Rain partners with Singapore Gulf Bank to support its regional growth

Rain Management W.L.L announced its strategic partnership with Singapore Gulf Bank (SGB) to support its operations and continued growth in Bahrain and across the GCC. The partnership brings together two institutions regulated by the Central Bank of Bahrain, with a shared commitment to the continued development of the Kingdom's financial sector.

Under the partnership, SGB will provide Rain with operational, client money, and virtual accounts, primarily denominated in US dollars. These accounts strengthen how Rain manages its day-to-day cash flows, keep customer funds clearly segregated, and support the efficient reconciliation of Rain's growing transaction volumes. For Rain’s customers, it means their funds are held within a robust, regulated banking framework as the platform continues to scale.

“Bahrain has developed a strong ecosystem for regulated financial and digital asset businesses, and Rain has played an important role in that progress. We are pleased to provide Rain with the banking infrastructure to support its growth and look forward to building on our relationship,” said Frederic Boissieras, General Manager of SGB.

Geoff Stecyk, General Manager of Rain, highlighted the significance of the partnership with SGB, emphasising that “strong banking relationships are fundamental to running a regulated crypto business, and keeping customer funds clearly segregated is central to the trust our customers place in Rain. Working with SGB, a fellow CBB-regulated institution, strengthens the infrastructure behind our operations as we continue to grow in Bahrain and across the GCC."

About Singapore Gulf Bank

Singapore Gulf Bank (SGB) is the bank for all of finance, serving businesses and individuals worldwide. Backed by Whampoa Group, a Singapore-based investment holding company, and Mumtalakat, Bahrain’s sovereign wealth fund, SGB is fully licensed and regulated by the Central Bank of Bahrain. For more information, visit https://www.sgb.com/

About Rain

Founded in 2017, Rain is a GCC-based crypto brokerage and custodian. Rain is licensed by the Central Bank of Bahrain (CBB) and Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA), and holds an In-Principle Approval (IPA) from Dubai's Virtual Assets Regulatory Authority (VARA). Rain serves more than 2 million customers, and its platform has processed over $11 billion in trading volume since inception. In 2022, Rain raised $110 million in a Series B funding round at a $500 million valuation.