Singapore Gulf Bank Unveils Virtual Account Service

Singapore Gulf Bank (SGB), Binance’s latest fiat partner, has introduced the SGB Virtual Account Service aimed at automating collection and fund management for corporate clients. This service integrates Collection on Behalf Of (COBO) and Payment on Behalf Of (POBO) functionalities, allowing for the creation of unique structured account identifiers for different payers, invoices, or business units. The system enables instant identification and real-time settlement, reducing reconciliation delays and minimizing manual operations.