Singapore Gulf Bank has launched a virtual account to automate corporate collections and treasury cash management operations.
COBO and POBO functionality enables structured account identification for payer, invoice, and business unit tracking.
Fly Wing Technologies has adopted SGB Virtual Accounts to address its cryptocurrency off-ramp and operational payment clearing needs.
Singapore Gulf Bank has launched a new virtual account service to help businesses manage payments more easily. The system helps businesses collect money, track payments, and reconcile records in real-time.
On the other hand, this speeds up payment operations and reduces delays caused by manual processing.
Singapore virtual account service launched
According to an announcement on February 7, Singapore Gulf Bank has introduced a virtual account framework to help corporate customers manage collections and payments more efficiently. This service is built for businesses that process high volume transactions and need to understand deposits faster.
However, the bank said the new settings are designed to simplify financial workflows by reducing reconciliation gaps and improving payment identification speed.
The new system combines proxy collection and proxy payment functions within one account structure. Businesses can generate unique identifiers for each payer, invoice, or internal unit. This allows all payments to be automatically tagged and matched without extensive manual checks.
Singapore Gulf Bank (SGB) has announced the launch of the SGB Virtual Account, which provides automated collections and cash management for businesses. This service combines collect on behalf of (COBO) and pay on behalf of (POBO) features to enable unique structured account identification.
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Structured account labels allow finance teams to quickly track who paid and why, rather than reviewing mixed transfers line by line. This approach supports cleaner books and faster reporting cycles.
Designed to reduce manual errors and increase speed
Many businesses still rely on manual checks to track deposits. More payments mean more delays and mistakes.
Singapore Gulf Bank’s virtual account system is designed for real-time payments and instant payment tracking. All payments are clearly tagged, allowing you to record funds faster and more accurately. This reduces manual work and reduces the possibility of human error.
The framework runs under a single banking license across its operating markets, allowing businesses to use a unified account structure instead of managing individually fragmented setups.
Used by virtual currency mining companies
This service is already in use by Fly Wing Technologies, a subsidiary of Matrixport. In this case, a cryptocurrency mining client converts digital assets into fiat currency, receives funds through a virtual account structure, and pays operating costs such as electricity bills.
SGB CEO Sean Chan said, “Our core mission is to resolve structural frictions in the global financial system, and the launch of the SGB Virtual Account is an important step in that effort.”