Kraken Parent Payward Launches 247 Settlement Service with Singapore Gulf Bank

Payward, the company behind the crypto exchange Kraken, has partnered with Singapore Gulf Bank to enable 24/7 institutional settlement services. The integration uses SGB Net, a real-time clearing network, allowing clients to settle transactions around the clock, addressing a key limitation in traditional banking hours. Mark Greenberg, Payward's chief commercial officer, highlighted the challenge: 'Settlement stops when the business day does, while their markets do not.'

The service initially supports US dollar transactions for a select group of clients, with plans to expand to more clients and currencies. Singapore Gulf Bank, regulated by the Central Bank of Bahrain, will also use Kraken Prime to access liquidity for its digital asset customers. Shawn Chan, the bank's CEO, emphasized the importance of liquidity, stating, 'Access to liquidity is only useful if clients can move funds when they need to.'

Payward described this as part of its broader initiative to build Payward Banking, aiming to provide seamless financial infrastructure for its platform. The announcement follows reports that BNY is in discussions with Payward over a potential partnership in digital assets and financial-market infrastructure.