Shawn Chan: A Leader in Digital-Asset Banking
Shawn Chan, the CEO of Singapore Gulf Bank (SGB), commands the conversation around digital-asset banking with a legal precision, having spent a decade navigating both traditional finance and the emerging world of blockchain technologies. At the very heart of one of the fastest-growing financial hubs connecting Asia with the Gulf region, Chan shared insights with CryptoNews about his evolution from a corporate lawyer to heading a digital bank, the regulatory landscapes, and the rapid shift towards stablecoin-based transactions.
From Corporate Lawyer to Digital Banking Pioneer
Chan’s journey into the digital finance arena started well before his tenure at SGB. With a legal background focused on corporate finance, regulations, and compliance, he first encountered Bitcoin in 2015, when his wife, a student of FinTech, invited him to meet a proponent of the cryptocurrency. This meeting, coinciding with a Bitcoin ATM nearby, led him to purchase his initial Bitcoin, though he humorously admitted he has since lost track of it.
Upon returning to Singapore, Chan’s legal career took a turn toward blockchain as he began advising client companies during the peak of the Initial Coin Offering (ICO) boom in 2016-2017. His expertise connected him to the Whampoa Group—a private investment firm affiliated with influential Singaporean families—where he initially served as external counsel for a digital banking license application. Although that venture did not succeed, it paved the way for greater ambitions.
Strategic Decisions and Regulatory Advantages
In a strategic move, SGB eventually set its roots in Bahrain instead of Singapore or Dubai, a choice informed by discussions with the Bahrain Economic Development Board and a mutual vision for advancing digital finance. Chan highlighted the benefits of Bahrain’s regulatory framework, which includes a singular regulatory authority—the Central Bank of Bahrain—that supervises all financial sectors, offering a consistency that is vital as digital banks engage in diverse operations.
“In places with multiple regulators, there can be inconsistencies,”
he noted, emphasizing Bahrain’s comprehensive regulatory approach as an asset for SGB.
Bridging the Gap Between Crypto and Traditional Finance
With a focus on the Asia-Gulf Cooperation Council corridor, SGB aims to bridge the gap between crypto-native companies and traditional finance. Chan’s vision places compliance at the forefront—a refreshing standpoint for an industry often marred by regulatory uncertainty. He believes that today’s advancements in technology—such as improved wallet infrastructure and counterparty analysis tools—enable a safer business environment for digital banking. Moreover, the growing harmonization of regulations related to Anti-Money Laundering (AML) and Know Your Customer (KYC) assurances emboldens banks to engage more confidently with digital asset activities.
SGB has distinguished itself by positioning itself as one of the few licensed banks in the region that collaborates closely with digital asset exchanges. Recently, the bank has publicly aligned with Binance through its “SGB Link” integration, allowing clients to link their accounts for seamless transactions. Additionally, partnerships with Fireblocks for wallet infrastructure will expand the bank’s suite of digital asset offerings once regulatory frameworks are fully established.
The Rise of Stablecoins in Global Payments
A particularly insightful point made by Chan relates to the rapid ascent of stablecoin settlements within the global payments landscape. He noted that the adoption rate surged beyond expectations, with many clients unexpectedly coming from traditional industries rather than solely from the crypto realm. These businesses, particularly those involved in cross-border trade, have found stablecoins beneficial due to their speed and lower transaction costs compared to traditional banking methods. Interestingly, some merchants may not even realize they are using stablecoins in their transactions, as payment processors are increasingly optimizing routes for efficiency.
Looking Ahead: The Future of SGB
Looking forward, Chan envisions SGB as a leading force in merging established banking practices with digital finance, as well as driving commerce across the Asia-GCC corridor. He is determined for SGB to emerge as a significant player in integrating stablecoins into real-world economic activities, firmly believing that the convergence of these two financial landscapes is not just inevitable but essential. With his unique journey from a corporate law background to the forefront of digital banking, Chan is poised to revolutionize how these financial universes coexist and expand in the future.
