Payward and SGB Enable Round-the-Clock Fiat Settlements for Crypto Markets

Payward, the parent company of Kraken, has teamed up with Singapore Gulf Bank (SGB) to introduce 24/7 fiat settlements for crypto markets. The partnership enables institutional clients to settle transactions instantly at any hour, starting with U.S. dollars for select clients in Asia and the Gulf regions. This move addresses a long-standing challenge in crypto: while markets operate continuously, fiat transactions traditionally follow banking hours.

SGB Net, the bank's real-time clearing network, already processes over $20 billion in fiat transactions monthly. The integration allows Payward's institutional trading infrastructure to connect with SGB Net, providing seamless fiat-to-crypto transactions. This network is not just a replacement for past systems like Silvergate Exchange Network (SEN) or Signet but aims to create a more geographically distributed settlement solution.

The partnership also benefits SGB by granting it access to Kraken Prime's digital-asset liquidity. SGB, regulated by Bahrain's Central Bank, is expanding its relationships within the Gulf's regulated crypto market. On October 4, it announced another collaboration with Bahrain-regulated crypto exchange Rain, further solidifying its position in the digital asset space.

The ability to settle fiat transactions around the clock offers practical advantages for institutional traders. It reduces the need for pre-positioning capital across multiple venues and shortens the interval between funding and execution. However, the actual capital-efficiency impact depends on client eligibility, settlement limits, and banking arrangements. This development marks a shift from U.S.-centric systems to a more globally distributed approach, catering to the evolving needs of institutional crypto traders.