Kraken Parent Payward Launches 24/7 Fiat Settlement with Singapore Gulf Bank
Payward, the company behind the Kraken crypto exchange, has teamed up with Singapore Gulf Bank to offer 24/7 fiat currency settlement for institutional clients. The partnership integrates SGB Net, the bank's real-time clearing network, allowing select clients in Asia and the Gulf region to settle eligible digital-asset transactions and fund trades around the clock, including on non-banking days.
The service initially supports U.S. dollar transactions but plans to expand to more clients and currencies over time. Mark Greenberg, Payward's chief commercial officer, highlighted the need to address the gap between continuous crypto trading and traditional banking hours, where deposited funds often become available only after delays.
SGB Net, launched in 2025, processes over $20 billion in fiat transactions monthly. The collaboration aims to provide institutional clients with immediate access to funds, enhancing liquidity and trading efficiency. This move follows reports of potential discussions between Payward and BNY for a broader partnership in digital assets, custody, trading, and payments.