Payward and Singapore Gulf Bank Enable 247 Digital Asset Settlement
Payward, the company behind the popular crypto exchange Kraken, has teamed up with Singapore Gulf Bank (SGB) to offer 24/7 U.S. dollar settlement services for institutional clients. The partnership integrates SGB Net, a real-time clearing network that processes over $20 billion in fiat transactions monthly, enabling instant settlements for digital asset transactions.
The initial rollout focuses on U.S. dollar transactions for selected clients in Asia and the Gulf region, with plans to expand to other currencies in the future. This move addresses the mismatch between the continuous operation of crypto markets and the limited banking hours of traditional settlement systems.
Singapore Gulf Bank will also leverage Kraken Prime, Payward’s institutional prime brokerage platform, for additional digital asset liquidity and trade pricing. This connection aims to streamline the process for institutional customers, allowing them to manage capital more flexibly across different markets.
The partnership is part of Payward’s broader strategy to enhance the banking infrastructure supporting its digital asset ecosystem. It follows a similar agreement with SoFi in September, reflecting the growing demand for banking systems that can keep pace with the speed of digital asset markets.