Foresight News , SGB Bank, a licensed bank in Singapore backed by Whampoa Group and Mumtalakat, has announced the launch of a virtual account service. This service aims to automate collection and funds management for corporate clients, integrating COBO (Collection on Behalf) and POBO (Payment on Behalf) functions, supporting instant identification and real-time settlement. The service primarily targets payment service providers and technology companies such as online marketplaces, meeting their needs for end-user fund segregation in compliance with regulatory requirements. Currently, Matrixport's wholly-owned subsidiary, Fly Wing Technologies, has deployed the service, allowing its cryptocurrency mining clients to monetize their crypto assets to cover operating costs.
Gulf Bank in Singapore launches real-time virtual account service to automate fund management
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