: A Bank Positioned for the Next Wave of Adoption

Chan sees Singapore Gulf Bank playing a pivotal role in both of its strategic missions: bridging traditional and digital finance, and connecting Asia with the Gulf.

“Our ambition is to be the top player in this space,” he said. Beyond crypto trading flows, SGB aims to support cross-border commerce, institutional adoption of stablecoins, and the integration of new payment technologies into real-world economic activity.

For Chan — the corporate lawyer who once bought his first Bitcoin outside a London café — the convergence of these worlds feels both inevitable and timely. As the Asia–GCC corridor grows, SGB is betting on being the institution that finally brings the two financial universes together.