Payward and SGB Enable 24/7 Digital Asset Settlement for Institutions

Payward, the company behind the popular cryptocurrency exchange Kraken, has integrated Singapore Gulf Bank’s (SGB) SGB Net system to provide 24/7 digital asset settlement for select institutional clients. This integration begins with US dollar transactions and aims to address the timing mismatch between continuous digital asset trading and traditional banking hours, which typically operate on fixed business schedules.

The partnership allows SGB clients to deposit funds with Payward through SGB Net and deploy them immediately, eliminating the delays historically associated with bank-based settlement. While the announcement does not specify the jurisdictions, markets, or asset pairs involved, the service is already live and not just a pilot program. Payward and SGB plan to expand the service to more clients and currencies over time.

SGB, a digital bank regulated by the Central Bank of Bahrain, is also collaborating with Kraken Prime, Payward’s prime brokerage platform, to access liquidity. The bank intends to use Payward’s markets to price trades for its customers in the coming months, although the onboarding process for Kraken Prime is not yet confirmed as live. SGB Net processes over $20 billion in fiat transactions monthly, demonstrating the scale of the network, though specific figures for transactions settled through Payward were not provided.

Payward’s chief commercial officer, Mark Greenberg, highlighted the core issue: “Settlement stops when the business day does, while their markets do not.” The integration is part of Payward Banking, which offers services like deposits, payments, cards, custody, and lending. While the service is currently limited to institutional clients and US dollar transactions, its success will depend on whether Payward extends it to a broader user base and adds more currencies in the future.